Draw schedule

Sample

Every budget line drawn by its own timing, rolled up monthly from closing through completion.Model v1, worked example, no edits

Sample deal. Budget lines are the worked example's; timing defaults are stated and edits save in this browser.

Total project cost: $52,189,000; Every budget line, drawn or held
Equity funded: $18,266,779; Months 0 to 9
Loan funded · by completion: $33,114,751; of $33,922,000; $807,249 held
Peak month draw: $3,930,265; Month 0, Jan 2027

Funding order

Draw timing v1, default timing

Funding order: Equity first, then the loan
Interest: Capitalized at 7.00% on the opening drawn balance
Loan commitment: $33,922,000, $31,627,830 for costs
Held at completion: $807,249 of interest and reserve; $2,050,000 retainage released month 24

Land
Hard costs
Soft costs
Developer fee
Financing fees
Interest
Loan balance, right scale

Left scale: monthly draw by category. Right scale: cumulative loan balance.

Draws by line

Pick a method and months per line; every total recomputes.

LandAt closing$2,000,000
Month 0
Months
Month 0
Budget
$2,000,000
Month 0, Jan 2027
$2,000,000
Total
$2,000,000
Hard costs (GMP / base)Retainage held, 5%$41,000,000
MonthsHard costs (GMP / base): start monthtoHard costs (GMP / base): end monthHard costs (GMP / base): retainage held, percent% held to month 24
Months
Months 1 to 24, released month 24
Budget
$41,000,000
Month 1, Feb 2027
$197,229
Month 2, Mar 2027
$569,148
Month 3, Apr 2027
$907,256
Month 4, May 2027
$1,211,552
Month 5, Jun 2027
$1,482,038
Month 6, Jul 2027
$1,718,714
Month 7, Aug 2027
$1,921,578
Month 8, Sep 2027
$2,090,632
Month 9, Oct 2027
$2,225,875
Month 10, Nov 2027
$2,327,308
Month 11, Dec 2027
$2,394,929
Month 12, Jan 2028
$2,428,740
Month 13, Feb 2028
$2,428,740
Month 14, Mar 2028
$2,394,929
Month 15, Apr 2028
$2,327,308
Month 16, May 2028
$2,225,875
Month 17, Jun 2028
$2,090,632
Month 18, Jul 2028
$1,921,578
Month 19, Aug 2028
$1,718,714
Month 20, Sep 2028
$1,482,038
Month 21, Oct 2028
$1,211,552
Month 22, Nov 2028
$907,256
Month 23, Dec 2028
$569,148
Month 24, Jan 2029
$2,247,229
Total
$41,000,000
Hard cost contingencyBack-loaded$488,510
MonthsHard cost contingency: start monthtoHard cost contingency: end month
Months
Months 8 to 24
Budget
$488,510
Month 8, Sep 2027
$1,690
Month 9, Oct 2027
$5,071
Month 10, Nov 2027
$8,452
Month 11, Dec 2027
$11,832
Month 12, Jan 2028
$15,213
Month 13, Feb 2028
$18,594
Month 14, Mar 2028
$21,975
Month 15, Apr 2028
$25,355
Month 16, May 2028
$28,736
Month 17, Jun 2028
$32,117
Month 18, Jul 2028
$35,497
Month 19, Aug 2028
$38,878
Month 20, Sep 2028
$42,259
Month 21, Oct 2028
$45,639
Month 22, Nov 2028
$49,020
Month 23, Dec 2028
$52,401
Month 24, Jan 2029
$55,781
Total
$488,510
Architecture & engineeringFront-loaded$1,221,000
MonthsArchitecture & engineering: start monthtoArchitecture & engineering: end month
Months
Months 0 to 8
Budget
$1,221,000
Month 0, Jan 2027
$256,259
Month 1, Feb 2027
$226,111
Month 2, Mar 2027
$195,963
Month 3, Apr 2027
$165,815
Month 4, May 2027
$135,667
Month 5, Jun 2027
$105,519
Month 6, Jul 2027
$75,370
Month 7, Aug 2027
$45,222
Month 8, Sep 2027
$15,074
Total
$1,221,000
Permits, SAC/WAC, park dedication, feesUp front$1,600,000
Months 0 toPermits, SAC/WAC, park dedication, fees: end month
Months
Months 0 to 2
Budget
$1,600,000
Month 0, Jan 2027
$533,333
Month 1, Feb 2027
$533,333
Month 2, Mar 2027
$533,333
Total
$1,600,000
Legal, title, closingAt closing$212,403
Month 0
Months
Month 0
Budget
$212,403
Month 0, Jan 2027
$212,403
Total
$212,403
Title and closingAt closing$163,855
Month 0
Months
Month 0
Budget
$163,855
Month 0, Jan 2027
$163,855
Total
$163,855
Marketing & lease-up costsBack-loaded$250,000
MonthsMarketing & lease-up costs: start monthtoMarketing & lease-up costs: end month
Months
Months 18 to 24
Budget
$250,000
Month 18, Jul 2028
$5,102
Month 19, Aug 2028
$15,306
Month 20, Sep 2028
$25,510
Month 21, Oct 2028
$35,714
Month 22, Nov 2028
$45,918
Month 23, Dec 2028
$56,122
Month 24, Jan 2029
$66,327
Total
$250,000
FF&E / amenitiesBack-loaded$375,000
MonthsFF&E / amenities: start monthtoFF&E / amenities: end month
Months
Months 18 to 24
Budget
$375,000
Month 18, Jul 2028
$7,653
Month 19, Aug 2028
$22,959
Month 20, Sep 2028
$38,265
Month 21, Oct 2028
$53,571
Month 22, Nov 2028
$68,878
Month 23, Dec 2028
$84,184
Month 24, Jan 2029
$99,490
Total
$375,000
Taxes & insurance during constructionStraight line$289,648
MonthsTaxes & insurance during construction: start monthtoTaxes & insurance during construction: end month
Months
Months 1 to 24
Budget
$289,648
Month 1, Feb 2027
$12,069
Month 2, Mar 2027
$12,069
Month 3, Apr 2027
$12,069
Month 4, May 2027
$12,069
Month 5, Jun 2027
$12,069
Month 6, Jul 2027
$12,069
Month 7, Aug 2027
$12,069
Month 8, Sep 2027
$12,069
Month 9, Oct 2027
$12,069
Month 10, Nov 2027
$12,069
Month 11, Dec 2027
$12,069
Month 12, Jan 2028
$12,069
Month 13, Feb 2028
$12,069
Month 14, Mar 2028
$12,069
Month 15, Apr 2028
$12,069
Month 16, May 2028
$12,069
Month 17, Jun 2028
$12,069
Month 18, Jul 2028
$12,069
Month 19, Aug 2028
$12,069
Month 20, Sep 2028
$12,069
Month 21, Oct 2028
$12,069
Month 22, Nov 2028
$12,069
Month 23, Dec 2028
$12,069
Month 24, Jan 2029
$12,069
Total
$289,648
Operating / lease-up reservePer the model$100,868
Months
Held at completion for lease-up
Budget
$100,868
Held at completion
$100,868
Total
$100,868
Developer feeCustom$2,040,000
Developer fee: month and percent listMonth:percent pairs, summing to 100%
Months
Months 0, 12, 24
Budget
$2,040,000
Month 0, Jan 2027
$510,000
Month 12, Jan 2028
$1,020,000
Month 24, Jan 2029
$510,000
Total
$2,040,000
Interest reserve (budgeted)Per the model$2,193,302
Months
Months 1 to 24, on the drawn balance
Budget
$2,193,302
Month 10, Nov 2027
$783
Month 11, Dec 2027
$14,484
Month 12, Jan 2028
$28,678
Month 13, Feb 2028
$49,122
Month 14, Mar 2028
$63,755
Month 15, Apr 2028
$78,296
Month 16, May 2028
$92,547
Month 17, Jun 2028
$106,309
Month 18, Jul 2028
$119,382
Month 19, Aug 2028
$131,640
Month 20, Sep 2028
$142,954
Month 21, Oct 2028
$153,122
Month 22, Nov 2028
$161,940
Month 23, Dec 2028
$169,203
Month 24, Jan 2029
$174,705
Held at completion
$706,382
Total
$2,193,302
Construction loan origination feeAt closing$254,415
Month 0
Months
Month 0
Budget
$254,415
Month 0, Jan 2027
$254,415
Total
$254,415
Total by month$52,189,000
Budget
$52,189,000
Month 0, Jan 2027
$3,930,265
Month 1, Feb 2027
$968,743
Month 2, Mar 2027
$1,310,513
Month 3, Apr 2027
$1,085,139
Month 4, May 2027
$1,359,288
Month 5, Jun 2027
$1,599,626
Month 6, Jul 2027
$1,806,153
Month 7, Aug 2027
$1,978,869
Month 8, Sep 2027
$2,119,465
Month 9, Oct 2027
$2,243,015
Month 10, Nov 2027
$2,348,611
Month 11, Dec 2027
$2,433,314
Month 12, Jan 2028
$3,504,700
Month 13, Feb 2028
$2,508,524
Month 14, Mar 2028
$2,492,727
Month 15, Apr 2028
$2,443,027
Month 16, May 2028
$2,359,227
Month 17, Jun 2028
$2,241,127
Month 18, Jul 2028
$2,101,282
Month 19, Aug 2028
$1,939,566
Month 20, Sep 2028
$1,743,095
Month 21, Oct 2028
$1,511,668
Month 22, Nov 2028
$1,245,080
Month 23, Dec 2028
$943,126
Month 24, Jan 2029
$3,165,601
Held at completion
$807,249

Line	Method	Months	Budget	Month 0Jan 2027	Month 1Feb 2027	Month 2Mar 2027	Month 3Apr 2027	Month 4May 2027	Month 5Jun 2027	Month 6Jul 2027	Month 7Aug 2027	Month 8Sep 2027	Month 9Oct 2027	Month 10Nov 2027	Month 11Dec 2027	Month 12Jan 2028	Month 13Feb 2028	Month 14Mar 2028	Month 15Apr 2028	Month 16May 2028	Month 17Jun 2028	Month 18Jul 2028	Month 19Aug 2028	Month 20Sep 2028	Month 21Oct 2028	Month 22Nov 2028	Month 23Dec 2028	Month 24Jan 2029	Held at completion	Total
Land	Month 0		$2,000,000	$2,000,000																										$2,000,000
Hard costs (GMP / base)	MonthsHard costs (GMP / base): start monthtoHard costs (GMP / base): end monthHard costs (GMP / base): retainage held, percent% held to month 24		$41,000,000		$197,229	$569,148	$907,256	$1,211,552	$1,482,038	$1,718,714	$1,921,578	$2,090,632	$2,225,875	$2,327,308	$2,394,929	$2,428,740	$2,428,740	$2,394,929	$2,327,308	$2,225,875	$2,090,632	$1,921,578	$1,718,714	$1,482,038	$1,211,552	$907,256	$569,148	$2,247,229		$41,000,000
Hard cost contingency	MonthsHard cost contingency: start monthtoHard cost contingency: end month		$488,510									$1,690	$5,071	$8,452	$11,832	$15,213	$18,594	$21,975	$25,355	$28,736	$32,117	$35,497	$38,878	$42,259	$45,639	$49,020	$52,401	$55,781		$488,510
Architecture & engineering	MonthsArchitecture & engineering: start monthtoArchitecture & engineering: end month		$1,221,000	$256,259	$226,111	$195,963	$165,815	$135,667	$105,519	$75,370	$45,222	$15,074																		$1,221,000
Permits, SAC/WAC, park dedication, fees	Months 0 toPermits, SAC/WAC, park dedication, fees: end month		$1,600,000	$533,333	$533,333	$533,333																								$1,600,000
Legal, title, closing	Month 0		$212,403	$212,403																										$212,403
Title and closing	Month 0		$163,855	$163,855																										$163,855
Marketing & lease-up costs	MonthsMarketing & lease-up costs: start monthtoMarketing & lease-up costs: end month		$250,000																			$5,102	$15,306	$25,510	$35,714	$45,918	$56,122	$66,327		$250,000
FF&E / amenities	MonthsFF&E / amenities: start monthtoFF&E / amenities: end month		$375,000																			$7,653	$22,959	$38,265	$53,571	$68,878	$84,184	$99,490		$375,000
Taxes & insurance during construction	MonthsTaxes & insurance during construction: start monthtoTaxes & insurance during construction: end month		$289,648		$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069		$289,648
Operating / lease-up reserve	Per the model	Held at completion for lease-up	$100,868																										$100,868	$100,868
Developer fee	Developer fee: month and percent listMonth:percent pairs, summing to 100%		$2,040,000	$510,000												$1,020,000												$510,000		$2,040,000
Interest reserve (budgeted)	Per the model	Months 1 to 24, on the drawn balance	$2,193,302											$783	$14,484	$28,678	$49,122	$63,755	$78,296	$92,547	$106,309	$119,382	$131,640	$142,954	$153,122	$161,940	$169,203	$174,705	$706,382	$2,193,302
Construction loan origination fee	Month 0		$254,415	$254,415																										$254,415
Total by month			$52,189,000	$3,930,265	$968,743	$1,310,513	$1,085,139	$1,359,288	$1,599,626	$1,806,153	$1,978,869	$2,119,465	$2,243,015	$2,348,611	$2,433,314	$3,504,700	$2,508,524	$2,492,727	$2,443,027	$2,359,227	$2,241,127	$2,101,282	$1,939,566	$1,743,095	$1,511,668	$1,245,080	$943,126	$3,165,601	$807,249	$52,189,000

Draws by month

Total draw, who funds it, the loan balance and percent complete.

Month 0
Jan 2027
Land
$2,000,000
Hard costs
$0
Soft costs
$1,165,850
Developer fee
$510,000
Financing fees
$254,415
Interest, capitalized
$0
Total draw
$3,930,265
Equity funded
$3,930,265
Loan funded
$0
Unfunded
$0
Cumulative loan balance
$0
Complete
0.0%
Remaining commitment
$33,922,000
Month 1
Feb 2027
Land
$0
Hard costs
$197,229
Soft costs
$771,513
Developer fee
$0
Financing fees
$0
Interest, capitalized
$0
Total draw
$968,743
Equity funded
$968,743
Loan funded
$0
Unfunded
$0
Cumulative loan balance
$0
Complete
0.5%
Remaining commitment
$33,922,000
Month 2
Mar 2027
Land
$0
Hard costs
$569,148
Soft costs
$741,365
Developer fee
$0
Financing fees
$0
Interest, capitalized
$0
Total draw
$1,310,513
Equity funded
$1,310,513
Loan funded
$0
Unfunded
$0
Cumulative loan balance
$0
Complete
1.9%
Remaining commitment
$33,922,000
Month 3
Apr 2027
Land
$0
Hard costs
$907,256
Soft costs
$177,883
Developer fee
$0
Financing fees
$0
Interest, capitalized
$0
Total draw
$1,085,139
Equity funded
$1,085,139
Loan funded
$0
Unfunded
$0
Cumulative loan balance
$0
Complete
4.2%
Remaining commitment
$33,922,000
Month 4
May 2027
Land
$0
Hard costs
$1,211,552
Soft costs
$147,735
Developer fee
$0
Financing fees
$0
Interest, capitalized
$0
Total draw
$1,359,288
Equity funded
$1,359,288
Loan funded
$0
Unfunded
$0
Cumulative loan balance
$0
Complete
7.3%
Remaining commitment
$33,922,000
Month 5
Jun 2027
Land
$0
Hard costs
$1,482,038
Soft costs
$117,587
Developer fee
$0
Financing fees
$0
Interest, capitalized
$0
Total draw
$1,599,626
Equity funded
$1,599,626
Loan funded
$0
Unfunded
$0
Cumulative loan balance
$0
Complete
11.1%
Remaining commitment
$33,922,000
Month 6
Jul 2027
Land
$0
Hard costs
$1,718,714
Soft costs
$87,439
Developer fee
$0
Financing fees
$0
Interest, capitalized
$0
Total draw
$1,806,153
Equity funded
$1,806,153
Loan funded
$0
Unfunded
$0
Cumulative loan balance
$0
Complete
15.4%
Remaining commitment
$33,922,000
Month 7
Aug 2027
Land
$0
Hard costs
$1,921,578
Soft costs
$57,291
Developer fee
$0
Financing fees
$0
Interest, capitalized
$0
Total draw
$1,978,869
Equity funded
$1,978,869
Loan funded
$0
Unfunded
$0
Cumulative loan balance
$0
Complete
20.3%
Remaining commitment
$33,922,000
Month 8
Sep 2027
Land
$0
Hard costs
$2,092,323
Soft costs
$27,143
Developer fee
$0
Financing fees
$0
Interest, capitalized
$0
Total draw
$2,119,465
Equity funded
$2,119,465
Loan funded
$0
Unfunded
$0
Cumulative loan balance
$0
Complete
25.6%
Remaining commitment
$33,922,000
Month 9
Oct 2027
Land
$0
Hard costs
$2,230,946
Soft costs
$12,069
Developer fee
$0
Financing fees
$0
Interest, capitalized
$0
Total draw
$2,243,015
Equity funded
$2,108,719
Loan funded
$134,296
Unfunded
$0
Cumulative loan balance
$134,296
Complete
31.3%
Remaining commitment
$33,787,704
Month 10
Nov 2027
Land
$0
Hard costs
$2,335,759
Soft costs
$12,069
Developer fee
$0
Financing fees
$0
Interest, capitalized
$783
Total draw
$2,348,611
Equity funded
$0
Loan funded
$2,348,611
Unfunded
$0
Cumulative loan balance
$2,482,907
Complete
37.2%
Remaining commitment
$31,439,093
Month 11
Dec 2027
Land
$0
Hard costs
$2,406,762
Soft costs
$12,069
Developer fee
$0
Financing fees
$0
Interest, capitalized
$14,484
Total draw
$2,433,314
Equity funded
$0
Loan funded
$2,433,314
Unfunded
$0
Cumulative loan balance
$4,916,221
Complete
43.3%
Remaining commitment
$29,005,779
Month 12
Jan 2028
Land
$0
Hard costs
$2,443,953
Soft costs
$12,069
Developer fee
$1,020,000
Financing fees
$0
Interest, capitalized
$28,678
Total draw
$3,504,700
Equity funded
$0
Loan funded
$3,504,700
Unfunded
$0
Cumulative loan balance
$8,420,921
Complete
49.5%
Remaining commitment
$25,501,079
Month 13
Feb 2028
Land
$0
Hard costs
$2,447,334
Soft costs
$12,069
Developer fee
$0
Financing fees
$0
Interest, capitalized
$49,122
Total draw
$2,508,524
Equity funded
$0
Loan funded
$2,508,524
Unfunded
$0
Cumulative loan balance
$10,929,445
Complete
55.7%
Remaining commitment
$22,992,555
Month 14
Mar 2028
Land
$0
Hard costs
$2,416,904
Soft costs
$12,069
Developer fee
$0
Financing fees
$0
Interest, capitalized
$63,755
Total draw
$2,492,727
Equity funded
$0
Loan funded
$2,492,727
Unfunded
$0
Cumulative loan balance
$13,422,172
Complete
61.8%
Remaining commitment
$20,499,828
Month 15
Apr 2028
Land
$0
Hard costs
$2,352,663
Soft costs
$12,069
Developer fee
$0
Financing fees
$0
Interest, capitalized
$78,296
Total draw
$2,443,027
Equity funded
$0
Loan funded
$2,443,027
Unfunded
$0
Cumulative loan balance
$15,865,200
Complete
67.8%
Remaining commitment
$18,056,800
Month 16
May 2028
Land
$0
Hard costs
$2,254,611
Soft costs
$12,069
Developer fee
$0
Financing fees
$0
Interest, capitalized
$92,547
Total draw
$2,359,227
Equity funded
$0
Loan funded
$2,359,227
Unfunded
$0
Cumulative loan balance
$18,224,427
Complete
73.5%
Remaining commitment
$15,697,573
Month 17
Jun 2028
Land
$0
Hard costs
$2,122,749
Soft costs
$12,069
Developer fee
$0
Financing fees
$0
Interest, capitalized
$106,309
Total draw
$2,241,127
Equity funded
$0
Loan funded
$2,241,127
Unfunded
$0
Cumulative loan balance
$20,465,553
Complete
78.9%
Remaining commitment
$13,456,447
Month 18
Jul 2028
Land
$0
Hard costs
$1,957,076
Soft costs
$24,824
Developer fee
$0
Financing fees
$0
Interest, capitalized
$119,382
Total draw
$2,101,282
Equity funded
$0
Loan funded
$2,101,282
Unfunded
$0
Cumulative loan balance
$22,566,835
Complete
83.9%
Remaining commitment
$11,355,165
Month 19
Aug 2028
Land
$0
Hard costs
$1,757,592
Soft costs
$50,334
Developer fee
$0
Financing fees
$0
Interest, capitalized
$131,640
Total draw
$1,939,566
Equity funded
$0
Loan funded
$1,939,566
Unfunded
$0
Cumulative loan balance
$24,506,401
Complete
88.3%
Remaining commitment
$9,415,599
Month 20
Sep 2028
Land
$0
Hard costs
$1,524,297
Soft costs
$75,844
Developer fee
$0
Financing fees
$0
Interest, capitalized
$142,954
Total draw
$1,743,095
Equity funded
$0
Loan funded
$1,743,095
Unfunded
$0
Cumulative loan balance
$26,249,496
Complete
92.2%
Remaining commitment
$7,672,504
Month 21
Oct 2028
Land
$0
Hard costs
$1,257,192
Soft costs
$101,354
Developer fee
$0
Financing fees
$0
Interest, capitalized
$153,122
Total draw
$1,511,668
Equity funded
$0
Loan funded
$1,511,668
Unfunded
$0
Cumulative loan balance
$27,761,164
Complete
95.4%
Remaining commitment
$6,160,836
Month 22
Nov 2028
Land
$0
Hard costs
$956,276
Soft costs
$126,865
Developer fee
$0
Financing fees
$0
Interest, capitalized
$161,940
Total draw
$1,245,080
Equity funded
$0
Loan funded
$1,245,080
Unfunded
$0
Cumulative loan balance
$29,006,244
Complete
97.8%
Remaining commitment
$4,915,756
Month 23
Dec 2028
Land
$0
Hard costs
$621,549
Soft costs
$152,375
Developer fee
$0
Financing fees
$0
Interest, capitalized
$169,203
Total draw
$943,126
Equity funded
$0
Loan funded
$943,126
Unfunded
$0
Cumulative loan balance
$29,949,371
Complete
99.4%
Remaining commitment
$3,972,629
Month 24
Jan 2029
Land
$0
Hard costs
$2,303,011
Soft costs
$177,885
Developer fee
$510,000
Financing fees
$0
Interest, capitalized
$174,705
Total draw
$3,165,601
Equity funded
$0
Loan funded
$3,165,380
Unfunded
$221
Cumulative loan balance
$33,114,751
Complete
100.0%
Remaining commitment
$807,249
Total through completion
Land
$2,000,000
Hard costs
$41,488,510
Soft costs
$4,111,905
Developer fee
$2,040,000
Financing fees
$254,415
Interest, capitalized
$1,486,920
Total draw
$51,381,751
Equity funded
$18,266,779
Loan funded
$33,114,751
Unfunded
$221
Cumulative loan balance
$33,114,751
Complete
100.0%
Remaining commitment
$807,249

Month	Land	Hard costs	Soft costs	Developer fee	Financing fees	Interest, capitalized	Total draw	Equity funded	Loan funded	Unfunded	Cumulative loan balance	Complete	Remaining commitment
Month 0Jan 2027	$2,000,000	$0	$1,165,850	$510,000	$254,415	$0	$3,930,265	$3,930,265	$0	$0	$0	0.0%	$33,922,000
Month 1Feb 2027	$0	$197,229	$771,513	$0	$0	$0	$968,743	$968,743	$0	$0	$0	0.5%	$33,922,000
Month 2Mar 2027	$0	$569,148	$741,365	$0	$0	$0	$1,310,513	$1,310,513	$0	$0	$0	1.9%	$33,922,000
Month 3Apr 2027	$0	$907,256	$177,883	$0	$0	$0	$1,085,139	$1,085,139	$0	$0	$0	4.2%	$33,922,000
Month 4May 2027	$0	$1,211,552	$147,735	$0	$0	$0	$1,359,288	$1,359,288	$0	$0	$0	7.3%	$33,922,000
Month 5Jun 2027	$0	$1,482,038	$117,587	$0	$0	$0	$1,599,626	$1,599,626	$0	$0	$0	11.1%	$33,922,000
Month 6Jul 2027	$0	$1,718,714	$87,439	$0	$0	$0	$1,806,153	$1,806,153	$0	$0	$0	15.4%	$33,922,000
Month 7Aug 2027	$0	$1,921,578	$57,291	$0	$0	$0	$1,978,869	$1,978,869	$0	$0	$0	20.3%	$33,922,000
Month 8Sep 2027	$0	$2,092,323	$27,143	$0	$0	$0	$2,119,465	$2,119,465	$0	$0	$0	25.6%	$33,922,000
Month 9Oct 2027	$0	$2,230,946	$12,069	$0	$0	$0	$2,243,015	$2,108,719	$134,296	$0	$134,296	31.3%	$33,787,704
Month 10Nov 2027	$0	$2,335,759	$12,069	$0	$0	$783	$2,348,611	$0	$2,348,611	$0	$2,482,907	37.2%	$31,439,093
Month 11Dec 2027	$0	$2,406,762	$12,069	$0	$0	$14,484	$2,433,314	$0	$2,433,314	$0	$4,916,221	43.3%	$29,005,779
Month 12Jan 2028	$0	$2,443,953	$12,069	$1,020,000	$0	$28,678	$3,504,700	$0	$3,504,700	$0	$8,420,921	49.5%	$25,501,079
Month 13Feb 2028	$0	$2,447,334	$12,069	$0	$0	$49,122	$2,508,524	$0	$2,508,524	$0	$10,929,445	55.7%	$22,992,555
Month 14Mar 2028	$0	$2,416,904	$12,069	$0	$0	$63,755	$2,492,727	$0	$2,492,727	$0	$13,422,172	61.8%	$20,499,828
Month 15Apr 2028	$0	$2,352,663	$12,069	$0	$0	$78,296	$2,443,027	$0	$2,443,027	$0	$15,865,200	67.8%	$18,056,800
Month 16May 2028	$0	$2,254,611	$12,069	$0	$0	$92,547	$2,359,227	$0	$2,359,227	$0	$18,224,427	73.5%	$15,697,573
Month 17Jun 2028	$0	$2,122,749	$12,069	$0	$0	$106,309	$2,241,127	$0	$2,241,127	$0	$20,465,553	78.9%	$13,456,447
Month 18Jul 2028	$0	$1,957,076	$24,824	$0	$0	$119,382	$2,101,282	$0	$2,101,282	$0	$22,566,835	83.9%	$11,355,165
Month 19Aug 2028	$0	$1,757,592	$50,334	$0	$0	$131,640	$1,939,566	$0	$1,939,566	$0	$24,506,401	88.3%	$9,415,599
Month 20Sep 2028	$0	$1,524,297	$75,844	$0	$0	$142,954	$1,743,095	$0	$1,743,095	$0	$26,249,496	92.2%	$7,672,504
Month 21Oct 2028	$0	$1,257,192	$101,354	$0	$0	$153,122	$1,511,668	$0	$1,511,668	$0	$27,761,164	95.4%	$6,160,836
Month 22Nov 2028	$0	$956,276	$126,865	$0	$0	$161,940	$1,245,080	$0	$1,245,080	$0	$29,006,244	97.8%	$4,915,756
Month 23Dec 2028	$0	$621,549	$152,375	$0	$0	$169,203	$943,126	$0	$943,126	$0	$29,949,371	99.4%	$3,972,629
Month 24Jan 2029	$0	$2,303,011	$177,885	$510,000	$0	$174,705	$3,165,601	$0	$3,165,380	$221	$33,114,751	100.0%	$807,249
Total through completion	$2,000,000	$41,488,510	$4,111,905	$2,040,000	$254,415	$1,486,920	$51,381,751	$18,266,779	$33,114,751	$221	$33,114,751	100.0%	$807,249

Why each line draws when it does

Land: At closing: Land is bought at closing.
Hard costs (GMP / base): Retainage held, 5%: Vertical construction bills on an S-curve from month 1 to completion; 5% of each pay application is held and released at completion, month 24.
Hard cost contingency: Back-loaded: Contingency is spent as change orders arrive, mostly in the back half of construction.
Architecture & engineering: Front-loaded: Design is largely billed before and at closing; construction administration trails through month 8.
Permits, SAC/WAC, park dedication, fees: Up front: Permits, SAC/WAC and park dedication are paid at permit issuance, around closing.
Legal, title, closing: At closing: Legal is paid at closing.
Title and closing: At closing: Title and closing costs are paid at closing.
Marketing & lease-up costs: Back-loaded: Marketing and lease-up spend builds toward first deliveries.
FF&E / amenities: Back-loaded: FF&E and amenities install at the end of construction.
Taxes & insurance during construction: Straight line: Builder's risk premium and real estate taxes run through construction.
Operating / lease-up reserve: Per the model: Held for lease-up interest; it carries any interest beyond the interest line.
Developer fee: Custom: Stated schedule: 25% at closing, 50% at the construction midpoint (month 12), 25% at completion (month 24).
Interest reserve (budgeted): Per the model: Interest is computed each month on the opening drawn balance at the loan rate and capitalized from this line.
Construction loan origination fee: At closing: The lender's origination fee is paid at closing.

How the schedule is built

Each budget line draws by its own method. Every line's months sum to its budget to the cent; leftover cents go to the months with the largest remainders.
Funding order: equity first, then the loan. The loan first funds costs in month 9.
Interest: capitalized, funded by the loan from the interest and reserve lines, at 7.00% a year on the opening drawn balance, each month rounded to the cent.
The interest and reserve lines ($2,294,170) are held inside the commitment; $1,486,920 is drawn by completion and $807,249 stays for lease-up interest.
S-curve: cumulative share 3t² - 2t³ over the window. Front-loaded: 1 - (1 - t)². Back-loaded: t². Straight line and up front: equal months.
Retainage: the default holds 5% of each hard cost pay application and releases it in month 24, construction completion.
Unfunded: $221, the stated equity plus loan against the budget.
Percent complete is cumulative hard cost work in place (before retainage) over the hard cost budget.