North Carolina Senior Debt Term Sheet
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How to fill out Senior Debt Term Sheet?
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FAQ
The commitment fee compensates a lender for providing access to a loan. The lender is allocating, or holding, capital for the startup. Commitment fees are notoriously easy to negotiate down. The commitment, prepayment, and final payment fees all affect your startup's cost of capital.
Success Fee This is usually expressed as a percentage of the company's enterprise value and is often used when a borrower's capital structure is too complicated. Success fees typically range from 0.5-1.5% and only become valuable when the company is sold.
Venture debt is a term loan typically structured over a four-to-five-year amortization period, usually with a period of time to draw the loan down, such as 9-12 months. Interest-only periods of 3-12 months are common.
Venture debt deals involve various fees, including a closing fee (also known as an origination fee or upfront fee), a final exit fee (often termed a ?success? fee) and a prepayment fee. The vast majority of loans have closing fees of 1-2 percent and exit fees that average 6 percent.
If you are, you might see a term sheet soon. This is a nonbinding agreement that a venture debt lender will give you when they're considering an investment in your company. This sheet will set the terms of your deal, including the size of your loan, your interest rate, and the warrants that your lender will take.
The default rate in the industry is surprisingly low and recovery rates are typically above 80% on defaulted loans. Thus, annual average losses are less than 0.50% based on public SEC filings and industry analysis performed by Applied Real Intelligence (A.R.I.), a Los Angeles-based venture lender.
Annual interest rates are typically 12%. Monthly repayments typically include both interest and capital, and are paid each month for the life of the loan - usually around 36 months. Venture lenders will typically charge a facility fee of 2% of the loan amount, payable in cash when the loan is funded.