Hometap Secures $100 million to aid Way more You.S. Homeowners Supply their property Security Versus Using up Personal debt
Capital commonly power Boston-founded organizations continued national extension
BOSTON, (World NEWSWIRE) — Hometap, that provides a sensible, the latest financing alternative for tapping into home security as opposed to taking on obligations, now revealed it possess shielded $100 billion into the the fresh money. The main city increase includes ICONIQ Financial support, LLC also Hometap’s latest people General Catalyst, G20, Pillar and American Family relations Solutions, the promotion sleeve regarding AmFam Insurance policies.
With this additional financing, Hometap plans to remain its 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 mil to greatly help So much more U.S. Property owners Accessibility their house Guarantee In place 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 most out-of property owners are presently impression home 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 Analysis, 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 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 simplycashadvance.net installment loans online left over to fix our driveway and yard, which has already helped increase the value of our home.
Along with helping people unlock the latest guarantee in their house to address economic demands otherwise realize coming opportunities, Hometap is even assisting to solve a significant resource allocation state regarding You.S. Property owners are now able to utilize the money accumulated in their house buying other assets so you’re able to broaden its portfolio and you will best proportions their debt. As well, the firm is providing its people accessibility brand new U.S. home-based market, a valuable asset class which had been in earlier times difficult to accessibility.
We have been happy to getting paying that have Hometap. That have a very clear, customer-very first means, he’s bringing a valuable choice to the difficulties experienced of the of numerous homeowners, said Nugi Jakobishvili, ICONIQ’s Head Money Manager. As the people, it’s uncommon to get possibilities towards the mix of a nice-looking house character, a skilled government cluster, together with possibility to give significant economic advantages to home across the world. Hometap’s deep bench of high quality, large stability positives has generated an excellent system that helps fall into line property owners and traders. He could be very really-organized to guide the growth we are witnessing in the market.
