Re-factor 'Invoice Received' to use a presenter instead of ActiveRecord model.
Remove unused columns from Select Loans table.
Use a presenter object to wrap demanded loans and mark rows as settled.
Allow setting of the settled amount.
Don't use Presenter suffix for consistency.
Add validations for the settled amount.
Group loans for selection by type (Legacy, SFLG, EFG).
Add Phase model.
Setup permissions for Phases.
Enforce Phase permissions in the PhasesController.
User facing object shouldn't have strict validations.
Add creator and modifier associations to Phase.
Add interface for managing phases.
Extract the auditing so that it gets wrapped in a transaction.
Fix: Typo.
Add relationship between phases and lending limits.

CfE admins can assign phases to lending limits.
Validate that a lending limit has a phase.

Eventually we wan't to do this for all lending 
limits, but we need to verify that we know the 
phase for all the existing lending limits.
Add migration to assign the correct phases to some of the lending limits.

Based on information from Karl.