Financial support often stamina Boston-created business’s went on federal extension
BOSTON, (Community NEWSWIRE) — Hometap, that offers a smart, the fresh mortgage substitute for experiencing household guarantee as opposed to taking on loans, today revealed so it possess shielded $100 mil inside the new americash loans Lake Pocotopaug investment. The main city raise boasts ICONIQ Resource, LLC including Hometap’s newest dealers Standard Catalyst, G20, Mainstay and Western Friends Solutions, brand new campaign arm out-of AmFam Insurance coverage.
With this additional financing, Hometap plans to remain 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 Secures $100 billion to aid A great deal more You.S. Residents Access their property Equity As opposed to 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 bulk away from property owners are effect household 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. off 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.
And providing people open the new equity within residential property to address monetary need or follow upcoming opportunities, Hometap is even helping resolve a significant asset allocation situation in the You.S. Residents may now use the wide range built up in their house to shop for almost every other property to diversify the profile and you will correct proportions the financial obligation. On the other hand, the firm is offering its traders usage of the fresh new You.S. domestic real estate market, a secured item classification which had been in past times hard to availableness.
Our company is happy to become purchasing having Hometap. Having an extremely transparent, customer-basic means, they are bringing a very important option to the problems confronted by the of a lot residents, told you Nugi Jakobishvili, ICONIQ’s Master Capital Manager. Just like the buyers, it’s rare to find solutions on mixture of a nice-looking advantage character, a gifted administration party, together with potential to bring significant monetary positive points to properties round the the nation. Hometap’s deep counter of high quality, higher stability benefits has established a superb program that helps fall into line people and you may investors. He or she is very better-positioned to guide the development our company is witnessing on the market.
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