Mark up the term sheet from the borrower's side
Rung 4 of 10 · Constraints + negative instructions
1 · Learn the move · Constraints + negative instructions
A term sheet arrives and the price is usually the least negotiable thing on it. The room is in the non-price terms: recourse, prepay, reserves, cash management, carve-outs, extension options. Working the borrower's side, your job is to quote each term as issued, flag which ones are worth pushing, and draft the counter-point with the borrower's rationale. The hard negatives keep you honest: never invent a 'market standard' the borrower didn't hand you as leverage, never promise the lender will accept, treat every counter as a proposed ask and not a fact. And the loan documents govern, not your markup, the actual language routes to counsel. You surface the asks; the borrower and their lawyer decide.
The bank sent this term sheet. How hard can we push back? [paste term sheet]
2 · Your turn. You write the prompt
You represent the borrower and the bank issued a term sheet: rate 7.10% fixed, 5-year term, 65% LTV, full recourse, 1% prepayment fee, 12-month interest reserve, springing cash management. The borrower wants to push on recourse (wants it to burn off) and on prepay (wants flexibility to sell in year 3). Write the negotiation markup that flags the negotiable terms and drafts the borrower's counter-points. Without inventing a 'market' figure or promising the bank will budge.
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