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#494830 - 02/08/06 12:36 AM Interest Res. for Construction - TIL help
Marty McKay Offline
Member
Joined: Oct 2004
Posts: 95
I'm not sure how to enter the numbers into APRWIN for a construction loan with an interest reserve account. The finance charge comes back as understated by more than $1,000 and the APR by about 0.09%. I know the APR is within tolerance but usually they both (APR & FC) come back right on.
Al - I used your excel worksheet and it came out just right.
Any help with APRWIN for this transaction would be appreciated.

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Lending Compliance
#494831 - 02/08/06 08:18 PM Re: Interest Res. for Construction - TIL help
GreatBlue Offline
Diamond Poster
GreatBlue
Joined: Feb 2003
Posts: 2,362
Colorado
If the interest reserve is "required", I believe you have to reduce the commitment amount by the amount of required interest reserves.
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