FINANCING GUIDE
How to Build a Construction Draw Schedule
A draw schedule translates the project programme and eligible costs into monthly lender advances.
In this guideWhat the analysis measuresCalculation frameworkUnderwriting reviewHow to use the result
What the analysis measures
Phase each cost category from the construction programme rather than spreading total cost evenly unless that is an explicit simplification.
Calculation framework
Apply equity-first, pari passu or lender-specific funding rules to eligible costs. Track holdbacks, retainage and minimum draw requirements separately.
Underwriting review
Link the draw balance to interest and cost-to-complete tests. Confirm the facility never advances more than commitment or eligible spend.
How to use the result
Use the schedule to plan liquidity, lender reporting and maturity. Reconcile every opening balance, draw, repayment and closing balance.