Well then everything fits! Good luck with the project!
Thank you very much. We are still waiting for the building permit. It's only just under 6.5 months since the building application, so there is still time :-)
Thank you very much. We are still waiting for the building permit. It's only just under 6.5 months since the building application, so there's still time :-)
Commerzbank has declined. They require at least 10% in cash. That the land currently has the same value as the loan amount does not matter to them. Which is not particularly bad, since I would only finance with the bank reluctantly. So far, only negative experiences with them and from a business/banking perspective, they are not exactly the brightest star on the market (measured by my own experiences).
The financial advisor is now looking for another bank.
I am sorry for you. For us, it was exactly the opposite: Commerzbank was the only bank where everything was proper and especially the announcements actually came true, all at very good conditions and even with the bonus of having a personal contact on site. But it probably depends heavily on the branch.
That the standard land value and not the market value of a property is decisive is also the case with other banks. And basically, your planned equity contribution is really very low. The property has an equity portion, but unfortunately also a debt portion. And beyond that, it is then a full financing of the house.
That the standard land value and not the market value of a property is decisive is also the case with other banks. And basically, your planned equity contribution is really very low. The property has an equity share, but unfortunately also a debt share. And beyond that, it is then a full financing of the house.
It is not a full financing. Property value is €146,200 according to the standard land value minus €37,000 residual debt. So about €110,000. With a house financing of €494,000, that is under 80%.