The project's budget is built and maintained by the lender to manage the disbursements and the progress of the project. The budget is accessible from within each project by selecting the budget sub tab.
Below are clarifying details regarding the definitions and calculations of each row that may be included in your budget view. To access line item details click the +
- Item No: Unique identifying number assigned to the line item
- Description of work: description of what scope of work is being tracked by the line item (i.e. excavation)
- Total cost: The total amount that will be disbursed to complete the work associated to the line item
- Borrower equity reconciled at closing: Funds disbursed at the closing table from an equity account
- Loan advanced at closing: Funds disbursed at the closing table from the loan amount
- Borrower contribution advanced at closing: Funds disbursed at the closing table from the contribution account
- Scheduled value: Total cost + funds disbursed at closing
- Change Orders: Positive or negative value input via change order
- Revised scheduled value: Scheduled value + change orders
- Pending requests: Value of any draw requests in the submitted/pending status
- Last inspection (MM/DD/YYYY) : The percentage of completed work provided by the inspector
- Completed: Disbursed amount for work completed
- Deposits: Disbursed amount for on-site material
- Total disbursed: Completed + Deposits
- Balance to finish: Revised scheduled value - total disbursed
- Retainage: Any retainage held back by the lender
You have the ability to toggle between the Balance, Disbursed, Retained, and Budget in the header. With this tool you can alter what main information is presented to at a line item level or within the header.
- Balance: Sum total of all remaining funds available for disbursement
- Disbursed: Sum total of disbursed amount
- Retained: Sum total of retained amount
- Budget: Original scheduled amount of entire budget
Note: Lenders control visibility and may not utilize all columns. Please contact the lender directly for further information.