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Start with the governing documents, not a generic checklist
Before preparing a requisition, identify the exact loan program, lender, servicer, borrower entity, project, and draw period. Then read the executed loan documents and the lender’s latest written instructions for:
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- the required draw or requisition form and submission method;
- the monthly cutoff date and review timeline;
- eligible and ineligible cost categories;
- inspection, architect, engineer, or consultant requirements;
- retainage and stored-material rules;
- approved change-order procedures;
- lien-waiver, title-update, and insurance requirements; and
- conditions that must be satisfied before funds can be released.
There is no single industry-wide multifamily construction-draw package. A HUD form, a Fannie Mae guide, or a Freddie Mac checklist applies only in its stated program context. Treat each as a documentation model, then follow the requirements for your loan.
Core contents of a draw request
1. The lender’s requisition form
Use the current form supplied by the lender or servicer. Complete every project and draw identifier, including the borrower’s legal name, property name and address, loan number, draw number, period covered, requested funding amount, and requested funding date. State where the proceeds should be sent and provide the authorized signatures required by the loan documents.
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HUD’s Section 232 document inventory includes a Contractor’s Requisition, Form 92448. That form is specific to the Section 232 healthcare program and is not a standard form for every multifamily construction loan. Do not substitute it for your lender’s form unless the lender expressly directs you to do so.
2. A cost breakdown that reconciles to the approved budget
The request must show how the amount sought fits within the approved budget, draw schedule, or schedule of values. Organize costs by trade, work category, contract, or budget line, using the same coding and descriptions used in the closing budget whenever possible.
At a minimum, show the approved amount, prior draws, current-period costs, total funded to date, and remaining balance when the lender’s form calls for those columns. Reconcile the subtotal to the requested draw and explain any variance rather than forcing the numbers to balance through an unexplained adjustment.
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HUD lists a Contractor’s and/or Mortgagor’s Cost Breakdown, Form 92328, among its construction documents. It is a useful example of the level of budget detail a reviewer may expect, but it does not establish a universal form or format.
| Budget line | Approved amount | Prior draws | Current request | Remaining balance | Backup reference |
|---|---|---|---|---|---|
| Site work | Use approved budget | Total previously funded | Eligible work this period | Approved amount less funded total | Invoices, pay applications, inspection |
| Structure | Use approved budget | Total previously funded | Eligible work this period | Approved amount less funded total | Trade detail and payment evidence |
| Mechanical, electrical and plumbing | Use approved budget | Total previously funded | Eligible work this period | Approved amount less funded total | Invoices, releases and approved changes |
| Soft costs or services | Use approved budget | Total previously funded | Eligible work this period | Approved amount less funded total | Contracts, invoices and certifications |
3. A description of work completed and costs incurred
Describe what was actually performed during the draw period. Identify the location or phase, quantities installed or completed, unit prices where useful, and the labor, materials, equipment, and services included in the amount. A reviewer should be able to connect each requested dollar to observable work or an eligible incurred cost.
For a completion or repair reimbursement requisition, Fannie Mae’s Multifamily Guide calls for the specific work completed, quantities and prices for materials or replacement items, and costs of contracted labor and services. That is a practical documentation model even when your loan is a different type; confirm whether your lender expects the same level of detail.
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4. Invoices, pay applications and proof of payment
Attach legible, itemized invoices or pay applications that identify the vendor, contract or purchase order, invoice date and number, description of goods or services, quantities, prices, retainage, taxes, credits, and amount due. Match each invoice to a budget line and list its attachment number in the draw summary.
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In the cited Fannie Mae guidance for specified completion or repair reimbursements, invoice detail, payment evidence, and contractor, subcontractor, or materialman lien releases are required when an invoice exceeds the lesser of $25,000 or 1% of unpaid principal balance (UPB). That threshold is Fannie Mae-specific, applies to the described reimbursement process, and was current on the guide page reviewed October 13, 2026. It is not a universal multifamily construction rule.
5. Borrower and contractor certifications
Provide every certification required by the lender, signed by the authorized person in the form and format requested. Fannie Mae’s cited guidance requires the borrower to certify that covered work was completed in a good and workmanlike manner, followed approved plans and specifications, and complied with applicable law.
Depending on the loan, certifications may also address the accuracy of the requisition, absence of undisclosed defaults, payment of labor and suppliers, continuing validity of permits, and the status of claims or disputes. Never add a broad certification casually: use the lender’s exact language and obtain the required corporate or notarial execution.
6. Inspection and construction-status evidence
Ask what inspection evidence must accompany each draw. The lender may require an inspector’s report, architect or engineer certification, photographs, a site visit, percentage-complete schedule, or confirmation that prior deficiencies were corrected. Fannie Mae’s guide allows inspection where appropriate and requires applicable disbursement conditions to be met.
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Organize photographs by date, building, floor, unit, and trade, with captions that identify the work shown. Photos supplement rather than replace invoices, certifications, or an inspection report when those are required. If weather, access, or safety conditions prevented an inspection, notify the lender promptly and obtain written direction instead of submitting an unsupported percentage complete.
7. Change orders and scope changes
Include executed change orders, revised schedules of values, and evidence of approval for any cost or scope that differs from the original budget. Explain whether the change is additive, deductive, a transfer between lines, or a credit. Show the effect on the remaining budget and contingency.
Do not wait until the draw to request approval for a material change if the loan documents require advance consent. HUD’s Section 232 inventory includes forms for construction changes and related administration, illustrating that formal change control can be a program condition. Your lender may use different forms or approval thresholds.
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8. Stored materials, retainage and completion support
Stored-material funding is often restricted. Before including materials not yet installed, verify whether the loan permits them, where they may be stored, how they must be insured and segregated, and what title or delivery evidence is required. Provide purchase invoices, delivery tickets, photographs, inventory, and evidence of control only if the lender accepts that category.
Show retainage separately from current earnings and explain whether it is withheld, released, or payable under the contract. For a final draw, prepare completion documentation such as a certificate of substantial or final completion, punch-list closeout, warranties, permits, as-builts, or final inspection evidence when required by the loan.
9. Lien waivers and releases
Track releases through a schedule that identifies the claimant, period covered, amount paid, and whether the release is conditional or unconditional. Obtain releases from the general contractor, subcontractors, suppliers, and materialmen in the form required by the applicable law and the loan documents.
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Fannie Mae’s cited reimbursement guidance specifically discusses releases for invoices that exceed its lesser-of-$25,000-or-1%-of-UPB threshold. Other loans may require releases at different amounts, for every draw, or only at defined milestones. A release that covers the wrong period or is signed by an unauthorized person can be rejected even when the invoice itself is correct.
10. Title and insurance support
Confirm whether the lender needs an updated title report, date-down endorsement, title bring-down, or evidence that no intervening liens were recorded. The cited Fannie Mae guidance separately requires title documentation for the final disbursement of its specified completion or repair escrow. That final-draw requirement should not be generalized to every interim draw.
Provide updated certificates or endorsements for builder’s risk, general liability, workers’ compensation, and other coverage when the lender’s instructions call for them. Check that the borrower, lender, and required mortgagee or loss-payee language is correct before submission.
How to assemble and submit the package
- Confirm the current requirements. Request the latest requisition form, checklist, cutoff date, submission address or portal instructions, and contact for draw questions.
- Freeze the period. Define the work and invoices included in the draw and exclude costs outside the permitted period unless the lender authorizes them.
- Update the budget ledger. Enter prior funding, current eligible costs, retainage, credits, approved changes, and remaining balances using the approved budget structure.
- Collect source documents. Gather contracts, invoices, pay applications, payment proof, inspection material, photos, certifications, change orders, releases, and title or insurance documents applicable to this draw.
- Cross-reference everything. Give each attachment a number and tie it to a budget line, vendor, invoice, and requested amount. Resolve duplicate invoice numbers and unexplained credits before submission.
- Run an authorization check. Verify signatures, dates, entity names, notary blocks, and corporate authority against the loan documents.
- Submit one complete package. Use the lender’s required file naming and organization. Keep an identical, read-only copy of the submitted package and confirmation of delivery.
- Track conditions to funding. Log every lender comment, responsible person, response date, and revised document. A draw is not complete until all applicable conditions are cleared.
Common reasons a draw is delayed
The requested amount does not reconcile
Recalculate from the approved budget, not from the contractor’s invoice total alone. Separate current work from prior-period costs, credits, retainage, and noneligible items. Attach an explanation for approved transfers or changes.
Backup is incomplete or unreadable
Replace summary invoices with itemized versions, add missing payment evidence, and make sure scans show dates, amounts, and signatures. If a vendor cannot provide a required document, ask the lender in writing what substitute evidence is acceptable.
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Required approval came too late
Submit change orders and scope requests before the work is performed when advance consent is required. A later approval may not cure an ineligible cost or a violation of the disbursement conditions.
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Lien or title evidence is missing
Use a release tracker and order title updates early enough to meet the draw cutoff. Correct legal descriptions, claimant names, covered periods, and conditional-release language before submission.
An inspection or certification condition is unsatisfied
Ask the lender which condition remains open and whether a reinspection, revised certification, additional photograph, or correction notice is needed. Fannie Mae states that the servicer must receive the required documentation and determine that applicable conditions are met before the specified reimbursement is processed.
Program-specific references and their limits
| Source or form set | What it can help you understand | What it does not establish |
|---|---|---|
| Fannie Mae Multifamily Guide, “Processing Borrower Requisitions” | Work descriptions, invoice and payment support, certifications, inspections, releases, and conditions for the guide’s specified completion or repair reimbursements. | A universal form, threshold, or process for every multifamily construction loan. |
| HUD “ORCF Final 232 Documents,” including Forms 92448 and 92328 | Examples of a contractor requisition and cost-breakdown structure in the Section 232 program. | Requirements for conventional multifamily construction or non-Section-232 loans. |
| Fannie Mae Form 6000 and Form 6502 references | Where to look for loan-documentation and mortgage-loan-package delivery requirements in applicable Fannie Mae transactions. | Instructions governing another lender’s portal, forms, or deadlines. |
| Freddie Mac Multifamily conventional underwriting checklist | An example of program documentation organization and review categories. | A construction-draw requisition checklist for every Freddie Mac or non-Freddie Mac project. |
Final-draw planning
Do not treat the final draw as an ordinary monthly request. Ask early for the lender’s closeout list and confirm whether it requires final lien releases, title evidence, completion or occupancy documentation, warranties, permits, punch-list sign-off, retainage calculations, or a final inspection. The exact list depends on the loan documents and program.
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A practical pre-submission checklist
- Current lender requisition form completed for the correct project and draw period.
- Requested amount reconciled to the approved budget or schedule of values.
- Prior draws, current costs, credits, retainage, and remaining balances shown correctly.
- Work descriptions, quantities, labor, materials, and services documented.
- Itemized invoices and required payment evidence attached.
- Required borrower, contractor, architect, engineer, or inspector certifications signed.
- Inspection report, photographs, and percentage-complete evidence supplied when required.
- Approved change orders and revised budget lines included.
- Stored-material documentation supplied only when permitted.
- Lien waivers or releases collected for the required claimants and periods.
- Title, insurance, permit, and completion documents included when applicable.
- All signatures, dates, legal names, file labels, and portal requirements checked.
- A copy of the submitted package and delivery confirmation retained.
The most reliable draw request is not the longest one; it is the one that lets the lender verify each requested dollar against an approved cost, completed work, and the conditions in the signed loan documents. When a requirement is unclear—especially inspection timing, stored materials, retainage, change approval, lien releases, or title updates—obtain the lender’s current written instruction before the draw is submitted.
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