We have a bridge loan application for the purchase of a new personal residence that will include funds for improvements to be made to the home being purchased. The remodel funds will be advanced as improvements are made, so there will be a "construction holdback". I am having trouble figuring out how to complete the Calculating Cash to Close table as the customers have made a $3,000 deposit and the sellers are providing a credit of $12,450. We are also financing the closing costs for this transaction.
In order for the Cash to Close to equal $0, would I need to reduce the amount of Closing costs financed by the total of the deposit and Seller credits and also show $0 on the Down payment/Funds from Borrower and Funds for Borrower line items?