Construction financing loan repayment

We are currently in the process of finalizing a construction loan with a bank and have read through the contract.

There is a passage in the contract that we do not understand. It concerns the repayment or monthly amortization:

"The loan is to be repaid as follows:
at an annual rate of 2.90000 % of the original loan amount plus the accrued interest saved through amortization. Accordingly, (number)1
300 annuity installments consisting of interest and amortization plus other costs are to be paid, each due on the 30th of every month, first
on 30.10.2022, with priority allocation to the interest, of which (number)1 299 installments amount to EUR 2,086.00 and one
deviating installment amounts to EUR 1,777.34. Until the start of amortization, only the interest is to be paid."

What exactly does this sentence mean? Do we start full repayment already on 30.10 even though we have not yet drawn the entire loan amount?

According to the sentence yes. Fill word fill word

What exactly does this sentence mean?

Which one? This one?

Only the nominal interest is to be paid until the start of the repayment period.

That is what it means. Your date 30.10. is the beginning of the first installment. (Interest) Repayment only starts once you have drawn the entire loan. At least that is common practice and matches the sentence.

Which one? This one? What he states. Your date 30.10. is the beginning of the first installment. (Interest) Repayment only starts when you have drawn the entire loan. At least, that is common practice and corresponds with the sentence.

All clear, thank you very much. Smiley

All right, thank you very much. Smiley

Under what conditions were you ultimately able to close the deal?

299 installments of 2,086.00 EU

That is your standard rate interest + repayment.

each due on the 30th of every month, first on 30.10.2022

On this day the full installment is paid for the first time.

Until the start of repayment only the debit interest is to be paid.

Until the start of repayment = first full installment you pay interest only.

Your date 30.10. is the beginning of the first installment. (Interest)

No, first installment interest + repayment. Before that interest is already paid.

At least that is common and corresponds with the sentence.

It is common to start repayment only after full disbursement. But that is not stated here.