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# Underwriting

GET https://app.termina.ai/api/v1/group/{group_id}/deal/{deal_id}/data/cac-financing/underwriting

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.

Reference: https://docs.termina.ai/api-reference/cac-financing/get-underwriting

## Authentication

- `Authorization` header (bearer token, required) — Bearer authentication of the form `Bearer <token>`, where token is your auth token.

## Servers

- `https://app.termina.ai` (Production server, default)
- `https://app.termina.dev` (Development server)
- `http://localhost:8000` (Local development server)

## Request

### Path parameters

- `group_id` (integer, required)
- `deal_id` (integer, required)

## Response

### 200

Successful Response

- `round_name` (string, required) — The underwriting round.
- `terms` (DealTermsResponse, required) — The underwritten terms.
- `limits` (PerformanceLimitsResponse, required) — Internal checks: payback limits in months with a payment, and the gross IRR hurdle.
- `baseline` (UnderwritingBaselineResponse, required) — The forward curve, spend plan and CAC regression unobserved cohorts were priced on.
- `historical` (list of HistoricalCohortResponse, required)
- `metadata` (map from string to any, required) — Provenance of the underwriting (source, published_utc, ...).
- `terms_source` (enum, required) — Which terms monitoring scores against.
  - Allowed values: `underwritten`, `negotiated`
- `negotiated_terms` (NegotiatedTermsResponse, optional, nullable) — The agreed term sheet; absent until negotiation closes.

## Errors

### 422 Unprocessable Entity Error

Validation Error

- `detail` (list of ValidationError, optional)

## Types

### DealTermsResponse

Term sheet of a CAC financing deal. Months are S&M months; the cap ladder is keyed by the payback month.

- `gross_margin` (double, required) — Reference income factor applied to revenue LTV.
- `advance_rate` (double, required) — Share of each cohort's S&M spend the fund finances.
- `max_term` (integer, required) — Last S&M month in which the fund is paid.
- `cap_floor` (double, required) — Return cap for a payback within cap_ramp_months.
- `cap_ceiling` (double, required) — Highest return cap.
- `cap_step` (double, required) — Return-cap increase per payback month after the ramp.
- `cap_ramp_months` (integer, required) — Payback months at the floor cap.
- `acceleration_schedule` (map from string to double, required) — Minimum gmLTV / CAC by S&M month.
- `acceleration_increment` (double, required) — Threshold increase per month after the schedule's last month, capped at 100%.
- `irr_cap` (double, optional, nullable) — Annualized IRR the fund may earn on each cohort; payments stop once it is reached. Null: none.
- `custom_cap_step` (CustomCapStepResponse, optional, nullable) — Return-cap step replacing cap_step from a payback month on. Null: cap_step throughout.

### PerformanceLimitsResponse

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

- `max_principal_payback` (integer, required)
- `max_principal_payback_accelerated` (integer, required)
- `max_full_payback_accelerated` (integer, required)
- `min_gross_irr` (double, required)

### UnderwritingBaselineResponse

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

- `forward_ltv` (list of double, required) — Raw revenue LTV per customer by S&M month 1..max_term.
- `planned_spend` (map from string to double, required) — Planned total S&M spend by cohort month (YYYY-MM).
- `cac_intercept` (double, required) — CAC = cac_intercept + cac_slope * ln(total S&M spend).
- `cac_slope` (double, required)

### HistoricalCohortResponse

A cohort already observed at underwriting, priced on its own curve and CAC.

- `cohort` (string, required)
- `ltv` (list of double, required) — Raw revenue LTV per customer by S&M month 1..max_term.
- `cac` (double, required)
- `modelled_spend` (double, required) — Total S&M spend of the cohort: CAC times customers.

### NegotiatedTermsResponse

- `terms` (DealTermsResponse, required) — Term sheet of a CAC financing deal. Months are S&M months; the cap ladder is keyed by the payback month.
- `metadata` (map from string to any, required) — When and why the agreed terms were recorded.

### ValidationError

- `loc` (list of ValidationErrorLocItems, required)
- `msg` (string, required)
- `type` (string, required)
- `input` (any, optional)
- `ctx` (ValidationErrorCtx, optional)

### CustomCapStepResponse

A return-cap step replacing cap_step from one payback month on (the deal-model template's CUSTOM step).

- `period` (integer, required) — First payback month on the custom step.
- `increment` (double, required) — Return-cap increase per payback month from period on.

### ValidationErrorLocItems

- string
- integer

### ValidationErrorCtx

## Examples

**Response**

```json
{
  "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": {}
  }
}
```

**SDK Code**

```python
import requests

url = "https://app.termina.ai/api/v1/group/1/deal/1/data/cac-financing/underwriting"

headers = {"Authorization": "Bearer <token>"}

response = requests.get(url, headers=headers)

print(response.json())
```

```javascript
const url = 'https://app.termina.ai/api/v1/group/1/deal/1/data/cac-financing/underwriting';
const options = {method: 'GET', headers: {Authorization: 'Bearer <token>'}};

try {
  const response = await fetch(url, options);
  const data = await response.json();
  console.log(data);
} catch (error) {
  console.error(error);
}
```

```go
package main

import (
	"fmt"
	"net/http"
	"io"
)

func main() {

	url := "https://app.termina.ai/api/v1/group/1/deal/1/data/cac-financing/underwriting"

	req, _ := http.NewRequest("GET", url, nil)

	req.Header.Add("Authorization", "Bearer <token>")

	res, _ := http.DefaultClient.Do(req)

	defer res.Body.Close()
	body, _ := io.ReadAll(res.Body)

	fmt.Println(res)
	fmt.Println(string(body))

}
```

```ruby
require 'uri'
require 'net/http'

url = URI("https://app.termina.ai/api/v1/group/1/deal/1/data/cac-financing/underwriting")

http = Net::HTTP.new(url.host, url.port)
http.use_ssl = true

request = Net::HTTP::Get.new(url)
request["Authorization"] = 'Bearer <token>'

response = http.request(request)
puts response.read_body
```

```java
import com.mashape.unirest.http.HttpResponse;
import com.mashape.unirest.http.Unirest;

HttpResponse<String> response = Unirest.get("https://app.termina.ai/api/v1/group/1/deal/1/data/cac-financing/underwriting")
  .header("Authorization", "Bearer <token>")
  .asString();
```

```php
<?php
require_once('vendor/autoload.php');

$client = new \GuzzleHttp\Client();

$response = $client->request('GET', 'https://app.termina.ai/api/v1/group/1/deal/1/data/cac-financing/underwriting', [
  'headers' => [
    'Authorization' => 'Bearer <token>',
  ],
]);

echo $response->getBody();
```

```csharp
using RestSharp;

var client = new RestClient("https://app.termina.ai/api/v1/group/1/deal/1/data/cac-financing/underwriting");
var request = new RestRequest(Method.GET);
request.AddHeader("Authorization", "Bearer <token>");
IRestResponse response = client.Execute(request);
```

```swift
import Foundation

let headers = ["Authorization": "Bearer <token>"]

let request = NSMutableURLRequest(url: NSURL(string: "https://app.termina.ai/api/v1/group/1/deal/1/data/cac-financing/underwriting")! as URL,
                                        cachePolicy: .useProtocolCachePolicy,
                                    timeoutInterval: 10.0)
request.httpMethod = "GET"
request.allHTTPHeaderFields = headers

let session = URLSession.shared
let dataTask = session.dataTask(with: request as URLRequest, completionHandler: { (data, response, error) -> Void in
  if (error != nil) {
    print(error as Any)
  } else {
    let httpResponse = response as? HTTPURLResponse
    print(httpResponse)
  }
})

dataTask.resume()
```