Track a financing application

A customer's loan, lease, or PPA application is tracked on the project, as an application with milestones. The lender's decision, the amounts, and the lender's payments sit with the work. It's a manual tracker: nothing here submits an application to a lender, and no status changes until your team moves it.

Before you start

• Create a financing application type in Settings → Application types, with Financing application on. See Set up application types.
• Pick that type as the Application process on the lender's financing option under Settings → Financing. See Build payment schedules and connect financing.
• The project template needs an Application step of that type, so the project gets the application.
• You need the Edit Projects permission to work the application. Owner, Admin, Sales Manager, Operations Manager, and Operations User have it by default.
• To see and change the amounts, rate, term, approval date, and decline reason, you need the View Credit Details permission. The same five roles have it by default.

Link a milestone to the lender's payment

A financing option's Funding schedule lists the payments the lender makes. A milestone can update one of them.

1. Go to Settings → Application types and open the financing application type.
2. On a milestone, choose the payment under Updates payment. The list shows the payments in the funding schedules of the financing options that use this type.
3. Save the type.

When someone moves that milestone on a project, the lender's payment follows:

Work the application

1. Open the project's Work tab and click the Application step, for example Credit application.
2. Work its milestones. See Work an application and its milestones.
3. When the lender answers, click Edit on the application. Under Financing, choose the Financing option and fill in what you know:
   • Amount requested and Amount approved
   • Interest rate and Term, in months
   • Approval expires
   • Decline reason
4. Click Save.

The same fields show under the application's details, with the Lender the financing option names.

Check it worked: the application's status follows its milestones, and the lender's payment on the project's Billing tab reads Requested, Approved, or Rejected to match.

Record the money

The application doesn't take money. On the project's Billing tab, the lender's payment has the next step. Request funding records that you asked the lender to pay. Mark approved records its approval. Record funding records the money when it arrives. See the Billing tab.

If the lender declines

1. Move the milestone to Needs more, or end the application with Deny. See End or reopen an application.
2. Type the Decline reason under Financing.
3. If the customer switches lenders or pays cash, use Change financing on the project's Billing tab. See the Billing tab.

Common problems