Money often electricity Boston-built company’s went on national expansion
BOSTON, (Globe NEWSWIRE) — Hometap, which provides an intelligent, new loan alternative for making use of house collateral instead taking up debt, today revealed which enjoys covered $100 billion into the the latest investment. The main city raise comes with ICONIQ Investment, LLC also Hometap’s current buyers Standard Catalyst, G20, Mainstay and you will Western Nearest and dearest Options, this new venture case off AmFam Insurance rates.
With this additional financing, Hometap plans to keep its all over 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 aid So much more You.S. Property owners Availableness their property Security Instead 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, CEO of Hometap. But the fact remains that the majority out of home owners are currently 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 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. 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 loan places North Grosvenor Dale 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.
Also enabling homeowners open the brand new equity within house to address financial means otherwise pursue future solutions, Hometap is even assisting to solve a life threatening asset allowance state on the You.S. Residents is now able to make use of the riches accumulated in their house to acquire most other possessions so you can broaden the profile and you can correct dimensions their loans. On the other hand, the company is providing their investors accessibility new You.S. domestic market, a valuable asset classification that was prior to now difficult to accessibility.
Our company is very happy to become using which have Hometap. Having an extremely clear, customer-earliest approach, he or she is bringing a very important substitute for the challenges faced by of many property owners, said Nugi Jakobishvili, ICONIQ’s Master Investment Administrator. Because buyers, it is unusual locate ventures for the blend of an appealing advantage profile, a gifted government group, in addition to potential to bring significant economic advantageous assets to homes around the the country. Hometap’s deep table of high quality, high integrity benefits has created a superb platform that can help fall into line homeowners and you can investors. He is extremely really-organized to lead the organization we have been witnessing in the industry.