Experiences with construction financing at PSD Bank Nuremberg

Hello,

We also financed with the bank.. and awarded the trades separately. I could or had to make an initial call-off at the bank because I always had to call off at least €5000. I then always covered the old initial call-off of €15000 with invoices and had new money sent to me. Works great

[...]and awarded the trades individually. I could or had to make a pre-withdrawal at the bank because I always had to withdraw at least €5,000. I then always covered the old pre-withdrawal of €15,000 with invoices and had new money sent to me. Works perfectly

Could you please explain to me in more detail how you managed that?

I only understand "station" here:
(old pre-withdrawal?, "covered" with invoices?, ...)

At the first withdrawal from the bank, I would have documented all own services first.
That is, the services we have already spent for preparing the building site, as well as the invoices for materials.
A lot of equity capital goes into that.

For me, there are many questions:
The bank will only pay out once we have proven enough invoices so that the equity capital we stated has been used up. (this is supposed to be used first)

But what if, in the meantime, for example, we had to pay for car repairs?
Or if we had to purchase a new car because the old one is slowly giving up? (+ possibly other household purchases that are necessary - washing machine, TV, etc. pp.)
After all, I have to use my own capital for that too.
I can’t attach every invoice that I pay privately (that would be a lot)

Hello,

so I never had to prove the equity, I had a total amount I needed for the construction, the equity was deducted from that and the loan amount came out. The first items were relatively large (shell construction, roof) when I then wanted to withdraw a smaller amount from the bank, I think <5000€, which the bank, as before, would pay directly to the company. I was asked to call in a maximum of 15,000€ in advance and have it transferred to my checking account. From that, I could then pay all the invoices. When the money was gone, I then sent the scanned invoices to the bank by email. And we had the new 15,000€ transferred to my checking account and the game started again. Until the loan was all used up....

In between, I also attached a cost plan from my planner where the construction status and the certain and expected costs were listed.

I found the whole thing very uncomplicated, we withdrew our funds in 2013/14.

Regards Ronny

Thanks again to everyone for the feedback. However, we have now decided on an offer from Allianz.

Thanks again to everyone for the feedback. We have now decided on an offer from Allianz.

May I ask why, and under what conditions?

Not at all because of anything against PSD Bank. On the contrary: After we received the offer from PSD through Interhy and I inquired about them, I also called there and had a little chat, which all made a very good impression. In the end, we simply got a really great offer from Allianz, and besides, the branch is just 100 meters as the crow flies from me and the construction site, so we just couldn’t do otherwise. We will now conclude a full repayment loan over 28 years at 1.83% effective interest. However, this was only possible because full repayment loans are currently being promoted by them at 0.3%. 3% special repayments would also be possible, then one would be finished earlier.