Through this program, eligible homeowners can borrow 5 percent of their home’s list price, or up to $50,000, for pre-sale improvements.
Christie’s International Real Estate says home sellers who list using @properties will have access to new loan options for making pre-sale upgrades to their properties thanks to the company’s just-launched concierge platform, the company announced Wednesday.
Through this program, eligible home sellers will be able to borrow up to $50,000 or 5% of the home’s list price (whichever is lower) on properties valued at up to $4 million. Home sellers can use the funds for nonstructural renovations, repairs, staging, painting, landscaping, storage, and more.
The platform’s debut is timely, as more homebuyers prefer move-in-ready and turnkey homes, especially in the luxury sector, according to a recent luxury trends report.
@properties Christie’s said in a statement that sellers using the platform do not have to pay principal, interest or fees until the home sale closes, the listing is canceled or 12 months have passed, whichever comes first.
The company says that for typical applicants, underwriting is completed within three business days, and sellers can access funds almost immediately after approval. Sellers can choose their own vendors and interest accrues only on the funds used, not the full loan amount.
mike golden
“Concierge gives @properties Christie’s International Real Estate home sellers a significant advantage in today’s market, giving our agents powerful new tools to acquire and bring properties to market,” co-founder and co-CEO Mike Golden said in a statement. “By providing quick and easy access to funds, Concierge removes one of the biggest barriers to bringing properties to market in optimal condition and creating a more seamless and 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 and conditions are available on Notable’s website.
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