Can I connect an asset to two mortgages / (split funding)

Danielle21

I have a rental property funded with 2 loans, one for the deposit / build (20%) and the second for the majority of the balance (80%).
How do I satisfy this requirement.
Thanks
Danielle - Sydney

mshiggins

From C. D. Bales:
Yes; but you will be "connecting" two loans to one asset. You can link as many loans as you like to a single asset account.

Near the end of the new Loan setup process, Quicken asks if you have an asset you want the loan linked to. At that point you can create a new asset account to be linked to, or link to an existing asset account.

If you failed to create a link during the Quicken loan account creation process, you can do so after the loan account has been created. Open the loan account Edit Account Details dialog, and select the asset account from the "Linked Asset Account" dropdown.

Quicken Harold

Hello Danielle. Appreciate your question. 

You can setup more than one Mortgage loan in Quicken. You can setup one for your deposit and for the majority, as long as you have the terms for each loan (interest, term, payments, etc) and can set them up as as automatic payments if you wish.

Hope this helps answer your question. Please let us know if you need assistance.

Respectfully,
~ Quicken Harold.

Danielle21

how do you get around it doubling up on the value of the asset?

mshiggins

From C. D. Bales:
Yes; but you will be "connecting" two loans to one asset. You can link as many loans as you like to a single asset account.

Near the end of the new Loan setup process, Quicken asks if you have an asset you want the loan linked to. At that point you can create a new asset account to be linked to, or link to an existing asset account.

If you failed to create a link during the Quicken loan account creation process, you can do so after the loan account has been created. Open the loan account Edit Account Details dialog, and select the asset account from the "Linked Asset Account" dropdown.