A formal request to a construction lender to release funds to pay for work completed during the billing period.
A draw request is a formal request submitted by a contractor or developer to a construction lender for disbursement of loan funds to pay for costs incurred during a specific period. Lenders require supporting documentation including a schedule of values, invoices, lien waivers, and a title update. An inspector or lender representative may verify the work in place before approving the draw.
The developer submitted the fifth draw request for $1.8M to their construction lender, supported by inspection sign-off and partial lien waivers from all subcontractors.
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