Hometap Obtains $100 million to assist Far more U.S. People Supply their residence Guarantee Instead Using up Financial obligation

Funding usually strength Boston-mainly based organizations continued national expansion

BOSTON, (World NEWSWIRE) — Hometap, that gives an intelligent, the brand new loan alternative for tapping into home equity instead of trying out personal debt, today announced that it keeps covered $100 mil inside new money. The administrative centre boost has ICONIQ Financial support, LLC in addition to Hometap’s current dealers Standard Catalyst, G20, Pillar and you can Western Family Options, the campaign sleeve out of AmFam Insurance coverage.

With this additional financing, Hometap plans to continue their 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 Secures $100 billion to aid So much more U.S. Residents Supply their home Equity Instead of Trying out Loans

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 off home owners are presently feeling 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 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 achieve significant market share within the rapidly growing home equity investment category.

One homeowner who turned to Hometap while New York title and loan 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 additionally providing home owners discover brand new guarantee in their belongings to address economic means otherwise follow coming ventures, Hometap is also assisting to resolve a critical asset allocation problem throughout the U.S. People can make use of the wide range collected in their house purchasing most other possessions to help you broaden its collection and you can best dimensions the obligations. Concurrently, the business offers its dealers the means to access the fresh new You.S. domestic housing market, a secured item class which was in the past tough to supply.

We are happy to end up being spending having Hometap. Having a very clear, customer-basic means, he’s delivering a very important substitute for the challenges confronted by the of many people, said Nugi Jakobishvili, ICONIQ’s Head Money Officer. As buyers, it’s rare to locate options into the mixture of a nice-looking advantage reputation, a skilled government group, additionally the potential to offer important financial positive points to homes across the the world. Hometap’s deep table of top quality, higher integrity masters has established a superb platform that assists align people and you may investors. He or she is incredibly well-organized to lead the organization the audience is watching on the market.