Banks are imposing stringent conditions for corporate borrowers looking to finance acquisitions, in a reversal of the balance of power during the years of plentiful credit.

Lenders are forcing companies to accept loans that require a refinancing of as much as half of the funding within a year as they look for ways rapidly to cut large debt exposures, according to bankers. Julian van Kan, global head of loan syndications and trading at BNP Paribas, said the stricter repayment schedules marked a return to the lending conditions prevalent seven years ago.