ENGResource usually power Boston-oriented company’s continued federal expansion
BOSTON, (Industry NEWSWIRE) — Hometap, that gives a smart, brand new financing substitute for tapping into house guarantee without taking on personal debt, now established which provides secure $100 mil from inside the the latest money. The main city boost comes with ICONIQ Financing, LLC also Hometap’s newest investors General Stimulant, G20, Mainstay and you may American Family unit members Solutions, the fresh venture sleeve out-of AmFam Insurance rates.
With this additional financing, Hometap plans to continue their 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 million to greatly help Significantly more You.S. Homeowners Accessibility their home Guarantee In the 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 bulk away from property owners are presently impression household 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 https://paydayloansconnecticut.com/moosup/ 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. out-of 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.
Plus enabling home owners open the collateral in their residential property to address economic need or pursue upcoming ventures, Hometap is even helping to resolve a serious house allotment situation on the You.S. People can use the money collected in their home to buy other possessions to diversify the profile and you may proper size their debt. Concurrently, the business is providing its buyers the means to access the fresh You.S. residential real estate market, a secured asset category which was in the past difficult to access.
The audience is happy to feel paying which have Hometap. That have a very transparent, customer-first means, they are providing an important choice to the issues faced because of the of several home owners, said Nugi Jakobishvili, ICONIQ’s Master Investment Administrator. Since traders, it’s rare locate solutions on mix of an attractive house reputation, a skilled management team, as well as the possibility to promote important financial advantageous assets to property all over the country. Hometap’s strong workbench of top quality, large ethics gurus has generated a superb platform that can help line up home owners and people. He’s very well-arranged to guide the organization we are witnessing in the market.
