Real estate loan broker according to § 34i GewO - permit
Performance specification
You would like to broker the conclusion of property consumer loan agreements or corresponding financing assistance in return for payment or advise third parties on such agreements. For this activity as a real estate loan broker, you require a corresponding licence under trade law.
You have a legal right to be granted the licence you have applied for, provided there are no personal reasons for refusal. To this end, you must be personally reliable, have orderly financial circumstances and provide evidence of your expertise and the conclusion of appropriate professional indemnity insurance.
You must also have your principal place of business or your head office in Germany and wish to carry out your commercial activity in Germany.
If you employ people who are involved in brokerage or counselling or who are responsible for these activities in a managerial position, they must also have a certificate of competence and be reliable.
After taking up your activity, you must have yourself and the persons directly involved in the brokerage or counselling or those in a managerial position responsible for this activity entered in the register of intermediaries.
The authorisation may be restricted in terms of content and linked to ancillary provisions if this is necessary to protect the general public or the borrower or if you request this.
Authorisation to act as a real estate loan broker may be granted to natural persons and legal entities. The licence is personal, i.e. you cannot transfer a licence in your name to another person, nor can another person transfer a licence in their name to you.
Credit institutions for which a licence has been granted in accordance with Section 32 (1) of the German Banking Act and branches of companies within the meaning of Section 53b (1) sentence 1 of the German Banking Act do not require a licence. Under certain conditions (including a notification procedure), real estate loan brokers who have been granted a licence for real estate loan brokerage by the competent authority of another EU member state or EEA member state also do not require a licence.
Process flow
In order to obtain a licence as a commercial real estate loan broker, you must submit a corresponding application together with the required documents to the competent authority.
- If this is offered by the respective authority, it is possible to submit an application online.
- Together with the application for a licence, you can also apply for entry in the register of intermediaries
- The authority will check whether you fulfil the requirements based on the information you provide and the documents you submit.
- After examination you will receive the authorisation
You may only commence work once the licence has been issued.
Requirements
In order to be granted authorisation, you must
- be personally reliable,
- have orderly financial circumstances and
- appropriate professional indemnity insurance (financial loss liability insurance) and
- demonstrate sufficient expertise and
- have their principal place of business in Germany.
If you employ people who are involved in brokerage or counselling or who are responsible for these activities in a managerial position, they must also have a certificate of competence and be reliable.
- Property loan brokers are not permitted to act as fee-based property loan advisors.
Which documents are required?
- Identity card or other official identification document with photo (not required for electronic applications).
- Proof of application for a certificate of good conduct for submission to an authority (Section 30 (5) BZRG),
- Proof of the application for an extract from the central trade register for submission to an authority (Section 150 (5) GewO),
- Extract from the debtor register of the enforcement court (§ 882b ZPO),
- Information from the insolvency court as to whether proceedings have been opened,
- If applicable, certificate from the tax office in tax matters,
- If applicable, a clearance certificate from the municipal tax office,
- Proof of professional indemnity insurance or equivalent guarantee,
- Certificate of competence,
- Extract from the commercial register for legal entities and commercial partnerships with corresponding entry, otherwise a copy of the articles of association or articles of incorporation (e.g. for GbR).
Legal basis
What else should I know?
The brokerage of loans not secured by mortgages and the brokerage of loans secured by mortgages to companies is subject to the licence requirement pursuant to Section 34c (1) sentence 1 no. 2 GewO. If you wish to broker the conclusion of both real estate consumer loan agreements and other loan agreements, you therefore require a licence in accordance with both § 34i Para. 1 S. 1 GewO and § 34c Para. 1 S. 1 No. 2 GewO.
After taking up your activity, you must have yourself and the persons directly involved in the brokerage or counselling or those in a managerial position responsible for this activity entered in the register of intermediaries.
Acting as a real estate loan broker without the required licence is an administrative offence that can be punished with a fine. Violations of an enforceable condition, of the requirements of the ImmVermV that are subject to a fine and of the obligation to be entered in the register of intermediaries can also be punished as an administrative offence with a fine.
Short text
- Apply for a licence as a commercial real estate loan broker
- Anyone wishing to broker or advise on real estate consumer loans or financial assistance in return for payment requires a licence under trade law; licences are granted to natural and legal persons; legal entitlement to the granting of a licence provided there are no grounds for refusal in the person of the trader; licence may be restricted in terms of content and subject to ancillary provisions
- Responsible: Responsibility depends on the respective state law
Who do I need to contact?
To the locally responsible district office or city.
You can also complete the procedure electronically via the Single Point of Contact.