Underwriting | termina | Documentation

{
  "round_name": "cacfund_2025q4",
  "terms": {
    "gross_margin": 0.45,
    "advance_rate": 0.8,
    "max_term": 120,
    "cap_floor": 1.06,
    "cap_ceiling": 1.21,
    "cap_step": 0.0075,
    "cap_ramp_months": 6,
    "acceleration_schedule": {
      "2": 0.16,
      "5": 0.35,
      "8": 0.5,
      "12": 0.66
    },
    "acceleration_increment": 0.04,
    "irr_cap": 0.16,
    "custom_cap_step": {
      "period": 16,
      "increment": 0.0087
    }
  },
  "limits": {
    "max_principal_payback": 24,
    "max_principal_payback_accelerated": 24,
    "max_full_payback_accelerated": 24,
    "min_gross_irr": 0.16
  },
  "baseline": {
    "forward_ltv": [
      1.1
    ],
    "planned_spend": {},
    "cac_intercept": 1.1,
    "cac_slope": 1.1
  },
  "historical": [
    {
      "cohort": "2025-06",
      "ltv": [
        1.1
      ],
      "cac": 1.1,
      "modelled_spend": 1.1
    }
  ],
  "metadata": {},
  "terms_source": "underwritten",
  "negotiated_terms": {
    "terms": {
      "gross_margin": 0.45,
      "advance_rate": 0.8,
      "max_term": 120,
      "cap_floor": 1.06,
      "cap_ceiling": 1.21,
      "cap_step": 0.0075,
      "cap_ramp_months": 6,
      "acceleration_schedule": {
        "2": 0.16,
        "5": 0.35,
        "8": 0.5,
        "12": 0.66
      },
      "acceleration_increment": 0.04,
      "irr_cap": 0.16,
      "custom_cap_step": {
        "period": 16,
        "increment": 0.0087
      }
    },
    "metadata": {}
  }
}

Get what the deal was priced on, and the agreed term sheet once negotiated: the underwriting this deal’s retention fit was scored against, else this deal’s own.

Authentication

AuthorizationBearer

Bearer authentication of the form Bearer <token>, where token is your auth token.

Path parameters

group_idintegerRequired

deal_idintegerRequired

Response

Successful Response

round_namestring

The underwriting round.

termsobject

The underwritten terms.

limitsobject

Internal checks: payback limits in months with a payment, and the gross IRR hurdle.

baselineobject

The forward curve, spend plan and CAC regression unobserved cohorts were priced on.

historicallist of objects

metadatamap from strings to any

Provenance of the underwriting (source, published_utc, …).

terms_sourceenum

Which terms monitoring scores against.

Allowed values:

negotiated_termsobject or nullOptional

The agreed term sheet; absent until negotiation closes.

Errors

422

Unprocessable Entity Error