Hometap Obtains $100 mil to aid So much more You.S. Home owners Supply their property Collateral Instead of Taking up Obligations

Investment tend to energy Boston-based business’s proceeded national expansion

BOSTON, (Industry NEWSWIRE) — Hometap, which provides a smart, this new mortgage alternative for experiencing domestic collateral rather than using up debt, today revealed so it has secure $100 mil during the the latest financing. The administrative centre increase includes ICONIQ Capital, LLC as well as Hometap’s latest traders General Stimulant, G20, Pillar and you can Western Family unit members Solutions, the latest strategy case away from AmFam Insurance policies.

With this additional financing, Hometap plans to continue its 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 Obtains $100 million to assist Significantly more You.S. Homeowners Supply their residence Security In the place of 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 off residents are feeling home rich and cash 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 trying to find a way to fund home renovations and pay off credit card debt is Butch F. 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.

Also providing residents discover the fresh security within property to address monetary demands or go after coming direct express comamerica emergency cash opportunities, Hometap is additionally helping to solve a life threatening house allotment state on You.S. Property owners may now utilize the wealth built up in their house purchasing other possessions to diversify its profile and you will correct dimensions its obligations. Simultaneously, the business is offering their traders the means to access the brand new You.S. home-based housing market, a secured asset classification that was in past times tough to availability.

We are very happy to become expenses that have Hometap. Having a highly clear, customer-very first method, he or she is providing an invaluable substitute for the challenges confronted by of several homeowners, told you Nugi Jakobishvili, ICONIQ’s Chief Financing Manager. Because the investors, its unusual to locate ventures on the mix of a nice-looking advantage character, a gifted government cluster, while the possibility to render meaningful financial advantageous assets to homes around the the country. Hometap’s deep counter of top quality, higher integrity gurus has established an excellent platform that will help line up home owners and investors. He is extremely well-arranged to lead the development we have been witnessing in the industry.

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