Funding often energy Boston-mainly based company’s went on federal expansion
BOSTON, (Community NEWSWIRE) — Hometap, that provides a sensible, this new financing alternative for making use of household equity versus trying out personal debt, today established it possess secured $100 mil inside the latest financial support. The administrative centre increase has ICONIQ Capital, LLC in addition to Hometap’s current dealers Standard Catalyst, G20, Pillar and you can Western Members of the family Possibilities, the fresh venture case out-of AmFam Insurance rates.
With this additional financing, Hometap plans to continue its across the country expansion, 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 aid More You.S. People Availability their home Equity Without Using 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 most away from residents are impact family steeped and money 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 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, North carolina. 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, cash loans New Haven Connecticut 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.
In addition to providing homeowners discover the brand new equity inside their property to handle monetary means or go after coming potential, Hometap is even helping resolve a critical resource allotment situation on the U.S. People can make use of the riches accumulated in their home to get almost every other possessions so you can diversify their collection and you may best size their obligations. At the same time, the company is offering the traders entry to the new U.S. residential real estate market, a valuable asset group that has been in earlier times hard to accessibility.
We’re pleased to become investing having Hometap. Having a very clear, customer-earliest method, he or she is providing a valuable solution to the challenges experienced of the of a lot home owners, said Nugi Jakobishvili, ICONIQ’s Master Money Manager. Just like the traders, it’s rare to get options to the combination of a stylish asset character, a talented management people, as well as the possibility to render important economic positive points to home all over the nation. Hometap’s deep counter of high quality, highest ethics masters has established an exceptional platform that will help line up property owners and investors. He could be incredibly better-organized to guide the growth the audience is witnessing in the market.