Lender Booking Rates [R1202]
The Lender Booking Rates report [R1202] displays the rates at which funds were borrowed from the lender. The average borrowing rate for these funds is calculated and can be used for management purposes.
The report may be accessed through the Note Payable report menu [R12] and may be selected interactively for:
- All lenders
- A single lender
Lender Booking Rates Selection
- ALL
Enter X to report on all lenders. Leave blank if reporting on a specific lender.
- LENDR
Enter the Lender number on which to inquire. Use Help for a Client Search by lender. Select a lender, then select a note from the list of notes for that lender. Leave blank if reporting on multiple lenders.
- ALL
Enter X to report on all notes payable on file for the lenders selected, regardless of the commencement date. Leave blank if a start date and/or end date is desired.
- START
DATE
Enter the earliest commencement date, in MM/DD/YY or DD/MM/YY format, depending on the Date Format Preference field in Security [U0706]. of the notes payable to report. All notes payable on file for the lender with a commencement date on or after this date are selected. If both a START DATE and an END DATE are entered, all notes payable with commencement dates on or between these dates are selected. Leave START DATE blank if all notes payable are desired or if all notes payable on or before the END DATE are desired.
- END
DATE
Enter the latest commencement date, in MM/DD/YY or DD/MM/YY format, depending on the Date Format Preference field in Security [U0706]. of the notes payable to report. All notes payable on file for the lender with a commencement date on or before this date are selected. Leave END DATE blank if all notes payable are desired or if all notes payable on or after the START DATE are desired.
- NOTE
TYPE
Enter a specific note type upon which to report, or enter the first letter of a note type code followed by an asterisk (*). This will enable the user to generate a report by lender with all revolving or all non-revolving notes. Leave NOTE TYPE blank if all types are desired. Use Help for a list of valid note types.
The following example will select all revolving note types:- NOTE TYPE: R*__
Lender Booking Rates Report
The Lender Booking Rates report [R1202] provides the following information for each note payable which commenced during the specified period.
- NOTE
TYPE
The 4-character code plus a description of the notes payable type is displayed. Notes Payable types are defined through the Custom Code update [U0722].
- NOTE
The note payable number is displayed.
- DESCRIPTION
The description of the note payable is displayed.
- COM
DATE
The commencement or starting date of the note is displayed.
- ACCRUAL
METHOD
The code and description of the note's accrual method are displayed.
- RATE
The interest rate of the note payable is displayed. The interest rate is calculated as follows:- FLOATING SIMPLE INTEREST
The base rate for the float index on the commencement date plus the add- on rate is displayed for floating rate simple interest accrual methods. - FIXED
SIMPLE INTEREST
The fixed rate of the note payable is displayed for fixed rate simple interest accrual methods.
- FLOATING SIMPLE INTEREST
- ORIGINAL
AMOUNT
The original amount of the note payable is displayed. The original amount is calculated as follows: - TOTALS
Page totals for the number of notes payable, weighted average rate, and all dollar amounts are shown by lender. Grand totals are shown for the number of notes payable, weighted average rates, and all dollar amounts.
ORIGINAL PRINCIPAL AMOUNT - DOWN PAYMENT
Additional Information
A weighted average rate is more reflective of the actual rate than a simple average rate, because the original amount for each note payable is factored into the weighted average rate, while the number of notes payable is the only factor for a simple average rate. If all original amounts for each note payable were exactly the same, the weighted average rate and the simple average rate would be the same. However, if the original amounts vary, a note payable with a higher original amount and a higher rate than the simple average rate would increase the weighted average.
Weighted average rates are calculated using the following formula:
sum
of the (ORIGINAL AMOUNT * RATE) for all notes payable
/ TOTAL ORIGINAL
AMOUNT for all notes payable
The following is an example of the weighted average rate formula:
ORIGINAL AMOUNT * RATE
Note 1 $100,000 *
4.5% = $ 4,500
Note
2 $ 12,000 * 4.0% = $ 480
Note
3 $ 50,000 * 4.25% = $ 2,125
$162,000
$ 7,105
The weighted average rate of these 3 notes payable is:
$7,105 / $162,000 = .04385 (4.39%)
(The simple average rate of these 3 notes payable is 4.25%.)
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