The standard 36 month amortizing venture loan will ask for the first principal payment at the end of Month 1 and the final principal payment at the end of Month 36.
Some loans will ask for the last principal payment (and possibly even the first principal payment) at the time of funding. This is a holdover from the days of venture leasing and is similar to the last month security deposit required by landlords.
The impact is that on a €100 loan the company gets as little as €93 on day one which will impact short term cash flows.
Not only that, but warrants and closing fees will be payable on the full €100 and not €93.
Company tip: Be sure to clarify the payment schedule early in your process. At CLP we like to send a model with principal and interest payments clearly shown before signing a term sheet.