Money tend to stamina Boston-situated business’s continued federal expansion
BOSTON, (Globe NEWSWIRE) — Hometap, which provides a smart, the financing substitute for tapping into home equity instead of taking on financial obligation, today announced it have secure $100 billion for the the fresh new capital. The capital increase comes with ICONIQ Capital, LLC in addition to Hometap’s current people Standard Catalyst, G20, Mainstay and you can American Friends Possibilities, the newest venture case away from AmFam Insurance rates.
With this additional financing, Hometap plans to remain the 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 million to assist Even more You.S. Home owners Accessibility their home Collateral Versus Taking up 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 vast majority away from homeowners are effect family 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 Research, 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, New york. 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 the fresh collateral within house to handle economic needs or go after upcoming potential, Hometap is additionally helping solve a serious asset allocation state on the You.S. Property owners can utilize the wealth gathered in their house to get almost every other property to help you diversify the collection and right size its debt. In addition, the organization is offering its buyers use of the new U.S. domestic housing market, an asset class that was in earlier times tough to accessibility.
The audience is very happy to be using that have Hometap. With a highly transparent, customer-very first approach, he is providing an invaluable substitute for the issues faced by many property owners, told you Nugi Jakobishvili, ICONIQ’s Master Investment Administrator. Due to the fact investors, its unusual to find solutions on the mix of an attractive asset reputation, a talented management cluster, therefore the potential to promote significant monetary advantageous assets to households around the the nation. Hometap’s deep table of https://paydayloansconnecticut.com/dodgingtown high quality, high stability positives has created an excellent system that assists fall into line people and you may dealers. He could be incredibly better-arranged to lead the organization our company is witnessing on the market.