PALO ALTO, Calif., Oct. 6, 2016 /PRNewswire/ -- On the heels of its Series A news, Point, the first financial technology platform that allows homeowners to unlock their home equity wealth without taking on new debt, announced today the expansion of its coverage to its second state. Point is now investing in homes in three counties in western Washington: King County, Snohomish County and Pierce County.
After a successful launch in its home state of California, Point chose western Washington based on strong demand from homeowners for alternatives to traditional home financing solutions such as HELOCs and second mortgages. Seattle is also ranked #2 on Zillow's 2016 Hottest Housing Markets List.
"Homeowners in western Washington can now access their home equity wealth without a loan, without monthly payments and without a fixed interest rate," said Eddie Lim, Point's co-founder and CEO. "Having experienced a strong real estate rebound in recent years, many Washington homeowners now have substantial equity in their homes. Point is an ideal solution for those homeowners who need capital now in exchange for a stake in their home's future value."
Point's customers sell a fraction of their home to investors in exchange for a lump sum of capital (between $40K – $250K) without interest rates or monthly payments. Point is paid off when the homeowners sells or refinances their property at any time within a 10 year term. Most homeowners use the capital to diversify their wealth, invest in their businesses, renovate their homes, or pay off debts. When a home appreciates in value, both the homeowner and investor do well.
Point plans to expand to at least three additional states by end of the year.
For more information, please visit point.com.
Point is the first financial technology platform that allows homeowners to unlock their home equity wealth without taking on new debt and gives investors access to a new asset class -- owner-occupied residential real estate. Launched in 2015, Point was founded by Eddie Lim, Eoin Matthews and Alex Rampell following their own frustrations with home financing. The Palo Alto-based company is backed by some of the nation's leading venture capital firms and individual investors including Andreessen Horowitz, Ribbit Capital, Bloomberg Beta, Vikram Pandit and Laurence Tosi. For more information, please visit point.com.
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