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BOSTON, (Industry NEWSWIRE) — Hometap, that offers a sensible, the latest financing alternative for experiencing household collateral without trying out loans, https://paydayloansconnecticut.com/botsford/ today established which have shielded $100 billion in the brand new financial support. The main city increase comes with ICONIQ Financing, LLC in addition to Hometap’s latest buyers Standard Catalyst, G20, Mainstay and you can American Nearest and dearest Ventures, the new campaign sleeve regarding AmFam Insurance coverage.
With this additional financing, Hometap plans to remain its 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 Protects $100 billion to assist Significantly more You.S. Homeowners Supply their residence Collateral As opposed to Taking 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 perception family 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. 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 property owners unlock the newest equity within property to handle financial requires or go after upcoming possibilities, Hometap is even helping resolve a serious asset allotment problem about U.S. Property owners may now make use of the riches gathered in their home to find other possessions in order to broaden the collection and proper size their personal debt. As well, the business is providing its people usage of this new U.S. residential real estate market, a secured asset category that was in the past difficult to access.
We have been pleased to become paying which have Hometap. That have an incredibly clear, customer-very first means, he could be delivering a valuable solution to the issues faced by of numerous home owners, told you Nugi Jakobishvili, ICONIQ’s Head Money Administrator. As the people, it is unusual to get ventures into combination of a nice-looking advantage character, a talented administration people, together with possibility to give significant monetary advantages to domiciles all over the nation. Hometap’s deep counter of top quality, large stability masters has generated an exceptional program that helps line up home owners and you may investors. He’s extremely really-positioned to lead the organization we are watching on the market.
