Your assessment of the financing component

A small update: I had the meeting at Haus & Wohnen last night, the flexible offer with 1.72% for 20 years remains. The only condition: the special repayments must come from equity, we are not allowed to "simply refinance" within the first 10 years – which I find acceptable for now, I don't expect interest rates to fall significantly again... If, for example, one of us were to suddenly pass away, we could immediately repay with the payout from the life risk insurance. Or we inherit, or sell, or whatever. I find the condition fair. After 10 years, we could still exit if desired. So we will now have the loan agreement prepared. Two appointments are still pending, one at the house bank and one at Dr. Klein, I'm curious if anyone will go along with it. I will let you know how it ends up in the end.

Hmm... now, purely logically considered, your mentioned conditions.... "the special repayments must come from equity, we are not allowed to 'simply refinance' within the first 10 years"... are nonsensical and do not justify these conditions in any way.

1. Special repayments come 100% from a savings rate, therefore own capital, because special repayments from a consumer loan are simply nonsensical.
2. The fixed interest period and thus the prepayment penalty "already" prevent you, with your high loan amount, from refinancing the loan prematurely.

If the broker is telling the truth and you have understood everything correctly, then you can calmly sign.

My personal opinion:
I don't know any bank on the market that grants such conditions.
There are good reasons why variable mortgage loans are more expensive than loans with fixed interest rates.

And finally: I am now the 2nd or 3rd to ask the lending bank! So which one is it after all?

We have NO prepayment penalty due to the 100% special repayment right, regardless of the timing; with the condition that the refinancing within the first 10 years may not be done through another financial institution, commonly known as debt restructuring. I hope this was expressed correctly or in a way that makes the conditions understandable. After 10 years, we have a regular termination right as with any construction loan. The offer is through an insurance company. Athora.

And you are sure that it is a plain vanilla annuity loan and not a disguised endowment life insurance masquerading as a loan?

With such conditions, they would be number 1 on every construction loan list in DE. Surprises me that they don't appear anywhere.

But whatever. Then good luck with financing and building.

No, it's definitely not indifferent. I wonder why you sound so bitchy. But maybe it just comes across that way. As I said, the offer is currently being prepared and we will of course review it accordingly, we're not completely stupid either. According to the broker's statement (I know: not the same as the lender) it is a loan, not a capital life insurance policy, and also a special quota with these conditions. we'll see. And if that’s no good, someone else will just finance the lump. We can still look for the best conditions anyway.

No, it shouldn't come across like that. But in the last 2-3 years that I've been dealing with construction financing, I've never heard of such "Bonbons." Yes, special contingents do exist. But what is being offered there is really intense.

So it’s not really possible to refinance that through the capital market. That would be an all-in-one solution.
Checked the WWW a bit, you can put it in context. If I arrived at the right company, they have just rebranded and have existed in general since 2010.
From my first impression, I would say that this is not an insurance group. They trade on the secondary market, buy capital packages (partly from insurance companies) and pass them on. They break that down and, for example, grant loans with it.
That’s of course somewhat different from the capital market, but they can’t completely detach themselves from it either.
They manage 5 billion. Sounds like a lot but actually isn’t really.
Maybe they want to get a foot in the door of the intermediaries and try it with such a special quota.
You have to decide for yourself whom you want as a partner for such things. That’s not to say it doesn’t work well or that there must be a catch.

I would be too “security-oriented” and would rather take the second-best offer from a somewhat more renowned financier. (Which is surely still good)