Bavan

The more desperate a borrower was, the more profit the Iron Bank could squeeze from him. Unfortunately for Bavan, Ronan's face gave him nothing.

According to the Iron Bank's intelligence, the Blood Wolf Company was not in financial crisis. In other words, Ronan had no obvious reason to seek a loan.

The bank rarely accepted borrowers from the sellsword trade in the first place. Their profession carried too much risk. A sellsword captain could die tomorrow and leave the Iron Bank chasing a corpse for its principal.

The Iron Bank preferred lending to landed nobles in Westeros. Whether the borrower lived or died, his family and lands remained, and the debt could still be collected.

Bavan had received Ronan only because the man was strange. There was no trace of him in the Iron Bank's deeper records, and that offended his pride more than he wished to admit.

The Blood Wolf Company already carried weight in the sellsword market. Plenty of patrons wanted to hire them: magisters of the Free Cities, wealthy lords, even slave masters from Slaver's Bay hoping to shield themselves from Dothraki raids.

Ronan had refused them all. Now, for some reason, that same man had come to the Iron Bank for a loan.

He could not understand the path of Ronan's thoughts, but he very much wanted to learn it.

"Captain Harrow, at present your credit would stand at roughly one hundred gold coins. To a man in your position, such a sum is hardly worth mentioning."

"Please understand, this is not because the Iron Bank doubts your strength. The bank must simply ensure that it can recover its principal."

"Of course, if you can offer collateral of sufficient value, I have the authority to raise that amount."

One hundred gold coins might keep an ordinary man comfortable for life. For a sellsword company that drank blood on the edge of a blade, it was the price of a single contract.

If Ronan were willing to accept work from the patrons chasing him, he would not have needed to cross half the world for such a small loan.

The offer was clearly meant to dismiss him. It was also an invitation to see whether he could produce something surprising enough to change the calculation.

"What does the Iron Bank consider valuable collateral?"

Ronan looked across the table, and the banker seemed to brighten at the question. His eyes took on the sharp gleam of a merchant who smelled profit.

"In truth, the Iron Bank lacks nothing. What we require is simple: principal and interest returned on every loan. If you can provide a guarantee strong enough, Captain Harrow, the gold of the Iron Bank becomes available to you."

Ronan understood at once. The bank wanted a guarantor behind him. Seeing the difficulty on Ronan's face, Bavan offered a path forward.

"You might enter the service of a person of great importance and have that person assume responsibility for the loan."

The suggestion sounded fanciful, but Ronan understood it immediately. Who in the world needed help, lacked security, and was poor enough to consider guaranteeing a sellsword company?

Only the last Targaryen heirs, exiled across the sea, came to mind. Still, Ronan was no fool. Sometimes a clever man gained less than one who looked ignorant.

He let confusion show on his face.

"Which person of importance do you mean? And are you certain he would guarantee a sellsword company? I do not need a small amount."

Bavan remained perfectly calm.

"If you can sign a contract with that person, the Iron Bank can approve the loan you require."

"Truly?"

Even Ronan, sharp as he was, found that confidence strange. Had he misunderstood? Was Bavan not speaking of the Targaryens?

Why else would the man dare make such an offer? Even at the height of their power, the Targaryens might not have won that promise so easily.

Now their surviving heirs were broken exiles. What leverage did they still have left? Did the Iron Bank truly believe House Targaryen could reclaim the Iron Throne?

When Bavan let the words prince and princess slip into the conversation, Ronan knew his guess had been right. He still confirmed it.

"If the Blood Wolf Company signs an agreement with the surviving Targaryen heirs, the Iron Bank will satisfy our loan request?"

Bavan gave him a mildly exasperated look and explained with care.

"The Iron Bank does not require an employment contract. It requires a guarantee agreement. How you obtain one depends on your ability."

"Second, the Iron Bank does not lend without limit. If the amount exceeds the guarantor's ability to bear the debt, we will stop the loss in time."

"And do not think to use the Targaryens for some scheme of your own. The Sealord would be displeased. I suggest you seek other allies as well, such as Magister Illyrio of Pentos. He seems interested in those same exiles."

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