Financial support will stamina Boston-dependent organization’s went on federal expansion
BOSTON, (Industry NEWSWIRE) — Hometap, which provides a sensible, the new mortgage substitute for making use of domestic collateral versus taking up debt, now announced which have shielded $100 million into the the newest investment. The main city increase includes ICONIQ Capital, LLC in addition to Hometap’s Read Full Article latest buyers General Stimulant, G20, Mainstay and you may American Family relations Potential, the new campaign case regarding AmFam Insurance coverage.
With this additional financing, Hometap plans to continue their nationwide 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 Secures $100 million to greatly help So much more U.S. Home owners Accessibility their house Guarantee Rather than 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 bulk out of people are presently impact 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 Study, 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, New york. 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.
As well as permitting property owners unlock the security inside their residential property to handle economic requires otherwise follow future possibilities, Hometap is even helping to resolve a life threatening house allowance problem on You.S. Homeowners are now able to utilize the wide range accumulated in their home to acquire almost every other assets in order to broaden their profile and you can proper size its debt. As well, the business is offering its dealers usage of the fresh You.S. home-based market, a secured asset classification that has been before tough to availability.
We are very happy to become paying with Hometap. Having an incredibly transparent, customer-very first strategy, they are taking an important option to the problems encountered by of several people, told you Nugi Jakobishvili, ICONIQ’s Master Financial support Manager. Because buyers, its uncommon to acquire options with the mix of a stylish investment character, a skilled administration party, additionally the potential to offer significant financial advantageous assets to properties round the the country. Hometap’s deep workbench of top quality, highest ethics pros has generated an excellent system that can help line up home owners and you can traders. He’s incredibly really-positioned to guide the growth we are watching in the industry.
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