Investment usually energy Boston-created business’s went on national expansion
BOSTON, (World NEWSWIRE) — Hometap, which provides an intelligent, the brand new loan alternative for tapping into household guarantee versus taking on debt, now launched that it enjoys secure $100 million inside this new funding. The administrative centre raise is sold with ICONIQ Funding, LLC along with Hometap’s most recent traders General Catalyst, G20, Mainstay and you will Western Family members Possibilities, new strategy arm regarding AmFam Insurance.
With this additional financing, Hometap plans to continue payday loan Lakehead 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 Protects $100 billion to assist Much more U.S. Home owners Availableness their home Equity In the place of Taking on 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 homeowners are currently perception domestic 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. from 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.
As well as helping home owners unlock the latest guarantee in their property to address economic needs or go after coming options, Hometap is even helping solve a serious advantage allotment situation on You.S. Home owners is now able to utilize the riches built up in their home to buy most other property so you’re able to diversify its collection and you can right dimensions the obligations. While doing so, the company offers the buyers access to the latest You.S. home-based housing market, a valuable asset classification which was in past times difficult to availableness.
We are thrilled to feel purchasing that have Hometap. Which have a very transparent, customer-earliest means, he or she is getting a valuable substitute for the problems confronted by of several homeowners, told you Nugi Jakobishvili, ICONIQ’s Head Money Administrator. Due to the fact people, its rare to obtain ventures on combination of a nice-looking investment reputation, a skilled administration class, in addition to possibility to give important monetary benefits to property across the the nation. Hometap’s strong counter of top quality, highest integrity experts has established an exceptional platform that assists make home owners and you can investors. They are extremely better-positioned to lead the development we have been witnessing on the market.