Assignment declaration of the construction financing to the general contractor

Banks have regulated a lot, but they were not stubborn with us. Just keep half of the equity and then use the loan. Everything will be fine [emoji4]

What do you mean by that, Yvonne? I don’t get it again....lol

So we have to prove by means of invoice and proof of payment that we predominantly used equity in the discussed amount.

Then only use 100,000 equity for the assignment and keep the 45,000 for the other trades.

I think it will be best if I don’t do any of that and fully pay the general contractor through the loan, pay my external trades with equity, and just live with interest repayment, but I have a much more relaxed feeling because I still have control over all my equity.

If it works like that, I would do it the same way. As mentioned, we first have to use part of the equity before the loan may be utilized.

I am appalled. No one here demanded such a statement and I wouldn't have signed it either. These CIS must be crazy.