About loan draw requests

The 3-8 Loan Draw Requests window provides a system for creating loan draw applications. For each job, you create a series of applications with each new application building on the previous application submitted to the lender. Under each job, Sage 100 Contractor assigns each application its own application number.

To create the first loan draw application, import the cost codes from the job’s budget or proposal. You can then select from several ways to automatically update the cost information from the job cost records. When you select the Percent from Costs option, Sage 100 Contractor displays the actual job costs and calculates the percent of work completed by comparing the job costs against the budget. You can instead select the From Cost Amounts or From Billing Amounts option to display only the amounts for each cost code.

If the lender requires specific classes that differ from your cost codes, you can manually enter the lender’s classes. However, there is no relationship between the lender’s classes and your cost codes. Therefore, you will have to update the loan draw applications manually.

When you create an application, Sage 100 Contractor assigns it status 1-Open. After you have submitted the application to the lender, submit the record in Sage 100 Contractor by clicking the Submit button. Sage 100 Contractor then changes the application’s status to 2-Submitted. When you want to create the next application, click the Next button. Sage 100 Contractor assigns the submitted application status 4-Closed, and then creates the next application in the series.

In the 6-4-1 Change Orders window, you can also automatically update the costs of the change work to the loan draw application. You can either incorporate the changes to costs in the individual cost codes, or include the total amount of the change order as a separate line item.