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How Do I Close Out a Loan in STRATAFOLIO?

With STRATAFOLIO, our Loan Dashboard helps track and give analytics on the performance of your Debt Service. Keeping it updated when your loan status changes help keep STRATAFOLIO‚Äôs reporting accurate. It is also the best way to have all of your loans in one place for a lender or investor. Simply export the Loan Dashboard in Excel or PDF and you have all the information that you need.

Find the Proper Loan

Use the left-hand navigation bar to locate Finances and then Loans. Select the i for more information on the loan that you would like to edit.

Note: You will only see the active loans for unsold assets in the Loan Dashboard in STRATAFOLIO. To see all loans that have been entered in STRATAFOLIO, you must look under left-hand navigation bar then click Asset, then Loans.

Change the Loan Status

Click the Edit Loan button to make any edits.

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Scroll down to Loan Status and Mapping until you reach the Loan Status.

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Choose from the Loan Status down drop which situation is the most accurate.

  • Loan status options:
    • Active
    • Refinanced
    • Paid In Full
    • Closed/Sold

Then press Save.

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If this loan is refinancing, here is the link to How to Add a New Loan Knowledge Base article to help you add the new loan. 

Helpful Tips:

  • Please make sure that you have zeroed out this loan account in your QuickBooks before trying to close it.
  • If you are refinancing, creating a new loan account in your Chart of Accounts is advised.
  • If you have sold the property, please follow our steps on How to Mark an Asset as Sold in our Knowledge Base.