550
The following validation rule applies to 7a Lenders: Missing Required Field: Primary Loan - Revolving Term
You're submitting an application via ETRAN and you receive a validation error stating: Missing Required field: Primary Loan - Revolving Loan.
What does this mean? It means you have checked the Line of Credit check box within Financing > Project Costs. You will need to input a date within Financing > Financing > Revolving Months field. See snapshots below.
Tip: For Revolving loans, Amortizing Term + Revolving Term must equal the Loan Term.
504 Lenders
If you're a 504 lender and are throwing this error it could be the loan was originally copied or originated as a 7a loan (the error is specific to a 7a field within Ventures). To solve the validation follow these steps:
- From within your 504 loan: Access the General > General tab
- Click on the hyperlinked Loan Type and change it to a 7a loan type
- Click Next to continue. A pop up will appear, continue to change the Loan Type. Another pop up will appear - Click Close (Your loan should now be reflecting 7a as the loan type)
- Access the Financing > Project Costs tab and scroll down
- Un-check the Line of Credit box and click Save
- Go back to the General > General tab and change the loan type back to 504 by clicking on the hyperlinked Loan Type
- Try your ETRAN submission again
These steps should clear the validation but if it doesn't, please reach out to your Ventures Support team
