KfW as a bullet loan with a 4-year term

I've never heard that before... maybe the €30k subsidy, but definitely not the loan.

That is exactly what I have read in various places. Probably not every bank does this by far. But since the KfW loan is generally registered subordinately in the land register – as with building savings loans, which are normally accepted as equity without problems –, I at least do not consider it impossible.

We did this until a few months ago as well and thus provided the bank loan with top conditions. But no longer do so (this mainly applies to financing in the Volksbank sector – annual volume in the billion range).

But since the KfW loan is usually registered as second priority in the land register

As far as I know, the KfW wants to be in first rank. At least that's what my bank advisor told me recently...

As far as I know, the KFW wants to be in first lien position. At least that's what my bank advisor told me recently...

The KfW only wants standard banking securities, it doesn't even have to be a land charge. It does not want to be in first lien position and does not get it either, as the bank with its own financing is always in that position.

The KfW only wants the usual bank securities, it doesn't even have to be a land charge. She does not want the first rank and does not get it either, because the bank with its own financing is always in that position.

Then I have to ask again. My bank advisor said that since the KfW is in first place, there are slightly worse interest rates at the bank. Without KfW I would get somewhat better ones. Not as good as KfW yet, but still a bit better. It was the Sparkasse...

The statement from your advisor is simply wrong. The KfW does not care about the rank. However, the bank has a higher risk with the KfW, which it charges for in its regular loan. Or perhaps other margin requirements overall. It is correct to say that the loan with KfW becomes more expensive than without. But the reasoning was wrong.