What kind of follow-up financing is applicable for two different loans?

Dear forum,

I am new here and already have a question
At the moment I am racking my brains about how to manage the follow-up financing.

I have two loans that mature as follows:

- 24,000 EUR maturity: 01.09.2020
- 12,000 EUR maturity: 01.07.2021
In addition, I would like to add 14,000 EUR for modernization, etc.
However, I have no receipts for the 14,000 EUR, as I am doing all the renovation myself.

How would you proceed here?

Many thanks!

Best regards
Rainer

What is the value of the property? Basically go to a bank and apply for a new loan to pay off both loans. Part of the loan will then only be disbursed in 2021. So you are also buying the material without an invoice?

Hello,

Thank you for the reply.
The house is worth about 250,000 EUR.
So the start of the new loan is 01.09.2020?
And pay off the rest in 2021?
Do I have to pay the full installments from 01.09.2020, or only when everything is paid out?
I already have a few invoices, but nothing serious...

Must I already pay the full installments from 01.09.2020, or only when everything is paid out?

Normally only after full payout. You have to discuss this with your bank.

OK thank you very much, then I'll get some advice.... Are there banks that possibly do not require an invoice? Thanks!

T€ 50 loan on a T€ 250 house value? Any bank should do that without inquiry. Liquidity procurement or refinancing as the purpose of financing.