Financing will stamina Boston-built businesses went on national extension
BOSTON, (Globe NEWSWIRE) — Hometap, which provides a sensible, the loan alternative for making use of family security as opposed to trying out personal debt, now revealed that it provides shielded $100 billion into the the brand new money. The main city increase includes ICONIQ Capital, LLC including Hometap’s latest investors General Stimulant, G20, Pillar and you may Western Family Opportunities, the fresh new campaign sleeve of AmFam Insurance policies.
With this additional financing, Hometap plans to remain the 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 Obtains $100 billion to assist A great deal more You.S. Property owners Availability their residence Security As opposed to Taking up Personal debt
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 from homeowners are feeling 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 Analysis, 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. regarding 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.
Also providing people discover the newest equity in their home to handle economic requires or pursue future potential, Hometap is even assisting to resolve a life threatening asset allowance condition on You.S. Residents can now utilize the riches collected in their home buying other possessions to diversify the portfolio and you may best proportions their obligations. As well, the organization is providing its investors access to the latest You.S. residential housing market, a secured asset classification that has been prior to now tough to supply.
We are happy to feel using having Hometap. Having an extremely transparent, customer-first means, he’s providing a valuable option to the problems encountered by of a lot residents, told you Nugi Jakobishvili, ICONIQ’s Captain Resource Officer. Once the dealers, it is unusual to obtain solutions on the blend of a stylish house character, a gifted management group, in addition to possibility to provide important financial advantageous assets to properties all over the world. Hometap’s strong table of high quality, highest ethics gurus has go right here generated an exceptional system that helps align residents and you may buyers. They are incredibly better-arranged to lead the organization the audience is watching on the market.
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