Resource tend to energy Boston-based company’s went on national extension
BOSTON, (Business NEWSWIRE) — Hometap, which provides a smart, the brand new mortgage substitute for tapping into home equity rather than taking up financial obligation, today announced so it possess covered $100 mil when you look at the the newest financing. The capital boost boasts ICONIQ Resource, LLC plus Hometap’s newest people General Catalyst, G20, Mainstay and you will American Friends Solutions, brand new venture sleeve regarding AmFam Insurance policies.
With this additional financing, Hometap plans to keep the payday loans Wright 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 Way more You.S. People Availability their house Security Versus Taking up Obligations
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 most away from people are presently feeling house 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. off 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.
As well as permitting property owners discover brand new equity inside their property to deal with monetary need or realize coming solutions, Hometap is even helping resolve a life threatening asset allocation state on the U.S. People can use the riches gathered in their house to shop for other assets so you can broaden their collection and you may right dimensions its loans. Additionally, the company offers its buyers access to the fresh new You.S. residential housing market, an asset classification that has been prior to now difficult to accessibility.
We’re pleased to feel purchasing with Hometap. That have a very transparent, customer-first strategy, they are delivering a valuable solution to the difficulties experienced by the of several people, said Nugi Jakobishvili, ICONIQ’s Captain Money Administrator. Once the dealers, it’s uncommon to track down options toward mixture of an attractive asset character, a talented government party, and also the potential to provide significant economic advantageous assets to home across the the world. Hometap’s deep counter of top quality, large stability benefits has created a superb program that will help align homeowners and you can people. He or she is very well-arranged to lead the organization we have been witnessing on the market.