Draw request packet · DRAW-2031
Riverline Plaza (PROJ-2031) · Draw #5
- Owner
- Kim Development
- Contractor
- Pinnacle Construction
- Project address
- 4200 Lakeshore Dr, Austin, TX
- Loan
- LOAN-2031 · $4,200,000
- Application no.
- 5
- Application date
- May 4, 2026
- Period from
- Apr 11, 2026
- Period to
- May 11, 2026
Contractor's application for payment (G702 summary)
The undersigned contractor certifies that, to the best of the contractor's knowledge, the Work covered by this application has been completed in accordance with the Contract Documents, that all amounts have been paid by the contractor for work for which previous Certificates for Payment were issued, and that current payment shown herein is now due.
| 1. Original contract sum | $5,400,000 |
| 2. Net change by change orders | $0 |
| 3. Contract sum to date (line 1 + 2) | $5,400,000 |
| 4. Total completed and stored to date (G703 column G) | $2,173,000 |
| 5. Retainage (10% of line 4 work this period) | $14,200 |
| 6. Total earned less retainage (line 4 − line 5) | $2,158,800 |
| 7. Less previous certificates for payment | $127,800 |
| 8. Current payment due (line 6 − line 7) | $127,800 |
| 9. Balance to finish, including retainage | $486,200 |
Schedule of values (AIA G703 continuation sheet)
Line-by-line breakdown of scheduled values, work completed this period, work completed to date, percent complete, balance to finish, and retainage withheld.
| A | B — Cost code | C — Description of work | D — Scheduled value | E — From previous | F — This period | G — Total to date | H — % (G/D) | I — Balance to finish | J — Retainage |
|---|---|---|---|---|---|---|---|---|---|
| 1 | 03000 | Foundation - concrete, rebar & forming | $320,000 | $320,000 | $0 | $320,000 | 100% | $0 | $0 |
| 2 | 03200 | Slab on grade & topping | $185,000 | $185,000 | $0 | $185,000 | 100% | $0 | $0 |
| 3 | 04000 | Masonry - block & veneer | $240,000 | $220,000 | $8,000 | $228,000 | 95% | $12,000 | $800 |
| 4 | 05000 | Structural steel framing | $410,000 | $377,500 | $12,000 | $389,500 | 95% | $20,500 | $1,200 |
| 5 | 06000 | Rough carpentry & sheathing | $220,000 | $176,000 | $22,000 | $198,000 | 90% | $22,000 | $2,200 |
| 6 | 07000 | Roofing & weatherproofing | $165,000 | $106,000 | $26,000 | $132,000 | 80% | $33,000 | $2,600 |
| 7 | 08000 | Doors, frames & glazing | $145,000 | $69,000 | $18,000 | $87,000 | 60% | $58,000 | $1,800 |
| 8 | 09000 | Drywall & interior finishes | $195,000 | $103,000 | $14,000 | $117,000 | 60% | $78,000 | $1,400 |
| 9 | 15000 | Mechanical (HVAC) rough-in | $280,000 | $176,000 | $20,000 | $196,000 | 70% | $84,000 | $2,000 |
| 10 | 15400 | Plumbing rough-in & fixtures | $175,000 | $111,500 | $11,000 | $122,500 | 70% | $52,500 | $1,100 |
| 11 | 16000 | Electrical rough-in & panel | $215,000 | $141,500 | $9,000 | $150,500 | 70% | $64,500 | $900 |
| 12 | 02000 | Sitework, paving & landscaping | $95,000 | $45,500 | $2,000 | $47,500 | 50% | $47,500 | $200 |
| Totals — 12 lines | $2,645,000 | $2,031,000 | $142,000 | $2,173,000 | 85.0% | $472,000 | $14,200 | ||
Lien waiver schedule
Conditional progress lien waivers from each subcontractor performing work in this period. Lender will not release payment until every required waiver is executed and dated within the past 60 days.
| Subcontractor | Trade | Waiver type | Signed date | Amount through | Document reference | Status |
|---|---|---|---|---|---|---|
| Heartland Concrete (SUB-201) | concrete | Conditional progress | May 6, 2026 | $95,000 | SUB-201-waiver-DRAW-2031.pdf | signed |
| Apex Steel & Framing (SUB-202) | framing | Conditional progress | May 6, 2026 | $78,000 | SUB-202-waiver-DRAW-2031.pdf | signed |
| Voltage Electric (SUB-203) | electrical | Conditional progress | May 6, 2026 | $42,000 | SUB-203-waiver-DRAW-2031.pdf | signed |
| Northwind Mechanical (SUB-204) | mechanical | Conditional progress | May 6, 2026 | $58,000 | SUB-204-waiver-DRAW-2031.pdf | signed |
| Cedar Finishes Inc (SUB-205) | finishes | Conditional progress | May 6, 2026 | $33,000 | SUB-205-waiver-DRAW-2031.pdf | signed |
Inspection certification
Independent inspector field-validates contractor's percent-complete claims. Variance over 5% triggers a correction-required state on the draw and notifies the loan officer.
- Inspector
- Hank Mendez
- Visit date
- May 8, 2026
- Photos captured
- 4
- Reported % complete
- 85.0%
"Site walked with GC superintendent. All structural complete; finishes progressing on schedule. 4 photos attached."
| Line | Claimed % | Observed % | Variance % | Notes |
|---|---|---|---|---|
| SoV line 1 | 100% | 100% | 0.0% | Verified onsite. |
| SoV line 2 | 100% | 100% | 0.0% | Verified onsite. |
| SoV line 3 | 95% | 95% | 0.0% | Verified onsite. |
| SoV line 4 | 95% | 95% | 0.0% | Verified onsite. |
| SoV line 5 | 90% | 90% | 0.0% | Verified onsite. |
Approval sign-offs
Loan officer reviews the inspection and waivers. Owner-developer signs off after loan officer approval. Finance reviewer releases payment via ACH after all lien waivers are confirmed. Draws over $500,000 require an additional senior lender approval.
| Sequence | Required role | Decision | Decided | Notes |
|---|---|---|---|---|
| 1 | loan officer | approved | May 12, 2026 6:37 PM | Reviewed SoV and inspection. Approved. |
| 2 | owner | approved | May 13, 2026 6:37 PM | Owner sign-off complete. |
| 3 | finance reviewer | approved | May 14, 2026 6:37 PM | Released $127,800 net of 10% retainage. |
Aisha Patel · May 12, 2026
Sarah Kim, Kim Development · May 12, 2026
Pedro Alvarez · May 14, 2026