Bridge loan before allocation of home savings contract

That was an old offer, sorry, hence the older dates. However, the loan offer would still be valid. The purpose of this interim financing is to get the wheels of bureaucracy moving. I myself will not be in Germany in December and, if something were to go wrong, would no longer be able to take any active measures.

I would not have the interim loan paid out to me, and on 1.11 the building society savings contract would completely repay the interim loan upon allocation. Essentially, no commitment or loan interest since the interim loan is not disbursed.

The actual disbursement to repay the building society loan would only take place on 31.12.

The advisor makes a serious impression and has been doing this for 50 years.

The question is just whether anyone knows this or has already done it this way.

I would not have the bridging loan paid out

Bridging credit not paid out.

You don’t understand, do you? You can also get three Zwifis. Or, to be safe, went to buy boxes of oranges and not eat them. THIS IS ALL NONSENSE!!!

I don't understand? Why do you need this bridge loan?

Basically, it only serves to get the wheels of bureaucracy turning and to have time to react if something doesn't work out. A zero-sum game, but this way you can clarify such refinancing earlier.

Basically, it only serves to get the wheels of bureaucracy moving and to still have time to react if something doesn't work out. A zero-sum game, but this way such a replacement can be clarified earlier.

Which wheels need to be set in motion? If it's clear that the replacement takes place on 31.12., what needs to be clarified earlier?

And otherwise, if the money doesn't come by 31.12., the bank to be paid off will simply keep the financing running longer.

In the 30 years I've been doing construction financing, I've never seen such nonsense.

On November 1, 2024, my home savings contract with Wüstenrot will be eligible for allocation. The loan repayment/rescheduling - payout of the home savings amount would take place on December 31, 2024.

I don’t understand the interim financing either. Here is how I interpret it. There is a construction loan that expires on December 31, 2024; it has been paid off for years or only the interest has been paid, depending on how it was structured. There is a home savings contract that will be eligible for allocation on November 1, 2024, which is intended to repay the loan that expires on December 31, 2024. And from January 1, 2025, only the loan amount from the home savings contract is to be repaid. And WHY is interim financing necessary now?

The bridging loan is only intended to get the whole process started, even though it is not needed.

As I said, I will not be in Germany in December and therefore would not be able to do anything if there is still something unclear.