Hometap Obtains $100 million to aid A great deal more U.S. Property owners Access their house Equity Instead of Taking on Loans

Financial support usually electricity Boston-built businesses continued national expansion

BOSTON, (Globe NEWSWIRE) — Hometap, that gives a sensible, the fresh loan substitute for tapping into household security without using up debt, now launched so it has secured $100 billion inside the brand new financing. The main city improve includes ICONIQ Money, LLC also Hometap’s current traders General Stimulant, G20, Mainstay and you may American Family members Opportunities, new strategy sleeve from AmFam Insurance policies.

With this additional financing, Hometap plans to remain its all over 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 billion to aid Even more You.S. Home owners Supply their residence Collateral Rather than Taking on 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 majority out-of residents are perception house 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 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. away from Monroe, North carolina. 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.

And permitting property owners open the latest security within their belongings to address monetary demands otherwise pursue future options, Hometap is also helping solve a serious advantage allowance situation regarding You.S. People are now able to utilize the wide range accumulated in their house to order most other possessions to diversify the portfolio and you may correct dimensions their obligations. On the other hand, the organization is providing their people accessibility the fresh new U.S. home-based market, a secured asset group that was in past times tough to availability.

We are pleased to become expenses that have Hometap. Having a very transparent, customer-earliest strategy, he is delivering a valuable solution to the challenges experienced of the of many residents, said Nugi Jakobishvili, ICONIQ’s Captain Funding Manager. Just like the traders, it’s unusual locate potential towards the mix of a nice-looking house reputation, a gifted administration group, therefore the possibility to bring meaningful financial advantages to homes all over the world. Hometap’s deep workbench of top quality, highest ethics benefits has generated a superb system that helps line-up property owners and you may traders. He is very really-positioned to guide the development we have been seeing in the market.