Creating Construction Loans - Calyx Point 7 User Manual

Creating construction loans

Complete the
exceptions apply to all construction loans:
In the
1
a
b
Open page 1 of the
2
section,
a
b
c
Open the
3
Point User Guide
Loan Application
Borrower Information
Construction
Select either the
Purpose of Loan section.
Complete the
Sales Price
for this loan.
Point does not calculate construction draws. To indicate draws in the
payment schedule, select the
Lending
disclosure, and enter the information there. When you finish,
click the Calculate button again.
Loan Application
Enter the estimated construction duration, in months, in the
Calendar and enter the estimated date range of the construction.
The number of days is automatically calculated.
In the and
Int Rate Req Rsv
the values are known).
Complete the (year acquired),
Yr Aqd
and (Improvements) fields.
Impvmts (b)
The is calculated with these figures.
Total (a+b)
Good Faith Estimate
as you would for any other loan. The following
screen:
Construction – Permanent
or
, , ,
Appr Value Loan Amt
Tip
Customize
check box on the
and complete the
fields, enter the interest rate and required reserves (if
Original Cost
and enter the loan fees.
Construction loans
check box in the
, and
Note Rate Term/Due
Truth-In-
If Construction Loan
field or click
Period
, ,
Existing Lien Lot Value (a)
fields
,
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