Financial support have a tendency to strength Boston-based businesses went on national extension
BOSTON, (Globe NEWSWIRE) — Hometap, which provides a smart, this new mortgage alternative for tapping into family guarantee versus taking up debt, now launched so it has secure $100 billion when you look at the the fresh capital. The capital boost comes with ICONIQ Financial support, LLC also Hometap’s current investors General Stimulant, G20, Pillar and Western Relatives Opportunities, the brand new strategy case out-of AmFam Insurance rates.
With this additional financing, Hometap plans to continue the 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 Protects $100 billion to aid Way more U.S. People Availableness their residence Security Instead Trying out 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 off property owners are effect household 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 i’m on disability and i need a loan 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 Data, 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.
Including enabling home owners open the fresh security in their land to handle financial requires or follow future possibilities, Hometap is additionally assisting to resolve a life threatening investment allowance condition throughout the U.S. Residents are now able to make use of the money collected in their home to invest in most other possessions in order to broaden its collection and correct dimensions its loans. On the other hand, the company offers their traders use of the brand new U.S. home-based market, a secured item classification which had been in past times hard to availability.
The audience is happy to be paying which have Hometap. Having a very clear, customer-very first strategy, he could be providing a valuable solution to the problems confronted because of the of many people, said Nugi Jakobishvili, ICONIQ’s Head Investment Officer. Because the traders, its uncommon locate possibilities to the blend of an attractive house character, a talented management party, in addition to potential to provide important monetary benefits to house across the nation. Hometap’s strong table of top quality, higher integrity experts has created an exceptional program that assists line up residents and you can dealers. He could be very better-arranged to guide the growth the audience is watching on the market.