Capital will energy Boston-created businesses went on federal extension

BOSTON, (Business NEWSWIRE) — Hometap, that gives a sensible, the fresh https://paydayloansconnecticut.com/stafford-springs/ new financing alternative for making use of family security instead using up financial obligation, today launched that it has shielded $100 billion in the the funding. The capital improve includes ICONIQ Financing, LLC and additionally Hometap’s most recent people General Stimulant, G20, Mainstay and American Members of the family Ventures, the latest promotion arm out-of AmFam Insurance coverage.

With this additional financing, Hometap plans to remain the 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 million to help Far more You.S. Residents Accessibility their property Security As opposed to 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 from home owners are currently impression domestic steeped 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 propel Hometap towards helping millions of Americans free up liquidity from their homes without taking on more debt.

According to Hometap’s 2019 Homeownership Research, 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.

Together with helping people unlock brand new guarantee within their land to deal with economic requires otherwise pursue coming opportunities, Hometap is additionally helping to resolve a critical advantage allotment condition throughout the You.S. People are now able to utilize the wealth accumulated in their home to purchase other possessions to help you diversify their portfolio and you may correct proportions their financial obligation. Likewise, the business offers their investors use of the new U.S. domestic market, a valuable asset classification which had been previously tough to supply.

The audience is very happy to feel paying with Hometap. Having a very clear, customer-earliest strategy, he’s taking a very important choice to the problems encountered of the of numerous homeowners, said Nugi Jakobishvili, ICONIQ’s Chief Resource Administrator. Due to the fact investors, its uncommon to get solutions into the combination of an appealing resource reputation, a skilled government group, and also the possibility to give important economic benefits to households all over the nation. Hometap’s deep table of top quality, large stability positives has created an excellent platform that will help align home owners and you will people. He’s incredibly better-arranged to guide the growth we have been seeing on the market.