Build

Term Sheets

Create, update, delete, and view term sheet data for deals in the Lev API.

Updated June 2026

GET/api/external/v2/deals/{deal_id}/term-sheets

GET/api/external/v2/deals/{deal_id}/term-sheets/{term_sheet_id}

POST/api/external/v2/deals/{deal_id}/term-sheets

PATCH/api/external/v2/deals/{deal_id}/term-sheets/{term_sheet_id}

DELETE/api/external/v2/deals/{deal_id}/term-sheets/{term_sheet_id}

Overview

Term sheets are loan quotes attached to a placement on a deal. A deal can have many term sheets (one per quote received), and one can be marked as the winning quote.

Endpoint	Description
`GET /deals/{deal_id}/term-sheets`	List term sheets for a deal
`GET /deals/{deal_id}/term-sheets/{id}`	Get a single term sheet
`POST /deals/{deal_id}/term-sheets`	Create a new term sheet against a placement
`PATCH /deals/{deal_id}/term-sheets/{id}`	Update a term sheet (partial update)
`DELETE /deals/{deal_id}/term-sheets/{id}`	Soft-delete a term sheet (reversible by Lev support)

placement_id and deal_id are set at create time and cannot be reassigned. To move a term sheet to a different placement, delete it and create a new one.

Rate field semantics

total_rate is conditional. If the term sheet has a benchmark base_rate, total_rate is the spread over that base rate. If the term sheet has no benchmark (base_rate is null or none-fixed), total_rate is the all-in fixed rate. For base-rate quotes, calculate the displayed all-in rate as base_rate_value + total_rate when both values are known. effective_spread is the spread used for underwriting and comparison; for product-created base-rate quotes, it normally equals total_rate.

Term sheet responses include lender_name for display. When a term sheet belongs to a masked placement and you are not viewing from the deal owner's account, lender_name uses the same generic borrower-portal label style as Lender A and org_id is null.

List Term Sheets

GET/api/external/v2/deals/{deal_id}/term-sheets

List term sheets for a deal

Path parameters

deal_idintegerrequired

The deal ID

Query parameters

limitinteger

Results per page (1–200, default 50)

cursorstring

Cursor for next page

Response (200):

{
  "request_id": "e7f8a9b0-c1d2-3456-0123-567890123456",
  "timestamp": "2026-03-20T15:30:45Z",
  "data": [
    {
      "id": 15,
      "title": "JPMorgan Chase — Stabilized Multifamily",
      "lender_name": "JPMorgan Chase",
      "quote_type": "soft_quote",
      "rate_type": "fixed",
      "total_rate": 1.50,
      "base_rate": "Treasury 5-Yr",
      "base_rate_value": 4.35,
      "effective_spread": 1.50,
      "initial_funding": 5000000,
      "io_period": 24,
      "max_ltv": 0.70,
      "max_ltc": null,
      "origination_fee": 0.01,
      "term": 120,
      "recourse": "non_recourse",
      "org_id": 3200,
      "placement_id": 310,
      "winning": false,
      "notes": "Rate locks at application; 60-day close.",
      "created_at": "2026-02-10T14:00:00Z",
      "updated_at": "2026-03-01T09:15:00Z"
    }
  ],
  "pagination": {
    "total": 3,
    "limit": 50,
    "has_more": false,
    "next_cursor": null
  }
}

401unauthorized

Authentication required— Missing or invalid Authorization header

404not_found

Deal not found— The deal_id doesn't exist or isn't accessible to the authenticated user

Get Term Sheet

GET/api/external/v2/deals/{deal_id}/term-sheets/{term_sheet_id}

Get a single term sheet

Path parameters

deal_idintegerrequired

The deal ID

term_sheet_idintegerrequired

The term sheet ID

Response (200):

{
  "request_id": "f8a9b0c1-d2e3-4567-1234-678901234567",
  "timestamp": "2026-03-20T15:30:45Z",
  "data": {
    "id": 15,
    "title": "JPMorgan Chase — Stabilized Multifamily",
    "lender_name": "JPMorgan Chase",
    "quote_type": "soft_quote",
    "rate_type": "fixed",
    "total_rate": 1.50,
    "base_rate": "Treasury 5-Yr",
    "initial_funding": 5000000,
    "io_period": 24,
    "max_ltv": 0.70,
    "max_ltc": null,
    "origination_fee": 0.01,
    "term": 120,
    "recourse": "non_recourse",
    "org_id": 3200,
    "placement_id": 310,
    "winning": false,
    "created_at": "2026-02-10T14:00:00Z",
    "updated_at": "2026-03-01T09:15:00Z",
    "capital_source_type": "balance_sheet",
    "base_rate_value": 4.35,
    "effective_spread": 1.50,
    "recourse_type": "full",
    "payment_method": "current_pay",
    "prepayment_penalty": "yield_maintenance",
    "prepayment_penalty_details": "Yield maintenance for first 7 years, 1% thereafter",
    "amortization": 360,
    "extension_one": 12,
    "extension_two": null,
    "extension_three": null,
    "floor": 5.00,
    "floor_type": "total_rate",
    "good_faith_deposit": 50000.0,
    "min_dscr": 1.25,
    "min_debt_yield": 0.08,
    "ir_details": null,
    "notes": "Subject to property inspection and environmental review"
  }
}

401unauthorized

Authentication required— Missing or invalid Authorization header

404not_found

Term sheet not found— The term_sheet_id or deal_id doesn't exist or isn't accessible to the authenticated user

Create Term Sheet

POST/api/external/v2/deals/{deal_id}/term-sheets

Create a new term sheet against a placement

Supports the Idempotency-Key header to prevent duplicate creation. Requires the termsheets:write scope.

Path parameters

deal_idintegerrequired

The deal ID

Request body (required)

placement_idintegerrequired

ID of the placement (lender outreach) this quote belongs to. Must be a placement on this deal

total_ratenumberrequired

Rate as a percent. Send the spread when `base_rate` is set, and send the all-in fixed rate when `base_rate` is omitted or `none-fixed`

initial_fundingintegerrequired

Provided loan amount (whole dollars)

quote_typestringrequired

Quote type enum (see [Enums](#enums))

rate_typestringrequired

Rate type enum (`fixed` or `floating`)

Request body (optional)

titlestring

Free-text title

winningboolean

Mark as the winning quote on the deal. Defaults to `false`

is_visible_to_borrowerboolean

Whether the term sheet is visible to the borrower. Defaults to `true`

base_ratestring

Base-rate identifier — accepts either an enum key (e.g. `treasury_y5`, `sofr_m1`, `prime_rate`) or the display value returned by [`GET /market/base-rates`](/build/market-data#base-rates) (e.g. `Treasury 5-Yr`, `SOFR 30-Day Avg`, `Prime Rate`). Use `none-fixed` for fixed-rate quotes with no underlying benchmark. When this is a real base-rate identifier, send `total_rate` as the spread over that base rate

max_ltvnumber

Maximum loan-to-value as a decimal ratio (e.g. `0.70` for 70%)

max_ltcnumber

Maximum loan-to-cost as a decimal ratio (e.g. `0.65` for 65%)

additional_fundinginteger

Additional funding amount

floornumber

Rate floor as a percent (e.g. `5.00` for 5%)

floor_typestring

Floor type (`base_rate` or `total_rate`)

terminteger

Term length in months

amortizationinteger

Amortization period in months

io_periodinteger

Interest-only period in months

extension_oneinteger

First extension period in months

extension_twointeger

Second extension period in months

extension_threeinteger

Third extension period in months

recoursestring

Recourse category enum

recourse_typestring

Recourse type enum

prepayment_penaltystring

Prepayment penalty enum

prepayment_penalty_detailsstring

Free-text prepayment penalty details

min_dscrnumber

Minimum debt-service coverage ratio (e.g. `1.25`)

min_debt_yieldnumber

Minimum debt yield as a decimal ratio (e.g. `0.08` for 8%)

origination_feenumber

Origination fee as a decimal ratio (e.g. `0.01` for 1%)

extension_feenumber

Extension fee as a decimal ratio (e.g. `0.0025` for 0.25%)

exit_feenumber

Exit fee as a decimal ratio (e.g. `0.005` for 0.5%)

good_faith_depositnumber

Good-faith deposit amount

notesstring

Free-text notes

ir_detailsstring

Free-text interest reserve details

payment_methodstring

Payment method enum

capital_source_typestring

Capital source type enum (lender program classification)

See Enums for the full list of valid values for each enum field.

Quote visibility after create

The list and detail endpoints filter out term sheets whose quote_type is not in the default-visible set or whose is_visible_to_borrower is false. A successful create followed by a GET returning 404 means the row exists but is hidden by policy — re-check the quote_type and is_visible_to_borrower values you sent.

curl -X POST "https://api.lev.com/api/external/v2/deals/101/term-sheets" \
  -H "Authorization: Bearer YOUR_API_KEY" \
  -H "Content-Type: application/json" \
  -H "Idempotency-Key: 550e8400-e29b-41d4-a716-446655440000" \
  -d '{
    "placement_id": 310,
    "total_rate": 1.50,
    "initial_funding": 5000000,
    "quote_type": "soft_quote",
    "rate_type": "fixed",
    "base_rate": "treasury_y5",
    "term": 120,
    "io_period": 24,
    "max_ltv": 0.70,
    "recourse": "non_recourse",
    "origination_fee": 0.01,
    "title": "JPMorgan Chase — Stabilized Multifamily"
  }'

Response (201): returns the full term-sheet detail object (see Term Sheet Object).

401unauthorized

Authentication required— Missing or invalid Authorization header

404not_found

Placement not found— `placement_id` doesn't exist, isn't on this `deal_id`, or isn't accessible to the authenticated user

404not_found

Deal not found— `deal_id` doesn't exist or isn't accessible to the authenticated user

422validation_error

quote_type: input is not a valid enum member— Unknown enum value sent for one of the enum fields

422validation_error

base_rate: not a valid BaseRateNames member— Unknown `base_rate` value — the response includes the full list of valid options

Update Term Sheet

PATCH/api/external/v2/deals/{deal_id}/term-sheets/{term_sheet_id}

Update a term sheet (partial update)

Supports the Idempotency-Key header. Requires the termsheets:write scope. Send only the fields you want to change — at least one body field is required.

Path parameters

deal_idintegerrequired

The deal ID

term_sheet_idintegerrequired

The term sheet ID

placement_id and deal_id are locked at create time and cannot be reassigned — to move a term sheet to a different placement, delete it and create a new one.

Request body

titlestring

Free-text title

winningboolean

Mark or unmark as the winning quote on the deal

total_ratenumber

Rate as a percent. Interpreted against the resulting `base_rate`: spread when `base_rate` is set, all-in fixed rate when `base_rate` is `null` or `none-fixed`. Omitting `base_rate` leaves the existing base-rate setting unchanged

initial_fundinginteger

Provided loan amount (whole dollars)

quote_typestring

Quote type enum (see [Enums](#enums))

rate_typestring

Rate type enum (`fixed` or `floating`)

base_ratestring|null

Base-rate identifier — enum key (e.g. `treasury_y5`) or display value (e.g. `Treasury 5-Yr`). Omit to leave unchanged. Send `null` or `none-fixed` for fixed-rate quotes with no benchmark; see special handling below

max_ltvnumber

Maximum loan-to-value as a decimal ratio (e.g. `0.70` for 70%)

max_ltcnumber

Maximum loan-to-cost as a decimal ratio

additional_fundinginteger

Additional funding amount

floornumber

Rate floor as a percent

floor_typestring

Floor type (`base_rate` or `total_rate`)

terminteger

Term length in months

amortizationinteger

Amortization period in months

io_periodinteger

Interest-only period in months

extension_oneinteger

First extension period in months

extension_twointeger

Second extension period in months

extension_threeinteger

Third extension period in months

recoursestring

Recourse category enum

recourse_typestring

Recourse type enum

prepayment_penaltystring

Prepayment penalty enum

prepayment_penalty_detailsstring

Free-text prepayment penalty details

min_dscrnumber

Minimum debt-service coverage ratio (e.g. `1.25`)

min_debt_yieldnumber

Minimum debt yield as a decimal ratio

origination_feenumber

Origination fee as a decimal ratio (e.g. `0.01` for 1%)

extension_feenumber

Extension fee as a decimal ratio

exit_feenumber

Exit fee as a decimal ratio

good_faith_depositnumber

Good-faith deposit amount

notesstring

Free-text notes

ir_detailsstring

Free-text interest reserve details

is_visible_to_borrowerboolean

Whether the term sheet is visible to the borrower

payment_methodstring

Payment method enum

capital_source_typestring

Capital source type enum

See Enums for the full list of valid values for each enum field.

Special handling for boolean fields. Sending winning: null or is_visible_to_borrower: null returns 422 — these fields require an explicit boolean. Omit the field to leave it unchanged, or send true/false.

Special handling for base_rate. Most fixed-rate quotes still reference a benchmark (e.g. treasury_y5 for "Treasury 5-Yr + spread") — pair rate_type: "fixed" with the benchmark name. Omitting base_rate leaves the existing setting unchanged. Use base_rate: null or "none-fixed" only when the lender quoted a flat rate with no underlying index reference. When the resulting term sheet has a benchmark base_rate, total_rate is the spread; when the resulting base_rate is null or none-fixed, total_rate is the all-in fixed rate.

curl -X PATCH "https://api.lev.com/api/external/v2/deals/101/term-sheets/15" \
  -H "Authorization: Bearer YOUR_API_KEY" \
  -H "Content-Type: application/json" \
  -d '{
    "base_rate": "treasury_y5",
    "total_rate": 1.60,
    "winning": true,
    "notes": "Lender widened spread by 10bps after market move; deal team flagged as winning"
  }'

Response (200): returns the updated term-sheet detail object.

400bad_request

Request body must contain at least one field to update— Empty request body

401unauthorized

Authentication required— Missing or invalid Authorization header

404not_found

Term sheet not found— `term_sheet_id` or `deal_id` doesn't exist, doesn't match, or isn't accessible

422validation_error

winning cannot be null. Send true or false to update it, or omit the field to leave it unchanged.— Explicit `null` on `winning` or `is_visible_to_borrower`

422validation_error

base_rate: not a valid BaseRateNames member— Unknown `base_rate` value

Delete Term Sheet

DELETE/api/external/v2/deals/{deal_id}/term-sheets/{term_sheet_id}

Soft-delete a term sheet

Soft delete — the term sheet is marked deleted and excluded from subsequent reads, but can be restored by Lev support. Requires the termsheets:write scope.

Path parameters

deal_idintegerrequired

The deal ID

term_sheet_idintegerrequired

The term sheet ID

curl -X DELETE "https://api.lev.com/api/external/v2/deals/101/term-sheets/15" \
  -H "Authorization: Bearer YOUR_API_KEY"

Response (200):

{
  "request_id": "c3d4e5f6-a7b8-9012-cdef-123456789012",
  "timestamp": "2026-05-19T15:30:45Z",
  "data": {
    "deleted": true
  }
}

401unauthorized

Authentication required— Missing or invalid Authorization header

404not_found

Term sheet not found— `term_sheet_id` or `deal_id` doesn't exist, doesn't match, or isn't accessible

Term Sheet Object

The list endpoint returns a summary response, while the detail endpoint returns additional fields.

Summary Fields (List + Detail)

Field	Type	Description
`id`	integer	Term sheet identifier
`deal_id`	integer\|null	Deal this term sheet belongs to
`title`	string\|null	Term sheet title
`lender_name`	string\|null	Display lender name. Masked non-owner reads use borrower-portal labels such as Lender A
`quote_type`	string\|null	Quote type (`guidance`, `indication`, `soft_quote`, `hard_quote`, `term_sheet`)
`initial_funding`	integer\|null	Initial funding amount
`total_rate`	number\|null	Conditional rate value. Spread over `base_rate` when a benchmark is set; all-in fixed rate when `base_rate` is null or `none-fixed`.
`base_rate`	string\|null	Display value of the base rate (e.g. `Treasury 5-Yr`, `SOFR 30-Day Avg`) or `none-fixed`
`base_rate_value`	number\|null	Base-rate snapshot as a percent. For base-rate quotes, display all-in rate as `base_rate_value + total_rate` when both values are known
`effective_spread`	number\|null	Effective spread as a percent for underwriting and comparison. For base-rate quotes, this normally equals `total_rate`.
`rate_type`	string\|null	Rate type (`fixed`, `floating`)
`term`	integer\|null	Loan term in months
`io_period`	integer\|null	Interest-only period in months
`recourse`	string\|null	Recourse type
`max_ltv`	number\|null	Maximum Loan-to-Value ratio
`max_ltc`	number\|null	Maximum Loan-to-Cost ratio
`origination_fee`	number\|null	Origination fee as a decimal ratio
`exit_fee`	number\|null	Exit fee as a decimal ratio
`org_id`	integer\|null	Lender organization ID. Null on masked non-owner reads
`placement_id`	integer\|null	Associated placement ID
`winning`	boolean\|null	Whether this is the winning term sheet
`is_visible_to_borrower`	boolean	Whether the term sheet is visible to the borrower
`notes`	string\|null	Free-form notes on the term sheet
`created_at`	string\|null	Creation timestamp
`updated_at`	string\|null	Last update timestamp

Additional Detail Fields (Detail Only)

These fields are only returned by the GET /deals/{deal_id}/term-sheets/{id} endpoint:

Field	Type	Description
`capital_source_type`	string\|null	Capital source type
`recourse_type`	string\|null	Recourse type detail
`payment_method`	string\|null	Payment method
`prepayment_penalty`	string\|null	Prepayment penalty type
`prepayment_penalty_details`	string\|null	Prepayment penalty details
`amortization`	integer\|null	Amortization period in months
`extension_one`	integer\|null	First extension option (months)
`extension_two`	integer\|null	Second extension option (months)
`extension_three`	integer\|null	Third extension option (months)
`floor`	number\|null	Rate floor
`floor_type`	string\|null	Floor type
`good_faith_deposit`	number\|null	Good faith deposit amount
`min_dscr`	number\|null	Minimum DSCR requirement
`min_debt_yield`	number\|null	Minimum debt yield requirement
`ir_details`	string\|null	Interest reserve details

Enums

All enum values are lowercase on the wire. Unknown values return 422 with the full list of valid options.

Field	Valid values
`quote_type`	`guidance`, `indication`, `soft_quote`, `hard_quote`, `term_sheet`
`rate_type`	`fixed`, `floating`
`recourse`	`personal_recourse`, `fund_corporate_recourse`, `non_recourse`
`recourse_type`	`full`, `partial`, `burn_off`
`floor_type`	`base_rate`, `total_rate`
`prepayment_penalty`	`step_down`, `defeasance`, `minimum_interest`, `yield_maintenance`, `minimum_multiple`, `swap_breakage`, `no_prepayment_penalty`, `no_ability_to_prepay`, `flat_fee`, `other`
`payment_method`	`accrued`, `partial`, `current_pay`
`capital_source_type`	`balance_sheet`, `agency`, `cmbs_clo`, `warehouse`, `sba`
`base_rate`	Either an enum key (e.g. `treasury_y5`, `sofr_m1`, `prime_rate`) or the matching display value returned by `GET /market/base-rates` (e.g. `Treasury 5-Yr`, `SOFR 30-Day Avg`, `Prime Rate`). Both forms are accepted on write. Use the literal `none-fixed` for fixed-rate quotes with no underlying benchmark. When you send a real base-rate value, send `total_rate` as the spread over that base rate