Folder Configuration
When you create a new Project, default folders are created based on the record type. LFS has four folders (Draft, Exhibits, Source, and Generated) set up by default for the RFP record type.
If you need to change the default folder names for the RFP records, go to Setup > Custom Metadata Types > click Folder Configuration link > click the Manage Folder Configuration button and update the Folder Name value as shown in the image below.
To add default folders for other record types, create new records with desired record type name and select Project__c as the Object configuration.