Creating the Project
To ensure the management of your construction finances gets off to a smooth start, it is best to commence your project in Rabbet during the predevelopment phase. In the predevelopment phase, it is necessary to at least have a basic idea of what the project budget will look like and some estimates for each line item.
The Project Creation Wizard is a step by step guide to get your project up and running. If you do not see the 'Add Project' button on your Portfolio, contact your system admin to ask for this permission.
In the Project Creation Wizard, you will be required to enter a budget. The best practice is to rely on a similar project's budget as a template and enter estimates for now. Your project budget can and likely will need to be revised as the project takes more shape.
Additionally, in the Project Creation Wizard, you will be prompted to add your project's Funding Sources. You may skip this step for now, since you may not have your funding secured at this phase. Funding Sources can always be added and edited later by going into your 'Project Settings.' Alternatively you can add a placeholder to track your equity contributions from this point forward and add subsequent funding sources as you secure them.
The Closing Draw
After creating your project be sure to create a new draw and call it "Closing Draw". This step will ensure that when it comes time to submit your first Draw Request to an equity partner or close on a loan that everything is tidy in one draw period.
Some examples of activities that will happen within this Closing Draw are:
Important Project Level Notes
Funding sources can be started with an initial placeholder for equity and then updated and added to over time in project settings.
Agreements should be added as you receive them from vendors. If they are not finalized or signed they can be accounted for as exposures first and then later solidified as an official contract to be compared against the budget.
You can add in your equity partners as view only members for collaboration.
Do you have questions or feedback? Please email us at help@rabbet.com