Capital usually energy Boston-depending company’s went on federal expansion
BOSTON, (Industry NEWSWIRE) — Hometap, that offers an intelligent, the latest loan alternative for tapping into family equity rather than taking up loans, now launched it features secure $100 billion into the the latest financing. The capital improve has ICONIQ Capital, LLC including Hometap’s current people Standard Catalyst, G20, Pillar and you can American Nearest and dearest Ventures, the latest campaign sleeve away from AmFam Insurance policies.
With this additional financing, Hometap plans to remain the across the country expansion, 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 mil to aid A lot more U.S. Residents Access their house Security Versus Taking on 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 off residents 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 installment loans Florida 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 Study, 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, 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.
Along with providing property owners unlock the new collateral in their land to deal with monetary means otherwise go after upcoming options, Hometap is also assisting to solve a serious investment allocation condition on the U.S. Home owners can now utilize the wealth collected in their house to get other possessions so you can diversify the profile and you may right size its obligations. While doing so, the firm offers the traders access to brand new You.S. residential housing market, an asset class which had been before hard to accessibility.
The audience is thrilled to end up being spending which have Hometap. That have a very transparent, customer-basic strategy, he’s taking a valuable option to the problems encountered because of the of many property owners, told you Nugi Jakobishvili, ICONIQ’s Captain Investment Officer. Just like the investors, it is uncommon to track down options to your mix of an appealing resource profile, a skilled administration group, and also the possibility to render significant monetary benefits to property all over the nation. Hometap’s strong table of high quality, higher integrity experts has established a superb program that can help line up home owners and you can people. He or she is very really-organized to lead the development we have been seeing in the market.
