Capital often power Boston-built businesses went on national extension
BOSTON, (Globe NEWSWIRE) — Hometap, which provides a sensible, brand new mortgage alternative for tapping into domestic collateral rather than taking on loans, today announced so it features protected $100 mil in this new resource. The main city increase includes ICONIQ Investment, LLC and additionally Hometap’s most recent buyers General Stimulant, G20, Mainstay and American Relatives Solutions, the fresh new campaign sleeve of AmFam Insurance rates.
With this additional financing, Hometap plans to continue 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 Protects $100 billion to aid A great deal more You.S. Residents Accessibility their property Security Rather than Taking list all payday loan lenders on 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 from property owners are presently perception house 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 Studies, 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.
Along with enabling homeowners unlock brand new collateral within their belongings to handle economic needs otherwise go after upcoming ventures, Hometap is also helping resolve a critical advantage allowance problem from the U.S. Homeowners is now able to utilize the wealth built up in their house to find other assets in order to diversify their collection and proper dimensions the obligations. Likewise, the business is offering its dealers entry to the new U.S. domestic housing market, an asset category that was in past times tough to supply.
We are pleased to become using which have Hometap. With a highly clear, customer-earliest means, they are getting an important substitute for the challenges faced of the many residents, told you Nugi Jakobishvili, ICONIQ’s Chief Resource Manager. Because the investors, it’s rare to track down options towards the mixture of a nice-looking investment profile, a skilled administration cluster, and also the potential to render meaningful economic advantages to domiciles across the world. Hometap’s deep table of high quality, highest stability advantages has generated an exceptional platform that can help make home owners and you will people. He could be incredibly better-positioned to guide the development our company is witnessing in the business.
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