509
Cost Types can be reviewed in the Administration section of Ventures.
- Click the cog/gear wheel icon to access the Administrator Menu.
- In the Administration section, in the menu on the left, click Reference, a submenu will appear.
- In the submenu click Loan. Another submenu will appear.
- In the Loan submenu click Cost Type.
A list of all the Cost Types will appear in your system. Now you can click on a cost type to access its settings pop up and make edits to pre-existing Costs or click the Add button to create a new Cost Type. Either way the pop up is the same.
The table below shows the recommended mapping for 504 Cost Types
| Cost Type Name | 1244 Purpose of Loan | 504 Use of Proceed |
| Purchase Land & Building | Purchase existing building/construction of Commercial Real Estate | Purchased Land and Improvements (1244 - Land/Building Purchase) |
| Existing Land Value | Land | Purchase Land (1244 - Land only Purchase) |
| Purchase of Land | Land | Purchase Land (1244 - Land only Purchase) |
| Building Addition | Purchase existing building/construction of Commercial Real Estate | Add an Addition to a Building (1244 - New construction/remodeling/building improvement) |
| Building Leasehold Improvements | Purchase existing building/construction of Commercial Real Estate | Make Leasehold Improvements to a Building (1244 - New construction/remodeling/building improvement) |
| Building Renovation | Purchase existing building/construction of Commercial Real Estate | Make Renovation to a Building (1244 - New construction/remodeling/building improvement) |
| Construct a building | Purchase existing building/construction of Commercial Real Estate | Construct a Building (1244 - New construction/remodeling/building improvement) |
| Purchase Improvement | Purchase existing building/construction of Commercial Real Estate | Purchase Improvements (1244 - New Construction/Remodeling/Building Improvement) |
| Equipment | Machinery & Equipment | Purchase/Install Equipment (1244 - Machinery/Equipment) |
| Fixtures | FF&E | Purchase/Install Fixtures (1244 - Machinery/Equipment) |
| Debt Refinance with expansion | Debt Refinancing with expansion | Pay Outstanding Debt (1244 - Debt to be Refinanced) |
| Debt Refinance without expansion | Debt Refinancing without expansion | Pay Outstanding Debt (1244 - Debt to be Refinanced) |
| Other Secured Debt Refinance without expansion | Other | Other Secured Debt to be Refinanced (1244 - Other Secured Debt to be Refinanced) |
| Eligible business expenses under debt refinanced | Other | Eligible Business Expenses under Debt Refinancing (1244 - Eligible Business Expenses under Debt Refinancing) |
| Professional Fees | Other | Professional Fees (1244 - Professional Fees) |
| Contingency <10% interim interest, business expense | Other | Other Expenses - contingency, interest on interim financing, etc (1244 - Other Costs) |
| Other Costs | Other | Other Expenses - contingency, interest on interim financing, etc (1244 - Other Costs) |
To remove a cost type, you need to un-assign it from any loans it is assigned to. An administrator account is required for the following steps:
- Click the gear/cog wheel icon to access the Administration section in Ventures
- In the Administration menu click Reference a submenu will appear
- In the submenu click Loan, another submenu will appear
- In the submenu click Loan Types
- Click the Loan Type you wish to un-assign the Cost Type from. A pop up will appear
- In the pop up click the Cost Types tab.
- A list of Cost Types assigned to the Loan Type will appear. Use the X icon to remove the Cost Type you want to un-assign
- Click Save
- Repeat this for every Loan Type you have assigned the Cost Type to
Note: When updating your Loan Types there are a couple of required fields on the General tab. One of which is Index Type. That field should not be required for a 504 loan, therefore, please select "other" for purposes of being able to save.
