A delayed draw term loan (DDTL) is a term loan the borrower can draw in portions during a set period after closing, rather than all at once. DDTLs are common in private credit and acquisition financing, as well as in real estate lending for construction and development loans. Lenders often charge a ticking or commitment fee on the undrawn amount. Unlike revolvers, repaid amounts on a delayed draw term loan cannot be re-borrowed. LoanStreet CLS tracks delayed draw term loan availability and ticking fees in its commercial term loan servicing software.