Hometap Obtains $100 million to help Much more You.S. Homeowners Availableness their house Security In place of Taking on Financial obligation
Financing commonly stamina Boston-founded company’s went on national extension
BOSTON, (World NEWSWIRE) — Hometap, that offers a sensible, the new mortgage substitute for making use of domestic guarantee as opposed to using up debt, now revealed it has protected $100 billion during the brand new financial support. The main city improve boasts ICONIQ Financing, LLC and additionally Hometap’s latest buyers Standard Catalyst, G20, Mainstay and Western Members of the family Solutions, the fresh campaign sleeve away from AmFam Insurance.
With this additional financing, Hometap plans to continue the across the country 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 A whole lot more You.S. Property owners Availability their house Guarantee Without 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 off residents are presently impact domestic 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 Data, 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, 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 parent fed plus loan, 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 providing residents discover brand new collateral inside their home to address financial means otherwise go after future potential, Hometap is even assisting to resolve a life threatening asset allotment condition throughout the You.S. People are now able to make use of the riches gathered in their house to acquire most other possessions so you’re able to broaden its profile and right size their financial obligation. At exactly the same time, the firm offers its traders usage of the new You.S. home-based housing market, an asset group which was prior to now tough to availability.
We’re very happy to become purchasing having Hometap. Having an extremely clear, customer-basic means, they are delivering an invaluable solution to the issues experienced by many homeowners, said Nugi Jakobishvili, ICONIQ’s Chief Money Officer. Since the traders, it is unusual to find solutions into combination of an appealing resource character, a gifted management class, while the possibility to render meaningful financial benefits to households round the the country. Hometap’s strong table of high quality, higher integrity benefits has established an exceptional platform that assists line-up home owners and you will investors. They are very better-arranged to lead the organization we are witnessing in the market.
