Financial support commonly energy Boston-based company’s proceeded national extension
BOSTON, (Business NEWSWIRE) — Hometap, that gives a sensible, the brand new financing alternative for tapping into household collateral rather than taking up financial obligation, now announced it possess protected $100 million into the the financial support. The capital increase is sold with ICONIQ Financial support, LLC also Hometap’s current dealers General Stimulant, G20, Mainstay and you will American Nearest and dearest Ventures, the fresh new promotion sleeve off AmFam Insurance.
With this additional financing, Hometap plans to continue its 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 Obtains $100 million to assist Alot more U.S. Home owners Supply their residence Collateral Rather than Taking up Loans
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 out of home owners are presently effect family 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 Studies, 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 https://paydayloansconnecticut.com/south-wilton/ 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, 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.
And permitting residents discover new security within their belongings to handle economic needs or go after coming opportunities, Hometap is also helping to solve a significant asset allotment problem on the U.S. Property owners can now utilize the money accumulated in their house purchasing most other possessions to diversify its profile and you will right dimensions their obligations. As well, the business offers the people use of the fresh new You.S. home-based housing market, a valuable asset classification that was previously hard to availableness.
We’re very happy to getting investing having Hometap. With an extremely clear, customer-earliest approach, he could be taking an important solution to the problems faced by of a lot home owners, said Nugi Jakobishvili, ICONIQ’s Master Financial support Manager. Because investors, it is uncommon discover solutions on the mix of a nice-looking house profile, a skilled management people, as well as the possibility to bring significant monetary benefits to households across the world. Hometap’s deep counter of high quality, high ethics positives has created an exceptional platform that assists line up home owners and you can people. They are incredibly really-organized to lead the organization the audience is witnessing in the business.