Can Margill Loan Manager do progressive Advances to my clients?
For example, my borrower was authorized for a $100,000 loan but this will be disbursed in stages. So 15,000 one day, 10,000 another and so forth…
Short answer… very easily…
You first create a new Record. In this case the first advance of 15k is on 06/06/2017 with regular payments on the first of each month starting July 1. To be repaid over 5 years (60 months).
You can Compute and the following preliminary schedule is created. If we were to leave it at that, we would have 60 payments of $305.59.
For information purposes, let’s enter that the loan is for a maximum of 100,000 (General tab):
Now for the next draws. Do you know when they are to be paid of not? If so, you can enter them on the set Advance dates as Additional Principal (Loan). Notice below there are 2 more Advances, the first for 10k and the second for 25k. We include these as negative amounts to increase the Balance.
I also used the right mouse click to recompute the payments to get 0.00 as my ending balance after 60 months.
So the new payments become 1099.54. You could recompute the payments to give 0.00 at any time or stretch out the loan (add more payment months). As you wish….
If you do not know when the money is to be advanced to your borrower, then you enter the Additional Principal as the information comes in and your recompute your payments (increase them) as more principal is advanced.