Reference
Construction Loan Draw Management glossary
Terms used in Construction Loan Draw Management and its documentation.
Applies to Construction Loan Draw Management as it works today. Moraph updates the platform continuously, and this page is reviewed when it changes.
Terms used in Construction Loan Draw Management and its documentation.
| Term | Meaning |
|---|---|
| Draw | A disbursement of construction loan funds requested against the budget for work completed. |
| Budget line | One category of construction cost in the loan budget, such as foundation or roofing. |
| Retainage | A portion of each draw held back until work is complete and final lien waivers are received. |
| Lien waiver | A document from a contractor or supplier giving up lien rights for amounts paid, conditionally or unconditionally. |
| Date-down | A title update confirming no new liens or encumbrances have been recorded since the last check. |
| Percentage complete | The inspector's assessment of how much of a budget line or the project is finished. |
| Reconciliation | Comparing amounts requested with verified progress before a draw goes for approval. |
| Change order | An approved change to the budget, such as moving amounts between lines or using contingency. |
| Contingency | A budget line reserved for unexpected costs, drawn on through change orders. |
| Off-site flag | A marker on an inspection photo whose device location is away from the project address. |
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