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Archive for the 'Finances' category
September 8, 2005 2:57 pm
Well, Fortis bank came through. They’re offering us a 3% interest rate (compare to Citibank’s 5%) on the full amount, and they have no problem going through the process in parallel with Citibank. We have an appointment with them on Saturday, when I have to co-sign the loan application, and early next week they’ll do an evaluation of the property. Citibank haven’t done this yet, although we’ve been waiting more than a week. Bloody capitalists.
Categories: Finances
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September 7, 2005 9:57 pm
Oh crap. Ilze’s bank (Fortis) have lent us the money for a deposit on the windmill. Having done that, they expressed surprise that we did not approach them about a loan for the property (which Ilze did, and they made it quite clear that they do not lend money to cover transfer costs). Now suddenly, they aren’t only willing to lend us the full amount, but they can offer us a 3% interest rate as opposed to 5% at Citibank.
But our friend at Citibank has already gone to a lot of trouble for us, our application has been processed, and apart from the signing of the loan agreement we’ve all but committed to them. Our contract with the seller even specifies that the sale depends on the loan from Citibank being approved.
Do we risk seriously pissing off (and possibly embarrassing) a friend, perhaps even violating the contract we’ve already signed, or do we bite the bullet and settle for a much higher interest rate?
Ahh, stress headaches and caffeine indigestion, my faithful companions…
Categories: Finances
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Things are happening, and happening fast. Tonight we went to see our contact at Citibank to hand over copies of our paperwork (which Ilze has been collecting, a detail I didn’t blog because I contributed nothing to the effort). The interest rates at Citibank are very high, around 5% (compared to 3% elsewhere), but they have no problem with lending us the transfer costs as well. These will amount to around €10,000, so it’s not a minor detail.
Ilze went to see someone at Immotheker, a mortgage broker, and apart from being clueless they also didn’t appear very eager for our business. If the baker can pretend to be excited when I buy six rolls, why can’t these bastards fake affection if I’m going to hand over my earnings for the next thirty years?
So, it looks like we’ll be going with Citibank.
Categories: Finances
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