Construction loan work abroad freelancer

Hello, I am looking for a lender for a sum of 120k Euro for a multi-family house (180k) with initial capital of 70k. Since May 2017, I have been self-employed, in Germany but also abroad, with a net annual turnover of 29k in 2018, 33k in 2019, and 41.5k until May 2020. I have already contacted various online portals but always hear that only income in Germany can be considered, which is about 10k annually and simply too little. Even if the multi-family house is fully rented with 5 residential units for 24k per year, this also cannot be taken into account. Does anyone know a bank that would support such a project? For me, this is absolutely safe and I would consider monthly payments of 1500 Euro to be reasonable. This would repay the net amount of 120k in only 80 months, i.e., 6.6 years. I am very interested in your tips but also opinions and look forward to hearing from you! Thank you PS: When I worked as a night watchman with an employment contract during my studies earning 1500 net, a 100k loan for a house purchase was according to the bank no problem. Now my monthly net income is between 3.6-6k and nothing seems possible. You really have to let that sink in...

A good relationship with the house bank is sometimes worth its weight in gold for the self-employed ...

Now my monthly net income is between 3.6-6k and nothing seems feasible.

That is a bit premature, just because you had a good Q1/20. Normally, banks want to see three annual financial statements with matching figures before they talk to you. But a good quarter ... I'm afraid that will be very tough for you. One-off effects interest no one.

A good relationship with the house bank is worth its weight in gold for self-employed people sometimes ... ..

I can underline that. Self-employed since 1996 and initially had massive problems financing various things. Always stayed with the same house bank (Volksbank). Meanwhile, they are relatively relaxed. Of course, also thanks to good numbers in recent years. But for you, the good numbers are so fresh that they could also be "one-time effects". The bank doesn't care about that - unfortunately or maybe that's a good thing? So don't expect anything. From the bank's point of view, I don't see that 1500 can be stably provided with these numbers.

Hello, I am looking for a lender for an amount of 120k euros for a multi-family house (180k) with an equity of 70k. Since May 2017, I have been self-employed, in Germany but also abroad, with an annual net turnover of 29k in 2018, 33k in 2019, and up to May 2020 41.5k. I have already contacted various internet portals but always get told that only income in Germany can be considered, which is about 10k annually and simply too little. Even if the multi-family house is fully rented with 5 residential units for 24k per year, this cannot be considered either. Does anyone know a bank that would support such a project? For me, it is all absolutely safe and I would consider monthly payments of 1500 euros reasonable. This would repay the net amount of 120k in just 80 months, i.e. 6.6 years. I am very interested in your tips but also opinions and look forward to hearing from you! Thanks PS: When I worked as a night watchman with an employment contract and 1500 net during my studies, 100k credit for a house purchase was no problem according to the bank. Now my monthly net is between 3.6-6k and nothing seems possible. You just have to let that sink in...

Hello, the last 3 years are decisive and it looks poor for you there. Net annual turnover per month 2018 = approx. 2.2k, 2019 approx. 2.5k Then health insurance, taxes etc. are deducted I would be interested in the surplus Most likely your house bank would finance it. Banks do not like freelancers and especially contracts abroad.

Hello,
PS: When I worked as a night watchman during my studies with an employment contract for 1500 net, a 100k loan for a house purchase was no problem according to the bank. Now my monthly net income is between 3.6-6k and nothing seems feasible. You just have to let that sink in...

Additional: I consider the 1,500 € net as a night watchman to be a rumor. It's more likely a student job that is tax-advantaged.

Hello and thanks in advance for your comments. The figures are all net, I already pay taxes abroad and therefore nothing else is deducted, but yes, I already thought that it simply doesn't show any consistency so far. I asked my "house bank." It is the DKB, so a pure online bank. Let's see what comes of it. In the end, the house basically pays for itself with 2k rental income per month, but I was already told by another construction expert that it doesn't matter with full rental occupancy, but if I were to move into an apartment there, it might be taken into account. I had also considered looking internationally, but I have too little insight so far. However, that would probably change the topic now.