Resource will electricity Boston-established organization’s continued federal extension

BOSTON, (Industry NEWSWIRE) — Hometap, that provides an intelligent, the new loan alternative for tapping into home security in place of trying out personal debt, today revealed so it possess covered $100 million inside the brand new capital. The main city boost has ICONIQ Capital, LLC and Hometap’s newest buyers Standard Stimulant, G20, Mainstay and you will American Household members Ventures, the brand new venture case of AmFam Insurance policies.

With this additional financing, Hometap plans to remain the nationwide 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 Secures $100 million to help Far more You.S. Property owners Accessibility their property Security Instead Taking on 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 majority off people are currently effect home 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 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. 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.

Along with helping home owners open the newest security within their belongings to handle monetary need or follow upcoming options, Hometap is even assisting to resolve a significant asset allocation condition throughout the You.S. Home owners are now able to make use of the wide range collected in their house to order almost every other property to help you broaden its portfolio and you can right size their personal debt. At exactly the same time, the business is offering their dealers accessibility the brand new U.S. residential market, an asset classification that was before difficult to accessibility.

We’re thrilled to feel expenses having payday loan Pleasant Valley Hometap. With a highly transparent, customer-basic means, he’s getting an important solution to the issues confronted from the of many homeowners, said Nugi Jakobishvili, ICONIQ’s Head Financial support Manager. As dealers, it’s rare to acquire potential into mix of a stylish resource profile, a skilled administration team, in addition to potential to offer meaningful financial advantages to homes round the the world. Hometap’s strong bench of top quality, highest integrity professionals has created an excellent system that can help fall into line home owners and dealers. He’s very better-arranged to guide the organization we are seeing in the industry.