Qualifying
Who qualifies?
- A credit score of about 680 or higher
- You own the home, or can legally act for the owner
- About 20% equity or more (in some cases 10%)
- A signed listing agreement with an agent
- A list price under $4 million
Notable may apply additional criteria, and approval isn't guaranteed.
How much can I get?
Up to $50,000. The amount is based mainly on your home's equity, though other credit factors can affect your limit.
How much equity do I need?
Roughly 20% after selling costs, including commission, and in some cases 10%. Notable checks your list price against an automated value estimate.
The home is in an LLC, trust or estate, or I have power of attorney. Can I use it?
Yes, and investors can too. Notable may ask for documents that verify ownership. With power of attorney, you apply using the homeowner's information, check the POA box, and provide the documents before Notable makes a decision.
Can I run more than one eXp Ready project at a time?
No. Notable allows one loan at a time.
What do I put as the list price?
The price after the work is done. If a new roof moves your price, use the after-roof number. We'll set it together from real comps.
Applying
How do I apply?
Online, in about 5 minutes, using the private eXp Ready link I send you. You apply and sign yourself. I can't apply or sign for you. Approved sellers can often access funds the same day.
Will applying hurt my credit score?
No. Approval uses a soft inquiry, and drawing funds doesn't affect your score either.
I'm buying my next home too. Will this affect my mortgage?
There are no hard inquiries to apply or draw funds. The loan is unsecured and personal, so there's no lien on your house, and Notable reports it only when it matures. A balance left unpaid more than 30 days past maturity can hurt your score. Loop in your loan officer too. I'm happy to connect you with one.
Using the money
What can I spend it on?
Nearly any pre-sale prep: staging and furniture, paint, flooring, repairs and updates, landscaping, cleaning, HVAC and electrical, photography, moving, storage, even temporary housing. Use any contractor or provider you like.
What can't it pay for?
Outstanding tax liens, existing secured debt on the home (like your mortgage), closing or settlement costs such as title insurance and appraisal fees, and similar obligations.
How do I actually pay contractors?
Pay by card, bank transfer or check. Upload a bid and Notable sends the money to your account, or use the program card at places like Home Depot (not at coffee shops). Paid out of pocket already? Upload the receipt and pay yourself back.
How long do I have to use the money?
Six months from approval for any home-selling expense. That even covers pet boarding during showings and open houses.
Cost and repayment
What does it cost?
Fixed interest, starting at 0.75% a month (8.99% APR), only on the money you use, plus a one-time $499 origination fee. The fee is taken from your credit at your first draw and is charged only if you draw. There are no monthly payments. On a typical three-month sale at about 1% a month, interest comes to roughly 3% of what you spent, paid at closing.
When do I pay it back?
At closing, from your sale proceeds: only what you used, plus interest. Technically it's due at whichever comes first: your closing, the end of your listing agreement, another acceleration event in the loan terms, or 12 months after the loan starts.
What if I'm approved but don't use it?
It costs you nothing. Ask Notable to close the loan, at no cost.
What if my home doesn't sell within a year?
You have 12 months. If you're still on the market, you can ask Notable for an extension or a payment plan. Staying in touch with them is the key.
What if I change my mind and don't sell?
Ending the listing agreement makes the balance due, and the loan has to be repaid. Notable's team can talk through options. That's why we plan the prep and the pricing together before you draw a dollar.
Who do I call about my loan?
Notable's support team handles the loan itself: in-app chat, 1-855-953-5833 or support@notablehome.com. For everything about your home and your sale, call or text me at 703-574-1033.
