You have not managed to find funding. We must not give up your project definitively. Here are some keys to try your luck again with banks.
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It happens that a buyer is forced to give up his real estate purchase project, lack of funding. “Ten percent of the customers who contact us have a too fragile file so that we occupied ourselves. Among those we deal with, we have a refusal rate on the part of the banks of the order of 30%”, summarizes Sylvain Lefèvre , the president of the funding plant. A monumental disappointment for candidates for borrowing. Because, as confirms Ludovic Huzieux, the co-founder of artemis brokerage, “it is rare for a folder refused by a broker finds a solution in another”. Indeed, these specialists all work with the same banks, of which they know the requirements.
But wipe a refusal does not mean that it is necessary to throw the sponge permanently. The chances are thin for those who cumulate difficulties, such as a single-accessing single person without any contribution, in terms of fixed-term contract (CDD), in a disaster economic sector.
However, in many cases, the rock of the bank is explained above all by a debt ratio too close to the fateful threshold of 35%. It is not enough for a magic wand to reduce it, but that’s possible. “You have to play on the contribution: a few thousand euros sometimes sufficiently unlock a file”, Note Pierre Champon, the co-founder of Pretto, a real estate loan search platform.
Treat the Presentation
This is the time to tap into his savings, including his salary savings or retirement savings, since the purchase of the principal residence is a reason for the anticipated unlocking of the funds. Attention, however, not to entirely empty all of your investments: it is strongly advised to maintain a little savings on liquid investments (Livret A, Sustainable Development Booklet and Solidarity) to cope with future related expenses at installation.
“Many first-time accessors use family solidarity to complete their contribution through a donation of parents or grandparents,” says Cécile Roquelure, director of borrowing studies. This solution requires the intervention of a notary but a few weeks are enough to implement it. It is often on the occasion of a first refusal by the banks that the buyers use it.
If all these cards have already been exhausted, the only solution to contain the debt ratio is to review its downward project: “buy a little smaller or a little further to reduce the amount borrowed”, confirms Sylvain Lefèvre.
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