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BOSTON, (World NEWSWIRE) — Hometap, that offers an intelligent, new loan substitute for making use of house guarantee in place of taking on debt, now launched which enjoys secured $100 million during the the newest capital. The administrative centre improve has ICONIQ Financing, LLC together with Hometap’s most recent investors Standard Stimulant, G20, Pillar and you may Western Family members Ventures, brand new venture case of AmFam Insurance.
With this additional financing, Hometap plans to continue its nationwide 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 mil to greatly help Far more You.S. Home owners Availableness their residence Security Versus 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 off property owners are presently feeling home 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. out-of Monroe, North carolina. 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.
Together with providing residents open the new equity inside their residential property to address financial needs or follow future possibilities, Hometap is even helping solve a life threatening resource allocation condition on the U.S. Home owners can now make use of the wide range built up in their house to invest in other assets in order to broaden their collection and you may proper size its obligations. On the other hand, the business is offering its traders usage of the new U.S. home-based real estate market, a secured item classification which had been before hard to accessibility.
We’re thrilled to be paying that have Hometap. Having an extremely clear, customer-very first https://simplycashadvance.net/personal-loans-ks/ strategy, they are providing an invaluable solution to the difficulties encountered because of the of several people, said Nugi Jakobishvili, ICONIQ’s Captain Financing Officer. Since the dealers, it’s rare to acquire ventures into the combination of a stylish house character, a gifted government cluster, additionally the possibility to bring important monetary advantages to house across the the nation. Hometap’s strong workbench of high quality, highest stability advantages has generated an exceptional program that helps line up residents and you will traders. They are extremely really-arranged to lead the organization we are witnessing on the market.