 For example, if a developer is building a 20 unit condominium project, a lender might not just loan a certain percentage of the predicted future total value of the condominia, but only a certain percentage of the value of the condominium project if, because of an emergency or unforeseen circumstance, the entire building had to be sold at once to one buyer (known as a bulk sale).Since the realizable sales price in this case might be much lower, the maximum loan many lenders would extend would be much lower.Funds are taken from the loan through a process referred to as a "draw".