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BOSTON, (Globe NEWSWIRE) — Hometap, that gives a smart, the fresh new financing alternative for making use of household collateral instead taking on obligations, today established this provides safeguarded $100 mil during the the latest investment. The main city improve boasts ICONIQ Investment, LLC plus Hometap’s newest buyers General Catalyst, G20, Mainstay and you may Western Members of the family Options, the brand new strategy sleeve out of AmFam Insurance.

With this additional financing, Hometap plans to continue its 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 mil to aid Significantly more U.S. Homeowners Availableness their home Equity Without Using up 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 homeowners are currently impact 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 trying to find a way to fund home renovations and pay off credit card debt is Butch F. out-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.

In addition to providing property owners discover the newest guarantee inside their property to address monetary means or follow upcoming ventures, Hometap is even helping to resolve a life threatening house allocation state about U.S. People can now utilize the riches collected in their house to invest in other assets so you can diversify its profile and you will proper dimensions their loans. Additionally, the organization is offering the people accessibility the You.S. residential housing market, a secured asset category that was in the past hard to accessibility.

We’re happy to getting purchasing having Hometap. Having a highly transparent, customer-basic approach, he is delivering an important solution to the issues faced from the of payday loans Conning Towers Nautilus Park a lot people, told you Nugi Jakobishvili, ICONIQ’s Chief Capital Manager. As the buyers, it is uncommon to locate solutions for the blend of an appealing investment profile, a skilled management cluster, while the possibility to promote significant financial advantageous assets to households across the country. Hometap’s deep bench of top quality, higher ethics gurus has established a superb system that will help line-up property owners and you will buyers. He could be extremely better-positioned to lead the development our company is witnessing in the business.