How to get money in the "most favorable" way

Hello everyone,

It's about the following: now that I am 24, I want to have my own premises, but to be honest, I am quite inexperienced and clueless, as I haven't built or converted very often yet. :p

The construction project is intended to be a hall from the 1960s, which is located on my family's property. It is either going to be converted or demolished and replaced with a prefabricated hall, which will be decided depending on the costs for potential renovation, asbestos roof disposal, structural plans, etc. But this should not be the main topic now.

I have planned a budget of about €150,000-200,000 for the entire conversion. I can currently only provide €30,000 in equity. I think €20,000 could possibly be arranged through a private loan from relatives.

I currently have no collateral, except for a permanent contract with a net income of €2,200 in a large company.

What is the best way to get the capital for the construction now? Building savings contract?
And what is roughly possible with my income? Can anyone share their experience?
I have no other debts or loans.

I would really appreciate your help.

Best regards

Alexander

Do you want to convert a hall into an apartment or just build a new hall??? Then the purpose of use would probably also be of interest to a financing bank...

Do you want to convert a hall into an apartment or just build a new hall??? Then the intended use would probably also be interesting for a financing bank...

It should be a combination of both, since I already have a small workshop with a lift etc. on the ground floor, a small workshop area with an additional garage is to be created, and on the first floor then an apartment.

Where can I most conveniently get the capital for the construction now?

The usual and easiest option is an annuity loan, granted by a bank or insurance company, secured by a land charge.

The usual and simplest option is an annuity loan, granted by a bank or insurance company, which is secured by a land charge.

It could be difficult, as I said, since I do not have any personal collateral except for my car, and my parents acting as guarantors, etc., is not an option for me.

The land charge is supposed to be on the property or the real estate.

If the land is not available as a land charge [because you do not own it], the loan in the necessary amount will not work.