Financing | Single-family house | Feasibility | 2nd rank

What now? €120k or €130k remaining? What did the condominium cost? The verifiable value is only relevant initially in case of a sale or possibly as collateral based on an expert appraisal by the financing bank.

Back to your question. There is no creative solution,

- either pay off consumer loans with the bank's agreement to know beforehand if this solution is sufficient.
- or sell the condominium.
- using the condominium as collateral apparently is not enough
- or use more equity, as much as the bank requires.
- another idea would be to ask a different bank than the one financing the condominium!

Your initial idea simply does not fit the overall project and the existing framework conditions.

Thank you for your feedback. Selling the condo would be easiest, but not possible in terms of time.

I’ll see what feedback comes from the financier or the bank now. Depending on that, I may still need to put in equity.

thanks for your feedback as well. I will get back to you as soon as I have figured out a version and whether it worked.

Thanks for your feedback. Selling a condo would be easiest, but not possible in terms of time. I'll see what response comes now from the financer or the bank. Depending on that, I might still have to put in some equity.

Write how much they still want from you! That would also be helpful for others.

however, not possible in terms of time.

Why?
If it has increased so much in value, that has to do with demand. You will be surprised how quickly you sit at the notary.
Even if it takes a few weeks or even months until the purchase amount for the apartment is received, the proceeds can already be used as equity and a bridging solution can be created through interim financing.

Depending on the case, I still have to put in equity.

At least 30k for the incidental purchase costs to obtain 100% financing. Maybe more if the renovation costs are not recognized as fully value-enhancing (a cost breakdown from the architect is already good!).

Why?
If it has increased so much in value, that has to do with demand. You will be surprised how quickly you will be sitting at the notary.
Even if it takes a few weeks or even months for the purchase amount for the apartment to be transferred, the proceeds can already be used as equity and a bridging loan can be arranged through interim financing.

At least 30k for the ancillary purchase costs to obtain 100% financing. Maybe more if the renovation costs are not fully recognized as value-enhancing (a cost breakdown from the architect is a good start!)

We already have a notary appointment for the single-family house; until then, I won’t have time to sell the condominium.