Investment often energy Boston-centered company’s went on national expansion
BOSTON, (Business NEWSWIRE) — Hometap, which provides an intelligent, the fresh loan alternative for tapping into family guarantee instead trying out obligations, now revealed it keeps safeguarded $100 billion in new financial support. The capital raise is sold with ICONIQ Money, LLC plus Hometap’s latest dealers Standard Catalyst, G20, Mainstay and you may American Friends Possibilities, the fresh venture arm away from AmFam Insurance policies.
With this additional financing, Hometap plans to keep its nationwide 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 Obtains $100 billion to assist Alot more You.S. Home owners Supply their property Guarantee Instead of Taking 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 majority away from residents are impression 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 Investigation, 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. off 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, 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 enabling residents discover the new collateral in their land to handle monetary needs or pursue upcoming options, Hometap is even assisting to resolve a significant asset allotment situation regarding the U.S. People is now able to utilize the riches gathered in their home to find most other possessions to broaden their collection and you can proper dimensions their personal debt. Concurrently, the firm is providing the dealers access to new U.S. residential market, a secured item classification that has been in the past tough to accessibility.
We have been very happy to end up being using that have Hometap. That have an extremely transparent, customer-earliest strategy, he or she is providing a valuable choice to the problems encountered from the of many home owners, said Nugi Jakobishvili, ICONIQ’s Head Money Manager. Given that people, it is rare discover options to monthly installment loans no credit check Wyoming your combination of a nice-looking investment character, a skilled administration party, together with potential to render meaningful economic positive points to houses round the the world. Hometap’s strong bench of top quality, high integrity experts has generated a superb system that will help make people and buyers. They are incredibly really-arranged to lead the organization we are witnessing in the business.