GuideThe deal
Track loans and draws
Record the loan on a house, request draws as work gets done, and see what the money is costing you.
- Where it is
- A house › Money › Financing
- Who can use it
- Owners and admins
Financing keeps the loan and its draws next to the job they pay for. It tells you how much of the rehab holdback is left, what the interest runs each month, and how much you can ask the lender for today.
Example
Loan total
$196,000
Holdback left
$34,150
Interest per month
$1,551.06
You can request
$1,587.40
Example Hard Money Co.
Hard money · 11.5% on the funded balance · 2 points · 12-month term
| Draw | Amount | Status | Funded |
|---|---|---|---|
| #1 | $18,000.00 | Funded | $17,850.00 |
| #2 | $5,000.00 | Requested | — |
Add a loan
- Step 1: Open Financing under Money and choose Add loan.
- Step 2: Fill in Lender and Type (Hard money, Private lender, Bank, HELOC, Seller financing, or Other).
- Step 3: Type Funded at purchase, the amount the lender put toward the price, and Rehab holdback, the amount released to you in draws.
- Step 4: Type Interest rate (%), Points (%), and Lender fees.
- Step 5: Set Interest is charged to On the funded balance or On the full loan (Dutch).
- Step 6: Add Term (months) and Funded on if you have them, then choose Save loan.
The example loan is $144,000 at purchase plus a $52,000 holdback, $196,000 in all, at 11.5% on the funded balance with 2 points and $1,295 in fees.
Request a draw
- Step 1: On the loan, choose Request a draw.
- Step 2: Check Amount requested. It is filled in with the rehab spending you haven't drawn or requested yet.
- Step 3: Add an Inspection or draw fee if the lender charges one, and choose Save draw.
The draw shows as Requested and counts under Waiting on lender.
Mark a draw funded
- Step 1: On the draw's row, choose Update.
- Step 2: Set Status to Funded.
- Step 3: Correct Amount funded to what actually arrived, and Funded on to the day it did.
- Step 4: Choose Save draw.
On the example, draw 1 asked for $18,000 and the lender sent $17,850 after a $150 inspection fee. Holdback left went from $52,000 to $34,150.
What you can request
The example has spent $24,437.40 on the rehab. $17,850 has been drawn and $5,000 is waiting on the lender, so You can request shows $1,587.40.
What a loan does to your profit
- A draw is the lender's money coming in. It never counts as Spent and never changes Budget or Remaining.
- The loan's points, fees, draw fees, and interest are part of the hold in projected profit and the max offer.
- Interest in that estimate is a month's interest on the full loan, times the house's Holding months. For the example that comes to $14,906.65 over 5 months.
- Interest per month on this page follows the loan's setting, so on a funded-balance loan it grows as draws fund.
When you actually pay interest or a fee, log it as an expense in the Holding Costs category. How the numbers work explains how paid holding costs replace the estimate.