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BOSTON, (Community NEWSWIRE) — Hometap, that provides a sensible, the fresh new loan alternative for tapping into family collateral without taking on obligations, today announced it has actually shielded $100 billion into the brand new financing. The administrative centre improve has ICONIQ Financing, LLC as well as Hometap’s latest investors General Stimulant, G20, Mainstay and you may Western Family unit members Options, brand new strategy sleeve from AmFam Insurance coverage.
With this additional financing, Hometap plans to keep their all over the country 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 Obtains $100 mil to greatly help Significantly more U.S. Home owners Access their property Guarantee In place of 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 of home owners are presently perception 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. out of Monroe, New york. 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 providing home owners open the latest collateral inside their land to deal with monetary need otherwise follow upcoming possibilities, Hometap is additionally helping to solve a life threatening house allowance situation regarding the U.S. Property owners can use the riches built up in their home buying most other property to broaden its collection and you may best dimensions its obligations. While doing so, the company offers the dealers the means to access new U.S. residential market, a valuable asset category that has been previously difficult to availability.
The audience is thrilled to feel expenses having Hometap. That have an incredibly clear, customer-very first approach, he’s bringing an important choice to the problems experienced by of many home owners, told you Nugi Jakobishvili, ICONIQ’s Master Funding Officer. Since people, it is unusual to find solutions to your combination of a stylish asset profile, a skilled administration people, while the potential to render meaningful economic positive points to home round the the world. Hometap’s strong workbench of top quality, highest stability experts has created an exceptional system that will help make home owners and you can traders. He’s extremely better-positioned to lead the development we are witnessing on the https://paydayloansconnecticut.com/deep-river-center/ market.
