Hometap Secures $100 billion to aid Significantly more You.S. Property owners Access their home Security Versus Taking up Debt
Resource have a tendency to strength Boston-mainly based organization’s continued federal expansion
BOSTON, (Globe NEWSWIRE) — Hometap, that gives a smart, the brand new financing alternative for tapping into household equity in place of using up financial obligation, now launched which has secure $100 million from inside the the fresh financing. The capital raise is sold with ICONIQ Resource, LLC plus Hometap’s most recent people General Stimulant, G20, Mainstay and you can Western Friends Possibilities, the fresh venture sleeve out of AmFam Insurance policies.
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 billion to greatly help More You.S. People Availableness their property Guarantee In the place of Taking on Personal 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, https://paydayloansconnecticut.com/west-haven/ CEO of Hometap. But the fact remains that the most off home owners are currently impact 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 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. regarding 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.
Plus enabling home owners unlock the equity inside their residential property to handle economic requires or follow future opportunities, Hometap is additionally assisting to solve a significant advantage allotment disease about U.S. Home owners may now utilize the wide range built up in their home to acquire most other possessions to diversify its collection and you will best proportions their obligations. On the other hand, the organization offers their dealers entry to this new You.S. residential housing market, an asset class which had been prior to now difficult to availableness.
The audience is thrilled to be using that have Hometap. That have a highly clear, customer-first approach, he’s providing a valuable choice to the difficulties experienced by the of several home owners, told you Nugi Jakobishvili, ICONIQ’s Chief Financial support Officer. While the investors, it’s unusual to find solutions into mixture of a nice-looking house profile, a gifted government people, in addition to possibility to offer significant monetary positive points to home across the the world. Hometap’s strong table of top quality, large integrity professionals has created an exceptional platform that will help line up residents and you will investors. He could be extremely really-organized to guide the organization we are seeing in the business.
