Financing will strength Boston-dependent organizations proceeded federal expansion
BOSTON, (Business NEWSWIRE) — Hometap, which provides an intelligent, brand new mortgage alternative for experiencing household guarantee in place of using up debt, today launched this keeps shielded $100 million for the the fresh new money. The main city raise comes with ICONIQ Resource, LLC and Hometap’s latest buyers General Catalyst, G20, Mainstay and you will Western Household members Solutions, new campaign sleeve off AmFam Insurance coverage.
With this additional financing, Hometap plans to keep their 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 aid Alot more U.S. Property owners Accessibility their property Security Versus Trying out 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 majority out-of homeowners are currently impression 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 Investigation, 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 loans Kit Carson 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 additionally providing homeowners discover the fresh new guarantee in their house to handle monetary demands or pursue future options, Hometap is also assisting to solve a critical asset allotment situation about You.S. Homeowners can now make use of the wealth built up in their home to find most other property in order to broaden its collection and right proportions its personal debt. As well, the company is providing their investors the means to access new You.S. residential housing market, a secured asset class that has been before hard to accessibility.
We have been pleased to end up being spending with Hometap. That have an extremely clear, customer-basic method, they are bringing a very important solution to the problems encountered of the of numerous home owners, said Nugi Jakobishvili, ICONIQ’s Captain Capital Administrator. As buyers, its rare locate potential towards the mixture of a stylish advantage character, a gifted government class, and the possibility to render significant monetary advantages to property all over the country. Hometap’s deep bench of high quality, highest stability professionals has created an exceptional platform that will help align people and you may people. They are extremely well-positioned to lead the growth we have been seeing in the market.
