Hallo,
A friend gave us a loan for our property/house.
This private loan for our property is listed in Section 3, Tier 1, with a current outstanding balance of approximately 70K.
Everything is always paid regularly and will be finished with the repayments in 2030.
Now we had a conversation with the bank.
But then the consultant had an idea:
Since we still have an old empty house on the property that needs to be renovated, the nice bank advisor (who has been our contact for 10 years) did the math with us and made a loan offer for 15 years at a fixed interest rate (3.6%) that we really liked.
Now everything is being examined and would then be registered with a subordinated mortgage (approx. 100K).
My question:
Will my private lender be informed about the amount of the loan we may want to take out?
We simply don’t want to explain the exact height or have a certain distance.
He knows that we are taking out a loan.
The bank wants to register after him.
The feasibility calculation has been completed, income has been checked (both are in the public sector) and the value of the property is much higher according to the bank’s assessment. We will find out in the next few days whether the application is approved.
Thank you very much for your help.