Revolving Loan

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  • NPH
    Member
    • Dec 2006
    • 52
    #1

    Revolving Loan

    We sold a property for the amount of $400,000. In our closing statement, we have proceeds $250,000. The title company uses our revolving loan in the amount of $100,000. Title, Escrow and other charge are $50,000.

    Revolving loan has not been booked before. How can I book the revolving loan?

    Sorry I have to post here because I really can't find another webside to discuss.
    Tags: None
    • BOB W
      Senior Member
      • Jun 2005
      • 4061
      #2
      Revolving loan?....

      .... please give more info. Is this a builder? Etc.............
      This post is for discussion purposes only and should be verified with other sources before actual use.

      Many times I post additional info on the post, Click on "message board" for updated content.

        Comment

        • NPH
          Member
          • Dec 2006
          • 52
          #3
          We are non-profit real estate developer.

            Comment

            • BOB W
              Senior Member
              • Jun 2005
              • 4061
              #4
              Boy.......,

              ..... you got me on that one. Never heard of a "Non-profit RE Builder". I'm afraid to answer any question!!!???
              This post is for discussion purposes only and should be verified with other sources before actual use.

              Many times I post additional info on the post, Click on "message board" for updated content.

                Comment

                • Brad Imsdahl
                  Senior Member
                  • May 2005
                  • 623
                  #5
                  Habitat for Humanity International is a non-profit real estate builder. They build houses for poor people around the globe.

                    Comment

                    • BOB W
                      Senior Member
                      • Jun 2005
                      • 4061
                      #6
                      Cool......,

                      ......... still not within my scope of operation.
                      This post is for discussion purposes only and should be verified with other sources before actual use.

                      Many times I post additional info on the post, Click on "message board" for updated content.

                        Comment

                        • NPH
                          Member
                          • Dec 2006
                          • 52
                          #7
                          do we have to book revolving loan as a liability?

                            Comment

                            • BOB W
                              Senior Member
                              • Jun 2005
                              • 4061
                              #8
                              All...............

                              ...... money owed should be booked for the amount the organization owes at any particular time. If it is a line of credit, do not book the credit available, only the amount owed.
                              This post is for discussion purposes only and should be verified with other sources before actual use.

                              Many times I post additional info on the post, Click on "message board" for updated content.

                                Comment

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