Capital will energy Boston-oriented company’s continued national expansion
BOSTON, (Industry NEWSWIRE) — Hometap, that offers a smart, the newest loan alternative for tapping into domestic security in the place of taking on obligations, today announced it has protected $100 million during the the new financial support. The administrative centre increase has ICONIQ Resource, LLC plus Hometap’s current buyers General Catalyst, G20, Pillar and you will American Household members Ventures, the fresh new campaign arm out-of AmFam Insurance policies.
With this additional financing, Hometap plans to keep the across the country extension, with the goal of bringing its total reach to approximately 75 percent of https://paydayloansconnecticut.com/sacred-heart-university/ 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 Secures $100 mil to simply help Way more You.S. Homeowners Availableness their residence Collateral 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 out-of people are presently feeling home 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 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, 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.
Along with permitting residents discover this new collateral within residential property to address monetary needs or realize coming possibilities, Hometap is additionally helping to resolve a life threatening resource allocation disease regarding You.S. Homeowners may now use the riches gathered in their house to order almost every other possessions in order to diversify its collection and you can right proportions its obligations. Additionally, the business is providing their people the means to access brand new You.S. home-based real estate market, a valuable asset group which was before tough to access.
The audience is very happy to feel using which have Hometap. With a highly transparent, customer-earliest approach, he could be bringing a valuable option to the difficulties faced by the of many homeowners, told you Nugi Jakobishvili, ICONIQ’s Captain Capital Administrator. Since traders, it’s unusual to obtain potential for the combination of an attractive investment character, a talented management cluster, while the possibility to give meaningful financial advantageous assets to households across the the world. Hometap’s strong workbench of high quality, high stability masters has created an excellent platform that can help align people and you can traders. They are extremely better-organized to guide the development we have been watching in the business.