Money will energy Boston-established company’s went on national extension
BOSTON, (Globe NEWSWIRE) — Hometap, which provides a smart, brand new loan substitute for tapping into home collateral instead of trying out debt, now revealed it have secure $100 million when you look at the the new resource. The capital raise is sold with ICONIQ Money, LLC including Hometap’s current buyers Standard Catalyst, G20, Mainstay and you will Western Nearest and dearest Opportunities, the brand new venture arm from AmFam Insurance policies.
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 help Alot more You.S. Property owners Availability their residence Collateral In the place of 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 majority off people are impact home rich 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 Studies, 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. out-of 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 left over to fix our driveway and yard, which has already helped increase the value of our home.
And providing homeowners open this new collateral inside their homes to deal with financial need otherwise follow future opportunities, Hometap is additionally helping to solve a critical resource allocation situation on U.S. Home owners can now utilize the wide range built up in their home to find most other assets so you can broaden its profile and you can correct dimensions the personal debt. At the same time, the business is offering the investors accessibility this new You.S. residential real estate market, an asset classification which was prior https://speedycashloan.net/installment-loans-wy/ to now tough to availability.
We are very happy to end up being using with Hometap. With an extremely clear, customer-basic method, he or she is providing an invaluable solution to the challenges encountered from the of a lot home owners, told you Nugi Jakobishvili, ICONIQ’s Chief Capital Administrator. Just like the traders, it is unusual to get possibilities to your blend of an attractive resource character, a talented government team, plus the possibility to offer significant economic advantageous assets to property around the the world. Hometap’s deep counter of high quality, high integrity professionals has established an excellent platform that assists fall into line people and you will traders. They are very better-organized to lead the organization our company is witnessing in the business.