Loan Modification - Add / Modify Loan Principal

To modify the Principal for an existing loan, follow the overview's steps until you're at the desired loan's "Modify Loan" drop-down menu. 

While viewing the loan, using the "Modify Loan" drop-down menu, click on "Add / Modify Loan Principal".

You will then see the loan's closing date (Effective Date) and the amount that was initially set upon the loan's creation under the Amount Added and Total Principal columns.
Note: If no payments have been made towards the loan yet, then you will see an edit button to change the loan's starting Principal.

If you would like to change that, you may do so by clicking the edit button. The following prompt will ask you to change the Initial Loan Amount, but you cannot change the Loan's Effective date. Then click Save.

Alternatively, to add principal to the loan during any open pay period, click the "Add Principal" button.
You will then see the "Effective Date" field, and the "Amount of Principal to Add to Loan" field. 

Note: If you attempt to edit the newly added principal amount after clicking Save, you won't be able to switch the effective date that funds were added. You will only be able to delete or edit the added principal amount.
Enter the date and amount to add to the principal balance and then click Save.

The amount of principal added will then be reflected on the "Total Principal" column as well as the loan's schedule.

Note: When adding principal during a prorated period, you will not be able to add principal on the same day as the closing date. If you have set the loan's prorate set up for a manual amount, no interest fluctuations will take effect if principal is added. If you expect the interest due amount to change after adding principal, you'll want to recreate the loan to set a different manual interest due amount for the prorated period. 

Once a loan has been 100%funded you'll see and be able to click on the 'Add Principal' button via the loan's Investments tab. For Investments module users, the Modify Loan drop-down option has been removed. 

Enter the date and the principal amount you'd like to add, then click the 'Next' button.

In this step, you'll have the option of designating the added principal amount to be created as a new investment, split equally among existing investors, or choosing to assign this new amount to an existing investor. 

With the 'Create New Investment' option you'll be prompted to select a Contact (Investor) to start this new investment amount, along with the option to define an end date or keep the investment period open-ended.

After clicking 'Next' you'll be asked whether or not you want to add servicing fees for the investment. Once you're fine with adding fees, go ahead and finalize the process by clicking the 'Save Investment' button.

You'll end up at the loan's Investments Summary with the newly created investment. 

The other options like 'Splitting Evently Among Investments' and choosing a specific Investment (Investor) will automatically assign the new principal amount as you might expect and take you to the Investments Summary as well.