PROJ-2027 · Cypress Creek Office Park

DRAW-2050 — draw request

Westbrook GC · Period Apr 21, 2026 – May 15, 2026

Correction required

Variance flagged

Variance over tolerance: Variance over tolerance: Foundation line claimed 80%, inspector observed 55% (25% variance, tolerance 5%).

Requested

$88,000

This draw period.

Approved

Pending

Released (net)

Awaiting release.

Retainage held

10% per draw.

Percent complete

55.0%

From inspector report.

Schedule of values (1 line items)

AIA G703-style schedule. Inspector validates percent-complete per line. GC: SoV is editable while in draft / correction_required.

#	Cost	Description	Scheduled	This period	To date	%	Balance to finish	Retain
1	03000	Foundation - concrete & rebarVariance (claimed 80.0%, observed 55.0%)	$180,000	$44,000	$99,000	80%	$81,000	$4,400
Totals (1 lines)			$180,000	$44,000	$99,000	55.0%	$81,000	$4,400

Lien waivers (0)

Required from each subcontractor with paid work this period. Waivers older than 60 days expire.

Sub	Type	Signed	Amount through	Status
No waivers attached yet.

Inspections (1)

Independent field validation of percent-complete claims by line.

Hank Mendez

Visited May 12, 2026 · 6 photos

55.0%

Submitted

Walked the foundation. Significantly less progress than claimed: only south footings poured; north & east still in forming.

Line findings

Line	Claimed	Observed	Variance
SoV line	80%	55%	25%

Approval chain

Loan officer → owner sign-off → finance releases. Senior lender required over $500,000.

Step	Required role	Approver	Decided	Decision	Notes
No approval steps generated.

Status timeline (4 transitions)

Every state change is logged with actor and reason.

May 6, 2026 6:37 PM
Draft
May 9, 2026 6:37 PM
Draft →Submitted
GC submitted DRAW-2050.
May 12, 2026 6:37 PM
Submitted →Inspected
Inspector reported 55% vs claimed 80%.
May 12, 2026 6:37 PM
Inspected →Correction required
Variance > 5% tolerance.

Loan reference: PROJ-2027 (Cypress Creek Office Park) · principal $3,850,000. Active persona: Lender admin.