Hometap Obtains $100 million to aid More You.S. Property owners Access their home Collateral Instead of Taking on Loans

Funding tend to strength Boston-based company’s proceeded federal extension

BOSTON, (Industry NEWSWIRE) — Hometap, that provides a smart, the fresh new mortgage alternative for experiencing home guarantee rather than taking up personal debt, now announced that it have shielded $100 mil when you look at the the newest financial support. The administrative centre improve comes with ICONIQ Funding, LLC and additionally Hometap’s newest traders General Stimulant, G20, Mainstay and you will Western Family unit members Opportunities, the newest promotion sleeve off AmFam Insurance coverage.

With this additional financing, Hometap plans to remain the across the country 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 billion to assist So much more You.S. Homeowners Accessibility their house Guarantee Without Trying out Debt

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 vast majority away from people are presently effect 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 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. regarding 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.

Plus enabling residents discover this new collateral within their house to address monetary demands or go after future ventures, Hometap is also helping resolve a life threatening investment allocation state throughout the You.S. Home owners is now able to utilize the money accumulated in their home to shop loans in Collinsville for other assets to broaden the portfolio and you will best dimensions its personal debt. Concurrently, the business is offering its people usage of new U.S. residential housing market, a secured asset category which had been before difficult to access.

We’re happy to end up being purchasing which have Hometap. Which have an extremely clear, customer-basic method, he or she is bringing an invaluable option to the challenges experienced from the many homeowners, said Nugi Jakobishvili, ICONIQ’s Master Funding Officer. Since dealers, it’s rare to acquire solutions on mixture of a nice-looking advantage profile, a skilled government group, and also the possibility to promote significant economic positive points to properties across the world. Hometap’s strong table of top quality, high ethics masters has created an exceptional system that can help line up property owners and buyers. He’s incredibly well-arranged to lead the development we have been watching in the industry.