Hello everyone,
I have already received a financing commitment from ING and the loan agreement has been confirmed by both parties.
The majority of the financing is for the construction contract with the developer.
For the remaining work (in-house interior finishing, incidental construction costs, outdoor areas), ING now requires a cost breakdown confirmed by the architect before the first disbursement.
With the financing request, I submitted a self-prepared cost breakdown that includes all items and was also considered in the loan amount in the contract.
However, the planning office with which I did the design planning is now having difficulty signing off on the breakdown I prepared.
Is there a way to bypass the signature of an architect here?
Does anyone have experience reaching an agreement with ING?
Best regards, Tim
With us, ING wanted exactly the same for the costs that go beyond the pure house purchase price of our developer (!).
The developer also did not want to sign the breakdown.
After a few phone calls between our broker (Interhyp) and ING, the requirement was significantly relaxed:
The first payments would also go through without further proof.
For the estimated costs from our breakdown (custom additions, painter, flooring, outdoor areas), we are now only supposed to submit cost estimates or offers (as far as already possible).
Our first payment has not yet been made. So it remains to be seen if there will be any problems.
So it seems to be a new standard requirement by ING.
Wishing you much success!