Funding will stamina Boston-dependent organizations proceeded federal extension
BOSTON, (Business NEWSWIRE) — Hometap, which provides an intelligent, the new mortgage substitute for tapping into house collateral versus taking on personal debt, today established which enjoys shielded $100 mil in the the funding. The main city boost is sold with ICONIQ Investment, LLC along with Hometap’s most recent dealers General Stimulant, G20, Pillar and you will Western Family Potential, the latest venture arm regarding AmFam Insurance.
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 million to greatly help More U.S. Homeowners Availableness their home Equity As opposed to Taking up Debt
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 vast majority from residents are currently effect 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 payday loan Meriden.
According to Hometap’s 2019 Homeownership Research, 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. away from Monroe, Vermont. 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.
Together with permitting homeowners discover the newest collateral within land to address monetary requires otherwise pursue upcoming opportunities, Hometap is additionally helping to resolve a significant advantage allowance disease regarding the You.S. Property owners is now able to make use of the money built up in their home to get almost every other property so you can diversify the portfolio and you will correct size its loans. At the same time, the company offers its people access to the fresh new You.S. domestic market, a secured asset group which was in past times tough to access.
We are very happy to become paying having Hometap. With a very transparent, customer-very first means, he or she is getting a very important substitute for the issues confronted because of the of numerous residents, told you Nugi Jakobishvili, ICONIQ’s Captain Money Officer. Since investors, its uncommon to obtain possibilities with the mix of an appealing house profile, a gifted government party, additionally the possibility to provide important economic advantageous assets to property across the the nation. Hometap’s deep workbench of top quality, high stability gurus has established an excellent platform that assists line-up homeowners and you can people. He is extremely really-positioned to guide the organization we’re watching in the industry.
