Funding commonly electricity Boston-centered organization’s went on federal expansion
BOSTON, (Community NEWSWIRE) — Hometap, that provides a sensible, the brand new financing substitute for making use of home security rather than using up financial obligation, today established it has actually shielded $100 million within the the fresh money. The main city boost is sold with ICONIQ Financial support, LLC in addition to Hometap’s latest people Standard Stimulant, G20, Pillar and you will Western Family relations Solutions, the latest campaign sleeve away from AmFam Insurance rates.
With this additional financing, Hometap plans to continue their across the country extension, with the goal of bringing its total reach to approximately 75 percent of U.S. homeowners. The company will also be expanding its platform capabilities and significantly growing its cross-functional team to continue to deliver a best in class homeowner experience.
Hometap Obtains $100 billion to assist A lot more U.S. People Availableness their residence Equity Versus Trying out Obligations
We’ve been working diligently towards our mission of making homeownership less stressful and more accessible for as many U.S. homeowners as possible, and we’ve had tremendous success thus far, said Jeffrey Glass, CEO of Hometap. But the fact remains that the bulk out-of homeowners are currently effect house rich and cash poor’, and there’s a lot more work to be done to make home equity investments an option that’s available to everyone. We’re thrilled to have the financial support of such a diverse group of asset-backed and venture investors who can further propel Hometap towards helping millions of Americans free up liquidity from their homes without taking on more debt.
According to Hometap’s 2019 Homeownership Research, despite having a the weblink need for capital, 73 percent of U.S. homeowners don’t want to take on more debt through traditional financing options such as home equity loans or HELOCS. Hometap provides a smart new alternative to these solutions, enabling homeowners to access a percentage of their home’s current value in exchange for an agreed upon percentage of the future value of their home. By taking an investment in their home, rather than incurring additional debt, homeowners are now able to tap into their home equity without the stress of monthly payments and interest. Hometap’s unique homeowner-first approach, coupled with its simple and transparent pricing model, has allowed the company to differentiate itself and achieve significant market share within the rapidly growing home equity investment category.
One homeowner who turned to Hometap while trying to find a way to fund home renovations and pay off credit card debt is Butch F. off Monroe, New york. My wife and I had to start putting home repairs, including a new roof and HVAC system, on our credit cards, said Butch. We knew we had to pay off the credit card debt and were worried that if we didn’t get another home loan, we might have to sell our house. That’s when we started searching for alternatives and found Hometap. Given our financial situation, it was a no brainer – the process was easy, we received our cash in a few weeks and were able to pay off our credit card debt, while having enough cash left over to fix our driveway and yard, which has already helped increase the value of our home.
And additionally helping residents discover the fresh new guarantee inside their homes to handle financial demands or go after upcoming solutions, Hometap is even helping to resolve a serious resource allocation situation on the U.S. Home owners can now use the riches built up in their home to invest in other possessions so you’re able to diversify their profile and correct size their debt. In addition, the firm offers their buyers access to this new You.S. home-based real estate market, a secured item class which was previously tough to accessibility.
We have been pleased to getting spending having Hometap. That have a very transparent, customer-earliest strategy, they are getting a very important choice to the issues faced by of numerous residents, told you Nugi Jakobishvili, ICONIQ’s Master Resource Manager. Once the people, it is rare discover potential towards blend of an appealing advantage reputation, a gifted government team, while the potential to offer significant economic benefits to home around the the nation. Hometap’s strong bench of top quality, large stability masters has established an exceptional platform that assists make property owners and you will buyers. They are extremely better-positioned to guide the organization the audience is watching in the business.