Refinance existing loans with a construction loan

Hello.

We have considered refinancing existing loans with the construction loan.
All in all, no problem according to Starpool.
Everything is showing green there.
Now, after a preliminary inquiry was made, 2 banks have rejected the refinancing.
This completely throws our concept into disarray.
Is this normal or rather not?
My financial advisors are astonished and shocked. They want to clarify this now.

Best regards

Then wait for the answer from your "financial advisors."

A home loan is a home loan. The bank gives you money, and you use it to build a house. Then the bank has a house as collateral for safety in case of emergency.

If they give you too much money, they do not have sufficient security and will deny you the loan or charge you excessive interest.

Common practice is apparently to pay out any money left over in the end. However, you should not plan on that from the beginning.

If you want to "cheat" the bank (and yourself), you could set the construction costs higher and hope the bank does not notice. However, I advise against this as it will very likely backfire.

Pay off your old loans first, then take on new debt.

Hello.

We have considered repaying existing loans with the home construction loan.
All in all, no problem according to Starpool.
Everything is showing green there.
Now, after a preliminary inquiry was made, 2 banks have rejected the repayment.
This completely throws our concept into disarray.
Is this normal or rather not?
My financial advisors are surprised and shocked. They want to clarify this now.

Best regards

Well, if they are shocked! What is the situation with you, give us your numbers. What are your plans, income, equity, loan amount?

What kind of loans are these supposed to be and how much?

The question is rather what kind of financial advisors those are.

The question is more what kind of financial advisors those are.

There is a competent one in Braunschweig ))