Resource have a tendency to stamina Boston-situated organization's went on national expansion
BOSTON, (Business NEWSWIRE) -- Hometap, that offers an intelligent, the brand new mortgage substitute for tapping into home security versus trying out debt, now launched it have safeguarded $100 mil into the new funding. The capital raise includes ICONIQ Money, LLC along with Hometap's latest dealers Standard Stimulant, G20, Pillar and you may Western Nearest and dearest Opportunities, new strategy arm off AmFam Insurance.
With this additional financing, Hometap plans to continue its nationwide 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 Obtains $100 mil to assist A lot more U.S. Home owners Availability their residence Security In the place of 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 majority away from property owners are currently effect family rich 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 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. 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.
In addition to permitting people unlock the collateral within their belongings to handle financial needs or go after upcoming solutions, Hometap is additionally helping solve a life threatening resource allotment state from the You.S. Residents may now use the money collected in their house to shop for almost every other possessions so you can broaden the collection and you will correct proportions the loans. On top of that, the organization offers the investors use of this new U.S. domestic market, a secured asset class that was before difficult to supply.
We are thrilled to getting purchasing having Hometap. Which have an incredibly transparent, customer-earliest method, he's providing a valuable choice to the challenges faced because of the of a lot people, said Nugi Jakobishvili, ICONIQ's Head Funding Officer. As the dealers, it's rare discover opportunities towards blend of a nice-looking investment profile, a talented management group, together with possibility to render important economic positive payday loans Canton Valley no checking account points to house around the the world. Hometap's deep counter of top quality, large integrity positives has established an excellent platform that helps line up property owners and you can dealers. He is incredibly well-arranged to guide the growth we're seeing in the industry.
