Hometap Secures $100 mil to aid Way more You.S. Homeowners Access their home Collateral Versus Trying out Personal debt

Investment commonly power Boston-centered businesses proceeded federal expansion

BOSTON, (Community NEWSWIRE) — Hometap, which provides an intelligent, the latest financing substitute for tapping into house equity instead trying out personal debt, now launched this enjoys protected $100 million into the the brand new financing. The main city increase is sold with ICONIQ Capital, LLC along with Hometap’s newest dealers Standard Catalyst, G20, Mainstay and American Members of the family Possibilities, the fresh new promotion case off AmFam Insurance coverage.

With this additional financing, Hometap plans to remain their across 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 Secures $100 mil to help So much more You.S. Residents Access their home Collateral As opposed to Trying out Financial obligation

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 out of property owners are 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 Study, 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 americash loans Woodbury Center 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, 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.

Also enabling home owners discover the brand new guarantee inside their belongings to handle economic means otherwise realize upcoming ventures, Hometap is even helping to resolve a life threatening investment allotment condition on You.S. People can now use the money collected in their home to get most other property to diversify the profile and you can right dimensions the debt. In addition, the company offers their investors usage of the brand new U.S. residential real estate market, a secured asset category which was in earlier times hard to access.

We’re happy to become expenses having Hometap. That have a highly transparent, customer-first method, he is providing a very important option to the difficulties confronted of the of several people, said Nugi Jakobishvili, ICONIQ’s Captain Funding Administrator. As buyers, its unusual to locate ventures towards mix of a stylish advantage reputation, a skilled government group, and the potential to offer important economic positive points to house round the the nation. Hometap’s strong table of top quality, high integrity experts has established an exceptional platform that helps make residents and you will people. He’s extremely really-organized to lead the organization we have been watching in the market.