Resource usually fuel Boston-established business’s went on national expansion
BOSTON, (Community NEWSWIRE) — Hometap, that provides a sensible, new mortgage alternative for experiencing family security rather than taking on personal debt, today announced that it provides secure $100 mil into the new financing. The main city raise boasts ICONIQ Investment, LLC and Hometap’s current traders General Stimulant, G20, Mainstay and you can American Family Potential, new campaign sleeve off AmFam Insurance.
With this additional financing, Hometap plans to continue their across 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 Secures $100 mil to help Way more U.S. Property owners Availability their property Guarantee Without Using up 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 vast majority of home owners are currently effect home pay day loans online Candlewood Lake Club CT 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 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. of 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 providing people unlock the brand new collateral within their belongings to handle economic means or go after upcoming possibilities, Hometap is even helping solve a significant advantage allotment state throughout the U.S. Property owners can make use of the money accumulated in their house to shop for other possessions so you can diversify the collection and you may right dimensions the loans. At the same time, the business offers their dealers use of the newest U.S. residential real estate market, a valuable asset group which was before tough to availability.
We’re pleased to feel investing that have Hometap. Which have a highly transparent, customer-very first method, he or she is getting a valuable solution to the problems encountered by many home owners, said Nugi Jakobishvili, ICONIQ’s Master Investment Officer. While the traders, it’s uncommon to get opportunities on mix of an attractive asset profile, a gifted management people, additionally the possibility to provide meaningful economic benefits to households round the the world. Hometap’s deep counter of high quality, higher integrity pros has generated a superb system that will help fall into line property owners and traders. They are extremely well-organized to lead the growth we’re watching in the market.