Investment will stamina Boston-centered organization's continued federal expansion
BOSTON, (Globe NEWSWIRE) -- Hometap, that provides an intelligent, brand new financing alternative for experiencing domestic collateral as opposed to taking on financial obligation, now announced which enjoys protected $100 million within the new funding. The administrative centre increase includes ICONIQ Investment, LLC including Hometap's newest buyers General Catalyst, G20, Pillar and you can American Friends Possibilities, https://simplycashadvance.net/personal-loans-nm/ the fresh new venture sleeve out of AmFam Insurance rates.
With this additional financing, Hometap plans to continue the 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 Obtains $100 million to simply help Even more U.S. Homeowners Availability their house Security In place of Trying out 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 away from people are currently effect household steeped 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 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. 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.
Together with helping home owners discover new collateral in their property to deal with financial means or follow coming possibilities, Hometap is even helping solve a significant investment allocation condition regarding the You.S. People can utilize the riches collected in their house to acquire most other possessions to diversify their portfolio and you will correct size its financial obligation. Simultaneously, the organization is offering its investors use of the brand new You.S. domestic real estate market, a valuable asset group that was previously hard to accessibility.
We're happy to end up being expenses with Hometap. Having an extremely transparent, customer-very first approach, he or she is taking a valuable solution to the problems encountered because of the many residents, said Nugi Jakobishvili, ICONIQ's Master Investment Manager. Due to the fact traders, it is uncommon discover solutions towards the mix of an appealing resource character, a talented management group, while the possibility to give important monetary advantages to houses round the the country. Hometap's strong bench of top quality, higher stability advantages has established an excellent platform that will help fall into line property owners and you will investors. He or she is incredibly better-organized to guide the organization we have been witnessing in the business.
