230
As the new 1244 has been released, it is a good time to review your cost types.
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. Items highlighted in yellow are new that need to be added. Items highlighted in green need to be updated for any corresponding Cost Types you already have created.
|
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 |
Not Mapped |
Other Secured Debt to be Refinanced (1244 - Other Secured Debt to be Refinanced) |
|
Eligible business expenses under debt refinanced |
Not Mapped |
Eligible Business Expenses under Debt Refinancing (1244 - Eligible Business Expenses under Debt Refinancing) |
|
Professional Fees |
Not Mapped |
Professional Fees (1244 - Professional Fees) |
|
Contingency <10%, interim interest, business expense |
Not Mapped |
Other Expenses - contingency, interest on interim financing, etc (1244 - Other Costs) |
|
Other Costs |
Not Mapped |
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.
