Processing loan draw applications

To process a loan draw application:

1. Open 3-8 Loan Draw Request.

2. Do one of the following:

   • Automatically create the loan draw application.
   • Manually create the loan draw application.
3. If you have issued change orders for the job, update the loan draw application to reflect the effects of the change orders.
4. Update the costs.
5. You can then adjust the amounts in the Current cells, or the percent of work completed in Percent Completed cells.
6. Calculate the project costs.

7. When you submit the loan draw application to the lender, do the following:

   1. In the Submitted text box, enter the date you submitted the request. If you leave the Submitted text box blank, Sage 100 Contractor enters the current date for you.
   2. On the Options menu, click Submit Application.
8. Prepare the next loan draw application.

Published: October 03, 2018
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