Ref:         FBAI1083                             Rooms:  5

City:        Berlin                                    Baths:     2

Area:      Prenzlauer Berg                 Type:      Apartment

Street:    Chodowieckistr.                  Size:       114, 44 m²

Tenanted:             no

REFURBISHMENT OPPORTUNITY IN PRENZLAUER BERG!!

This apartment will be found in a quiet, tree-lined side street of the bustling area of Prenzlauer Berg, Berlin. The apartment requires modernization which offers a tremendous opportunity as the external facade of the block has been refurbished already.

The original 1907 building has a new roof as well as a refurbished stairwell. The communal areas have been re-decorated in bright and friendly colours offering a very pleasant environment. The apartment is on the ground floor making it also suitable for disabled access.

This sale is actually two existing apartments that can be combined into one offering any number of design possibilities.

A rare opportunity to have the property of your dreams in the unique environment of Prenzlauer Berg.

Mortgages Available For This Property

Q: What LTV can an investor get?

A: Up to 90% of the purchase price, but this has become a rare exception. Furthermore, an investor has to bear in mind that the higher the LTV, the higher the interest rates charged by banks.

Q: How many and what banks are involved in an enquiry?

A: All banks operating in Germany are in the pool. It has turned out that most finances are arranged with an ever-changing hard core of seven banks, which include mortgage or retail banks.

Q: What is the minimum loan possible?

A: Euro 25,000 – this means that a property should at least have a purchase price of Euro 50,000 because for small flats banks rarely give more that 50% of the purchase price.

Q: What properties can be financed?

A: Almost everything, everywhere: residential, commercial, blocks and single flats in big cities as well as the countryside. The bigger the property (or bundle of properties), the better the sustainable yield, the better the state of the property, the less vacancies and the better the location (macro as well as micro), the higher the LTV which should result. Some properties, however, might unfortunately not be financeable at all. This for example can happen if the sustainable yield is lower than 5%. Important for commercial units: The longer the remaining duration of the lease contract, the better for the LTV.