Through the program, qualified homeowners will be able to borrow up to $50,000 or 10 percent of their home’s list price to make pre-sale improvements.
Homesellers listing with @properties Christie’s International Real Estate will now have access to a new loan option for making pre-sale upgrades on their property, thanks to the brokerage’s just-launched Concierge platform, the company announced on Wednesday.
Through the program, qualified homesellers will be able to borrow up to $50,000 or 10 percent of their home list price (whichever is less) on properties priced up to $4 million. Homesellers can use the money to do non-structural renovations, repairs, staging, painting, landscaping, storage and more.
The platform’s debut is timely as more homebuyers, particularly in the luxury sector, show a preference for move-in-ready and turnkey homes, according to recent luxury trend reports.
Sellers using the platform don’t have to pay off the principal, interest or fees until the home sale closes, the listing is canceled or 12 months have elapsed, whichever comes first, @properties Christie’s said in a statement.
For the typical applicant, underwriting is completed instantly, but occasionally can take a few days, and sellers are able to access funds almost immediately after receiving approval. Sellers may choose their own vendors, and interest only accrues based on funds used, not the full loan amount.
Mike Golden
“Concierge gives @properties Christie’s International Real Estate’s homesellers a significant edge in today’s market and equips our agents with a powerful new tool to win and market listings,” cofounder and co-CEO Mike Golden said in a statement. “By providing fast, easy access to capital, Concierge removes one of the biggest barriers to bringing a listing to market in optimal condition and creating a more seamless, successful experience for everyone involved.”
The platform is powered by real estate fintech company Notable, which also supports Brown Harris Stevens’ renovation and staging product Curate. Full terms can be found on Notable’s website.
Update: After publishing this story was updated to reflect that most customers receive approval to funds through Notable almost instantly, and have access to funds thereafter. It was also updated to correct a press release error, which previously stated homesellers could borrow up to 5 percent of their home list price; however, they may borrow up to 10 percent of the list price.
Email Lillian Dickerson