- Construction Rate is required on a Construction to Perm loan
- Construction Term Months is required on a Construction to Perm loan.
Resolve:
1. Click the Construction button at the bottom of the screen.
2. In the Construction manager enter the period (number of months) in the Period field or click the Calendar button and enter the From and To dates. Point will calculate the number of days.
3. Enter the Int Rate of the construction period and required reserves (if applicable) in the Req Rsv field.
4. Enter the Lot Value, and Improvements, as applicable. Point will calculate the Total (a+b) field.
5. Click OK.
6. Save and Resubmit
Note:
Refer to KB 2003 Processing Construction Loans