Funding tend to stamina Boston-situated organizations went on national extension
BOSTON, (Community NEWSWIRE) — Hometap, that offers an intelligent, new loan substitute for making use of house equity instead of taking up loans, now established which keeps secure $100 mil into the brand new investment. The administrative centre increase boasts ICONIQ Financial support, LLC as well as Hometap’s latest traders General Catalyst, G20, Pillar and you can Western Members of the family Solutions, the fresh promotion arm out-of AmFam Insurance policies.
With this additional financing, Hometap plans to keep the nationwide 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 Protects $100 billion to aid Far more U.S. Residents Accessibility their home Guarantee Without Using up 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 most regarding property owners are currently feeling family steeped 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 Analysis, despite having a 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. out-of 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 home owners unlock this new equity in their land to deal with economic need otherwise go after future opportunities, Hometap is additionally helping solve a significant advantage allotment state on the U.S. Residents may now make use of the riches built up in their home to shop for almost every other possessions so you’re able to broaden its portfolio and best dimensions their debt. In addition, the business is offering its investors the means to access the brand new U.S. home-based housing market, an asset class which had been previously tough to supply.
We are thrilled to be using having Hometap. With a very clear, customer-basic strategy, they are taking an important solution loans no credit check Lazy Mountain to the difficulties faced of the of numerous residents, said Nugi Jakobishvili, ICONIQ’s Master Resource Manager. Once the traders, it’s rare locate ventures into the mix of an attractive advantage reputation, a skilled government team, together with potential to promote meaningful financial positive points to house all over the country. Hometap’s deep counter of top quality, high stability positives has established a superb program that can help line up home owners and you will investors. He could be very well-organized to guide the growth we’re watching in the industry.
