As new parents running a seasonal business, California homeowners Samantha and Edward were looking into traditional loans to offset slower months.
California-based couple Samantha and Edward run a seasonal business and were looking at traditional loans to offset slower times of year. But “getting business loans proved to be a little harder nowadays,” Samantha noted. As busy parents both juggling full-time jobs, their side business, and child care, Samantha and Edward needed an alternative income stream to suit their growing family.
Looking to both boost their small business and pay off a few debts, Samantha and Edward started researching home equity loans. After comparing their options, the couple decided to access some of their home’s value with Hometap. “[Hometap] really suited our needs,” Samantha said. She also cited no monthly payments and the ability to save as other reasons for choosing Hometap over other options.
In the short term, Samantha and Edward plan to use the funds from their Hometap Investment to boost their small business and pay off a few debts. With increased flexibility from their improved cash flow, they’ll be able to take on new clients and more work, leading to an increase in their income and ability to pay off debt. Down the line, they anticipate an improved credit score that will allow them to refinance existing loans for smaller monthly payments or better interest rates.
“It’s the domino effect,” Samantha said. “We’re trying to take little steps to improve and prosper.”
Samantha and Edward appreciated Hometap’s dedication to efficiency. Documents were provided early for review, the appraisal was prompt, and inquiries were often addressed within the hour. “It was a very smooth process and everything seemed positive,” Samantha said. “I highly recommend it.”