Adding Multiple Tracts to a Single Loan

Introduction

When a buyer purchases multiple tracts under one contract/loan, each piece of property must have its own tract entry in Lendiom.

The separate tract entries can be attached to a single loan. This allows you to:

• Track each tract individually
• Record a sales price for each tract
• Keep the combined purchase under one loan
• Match the loan’s sales price to the contract total

Creating the Inventory

To create the inventory:

1. Navigate to the Inventory section.

2. Click Add New.

   Select:

   • Category: Land
   • Type: Finance
3. Enter inventory details.
4. Save the inventory.

The inventory represents the development or group of properties containing the individual tracts.

Creating the Tracts

After creating the inventory item, add each lot as a separate tract by clicking Add Tract.

For each tract, enter the applicable details, including:

• Label
• Parcel number
• Acreage
• Sales price
• Other property information

Each lot must have its own tract entry, even when multiple lots were sold together under one contract. The label hould be unique so the tract can be identified when creating the loan.

Splitting a Combined Sales Price

A contract may list one combined purchase price instead of a separate price for each tract.

When this happens, split the combined price among the individual tracts.

For example, if two tracts were sold for a combined price of $50,000:

• Tract 1 sales price: $25,000
• Tract 2 sales price: $25,000

The individual tract sales prices should add up to the combined contract price.

The price does not have to be divided equally. If the tracts have different values, the same $50,000 sales price could be entered as:

• Tract 1 sales price: $30,000
• Tract 2 sales price: $20,000

When using an unequal split, keep a note explaining how the price was allocated.

Creating the Loan

After all tract entries have been created:

1. Navigate to the Loans section.
2. Click Add New Loan.
3. Select Tract of Land as the loan type.
4. Select the inventory item containing the tracts.
5. In the Tract Selection box, select the tracts that will be included as part of the loan. More than one tract can be selected.
6. Select or create the client.
7. Enter a Loan Label.
8. Enter the remaining loan details.
9. Review and save the loan.

Entering the Loan Sales Price

When creating the loan, enter the contract’s full combined purchase price as the loan’s Sales Price.

For example, for a contract covering two tracts with a combined price of $50,000:

• Tract 1 sales price: $25,000
• Tract 2 sales price: $25,000
• Total loan sales price: $50,000

The loan sales price should match the total amount shown on the contract.

Note on Tract Availability

A tract can be attached to the loan when:

• It is available
• It is not attached to another active loan
• It is not marked as sold
• It is not marked as paid off

Unavailable tracts cannot be selected while creating the loan.