Once a project has been approved by the borrower and lender, any changes to a project's costs and line items must be made through the reallocation process, which is a great piece of using construction loan monitoring software.
After you log in, click on "Projects" in the navigation menu. Then, select the specific project that you want to work on.
After you select the project, the sub-navigational menu will appear. Click on "Reallocations" from this menu.
Next, click on the "Add New Reallocation" link at the bottom of the page.
At this point, you will be taken to a new screen where you will enter details of the reallocation request. Enter a description for the reallocation. Then, add or amend the line items that need to be changed.
Once you press the "Save and Submit" button at the bottom of the page, the reallocation will be sent to the lender for approval. After it is approved, the changes to line items and the project total will be updated in the scope of work.
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