A construction draw request is a formal request to access funds from a construction or renovation loan as work progresses. Rather than receiving the entire loan amount upfront, borrowers receive funds in installments based on completed project milestones. Draw requests help ensure that financing aligns with construction progress and that funds are used appropriately for labor, materials, and other project expenses.

The construction loan draw process follows a predetermined schedule tied to specific project milestones. Once a phase of construction or renovation is completed, the borrower or contractor submits a draw request with supporting documentation. The lender reviews the request, verifies completed work, and may conduct an inspection before releasing the approved funds.

Construction draw requests typically require itemized invoices, receipts, a schedule of values, and documentation showing completed work. Depending on the lender and project, additional requirements may include construction contracts, lien releases, change orders, and progress photos. Providing accurate and organized documentation can help prevent delays and streamline the approval process.

Traditional construction draw requests generally take 3–5 business days to process and distribute funds, depending on the lender, inspection requirements, and documentation. FACo's Snap Draw DIY process offers a faster alternative, with funds potentially available in as little as 24 hours for eligible, approved requests, subject to applicable conditions.

A schedule of values is a detailed breakdown of a construction project's costs, organized by individual tasks, materials, or phases of work. Lenders use this document to evaluate completed milestones and determine appropriate draw amounts. Maintaining an accurate schedule of values helps borrowers track expenses, manage budgets, and support timely draw approvals.

Investors can reduce draw request delays by maintaining accurate budgets, submitting complete documentation, and providing clear photos of completed work. It's also important to document work before it becomes concealed, track change orders, and ensure completed construction matches the submitted request. Regular communication with contractors and lenders can help identify potential issues before they affect funding.

FACo's Snap Draw DIY is a streamlined construction draw request solution that allows borrowers and contractors to manage draw submissions through an online portal. Users can upload construction progress photos, access document templates, track draw status in real time, and communicate with in-house draw specialists. The process reduces administrative steps and can accelerate access to construction or renovation funds.

FACo's Snap Draw DIY allows eligible borrowers to submit construction progress photos and supporting documentation directly through its portal, reducing reliance on traditional on-site inspections. This streamlined approach can help accelerate the review process and potentially provide funding within 24 hours for qualifying requests. Additional inspections or documentation may still be required depending on project circumstances and lender requirements.