Creating a New Loan

Step-by-Step Guide to Creating a New Loan:

1. From the chosen tenants page, click the “Tracking” tab.
2. Click “Set up New Loan”:
   
3. From there, enter/select:
   1. 1. New Loan from Unit Program (optional).
         1. This selection can only be chosen if the household is assigned to and/or moved into a loan program/project/unit. The name will automatically be set to the unit address.
         2. Select a Loan Account:
            
      2. New Loan from Loan Program (optional).
         1. This selection is for a non-housing loan (such as a repair loan) and can be made from any loan program flagged as non-housing.
            1. Select a Loan Program.
            2. Select a Correspondance
            3. Enter a Ledger Name. (Accounts are grouped by a ledger name):
               
      3. Select/Enter a Start Date.
      4. Monthly Charge Options: Calculate will calculate the charge based on the Rate and Term as well as the Principal. Custom allows you to enter a custom amount and will adjust the term based on the principal remaining and the interest rate.
      5. Interest Rate (Set to default by loan type if configured, however, can be edited).
      6. Loan Term (In Months).
      7. Principal Amount.
      8. Principal Remaining (if any).
      9. The monthly charge figure will calculate the projected monthly charge for this loan based upon the entered settings so far:
         
4. Click “Save New Loan.”
5. Success! The new loan has been saved: