A change in scope, alterations to the existing project budget, or reallocating funds between line items can be requested by submitting a change order request for the lender's review. Follow the below steps to submit a change order request.
How to Create a Change Order Request
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- Tap the Draws tab at the bottom of your screen
- Tap the orange + button, then select Change Order
- If you'd like to edit an existing item, select the line item affected
- Provide the adjustment amount for each line item
- Add a minus sign (-) in front of the amount to deduct funds from a line item
- No sign in front of the amount will add funds to the line item
- The following example shows $8,000 being transferred to "Lumber Materials" from "Contingency"
- Provide the adjustment amount for each line item
- If you want to create a new line item then click the + icon at the bottom of the screen, and provide a description and value for the line item
- Submit to notify the lender to review.
Note: Value changes to a line item will not take effect until the lender has approved the change order request. If you need to reference the updated values in a draw request, the change order will need to be approved by the lender first.
Although the net change does not need to equal $0.00 to submit, the lender does need to balance the net change in order to approve the request.
*Scheduled Value: The original value of a line item prior to any disbursements. Additional budget information can be reviewed here