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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.
Most venture debt takes the form of a growth capital term loan. These loans usually have to be repaid within three to four years, but they often start out with a 6- to 12-month interest-only (I/O) period. During the I/O period, the company pays accrued interest, but not principal.
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.
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.
Elements of a Term Sheet General Information. The top of a term sheet will outline general information such as the company name, investor name, date, and currency of the transaction. Amount. This section provides the amount of funding the investor and investee have tentatively agreed upon. ... Structure. ... Interest Rate.
Normally venture debt lenders will charge a small prepayment fee of 1-3% of the remaining principal outstanding.
A term sheet is a nonbinding agreement that shows the basic terms and conditions of an investment. The term sheet serves as a template and basis for more detailed, legally binding documents.