How it works

One deal. Start to finish.

Follow a $25.0M unitranche from the broker’s brief to a double opt-in introduction. The example is illustrative. The steps are how the network runs.

01DealBroker

The broker discusses the deal once.

Upload the CIM or answer a few written questions. Ninth Wave turns it into a structured deal brief, and the broker reviews and corrects it before anything is screened.

One brief, not one per lender
Nothing is screened until the broker confirms it

HVAC servicesDeal brief

Broker reviewed

$25.0M unitranche

Founder-owned · Non-sponsored · Mountain West

Facility size: $25.0M
Structure: Unitranche
EBITDA: $6.7M
Leverage: 3.7× requested
Use of proceeds: Refinancing and growth
Ownership: Founder-owned

Built from an uploaded CIM or a written briefIllustrative

02ScreenNinth Wave

The deal is screened against every lender mandate.

Each lender states how they invest in one written conversation of about 10 minutes, then reviews and corrects the result. Hard conflicts on size, structure, ownership, industry and geography remove a lender before any ranking starts.

Mandates are confirmed by the lender, never inferred
A lender outside the mandate never sees the deal

MandateNon-sponsored direct lender

Lender reviewed

U.S. direct lending

Confirmed by the lender before it is used for matching

Check size: $15–40M
Structure: Senior / unitranche
Min. EBITDA: $5.0M · $4.0M by exception
Max leverage: 3.5× · 3.75× by exception
Ownership: Non-sponsored
Geography: United States

Prefers

Founder-owned
Residential services
Recurring revenue

Will not do

Oil & gas
Restaurants
Turnarounds

Contact details stay private until you reply InterestIllustrative

03FitNinth Wave

Every match comes with its reason.

The remaining lenders are ranked, each with the strongest point of fit and any material stretch. If no lender on the network fits, the result says so.

HVAC servicesFirst call listNon-sponsored direct lender

Illustrative

Why this lender is first on the list

HVAC services · $25.0M unitranche · $6.7M EBITDA · Founder-owned

Strong fit · leverage to confirm

Illustrative credit compared with a lender mandate
Parameter	This credit	Lender mandate	Read
Facility size	$25.0M	$15–40M	Within range
Structure	Unitranche	Senior / unitranche	Aligned
Ownership	Founder-owned	Non-sponsored	Aligned
Sector	Residential HVAC services	Residential services	Stated preference
EBITDA	$6.7M	$5.0M minimum	Above minimum
Leverage	3.7× requested	3.5× · 3.75× by exception	Exception to confirm

Why it fits

Facility size sits inside the $15–40M range. Founder-owned residential services is a stated preference, and EBITDA clears the $5.0M minimum.

Where it stretches

Requested leverage of 3.7× is above the 3.5× maximum and inside the 3.75× exception range. Confirm the exception and current hold appetite.

The lender replies from emailInterestPassFeedback

Broker approves
Lender opts in
Introduction

Illustrative only. A potential fit is not a financing commitment, and this example is not a live lender or borrower.

04ApproveBroker

The broker approves every recipient.

The ranked list is a recommendation, not a distribution. Nothing reaches a lender until the broker selects that lender, and nothing is broadcast.

Lenders are shown by type until they opt in
The broker can approve one lender or several

HVAC servicesFirst call list

2 of 4 approved

$25.0M unitranche

Founder-owned · Non-sponsored · Mountain West · $6.7M EBITDA

Non-sponsored direct lender $15–40MFacility inside the range. Founder-owned services is a stated preference.
Strong fit
Lower middle market credit fund $10–50MUnitranche is the core product. Active in residential services.
Strong fit
Generalist middle market BDC $20–75MFacility size and structure align.
Fit with a stretch
Family office credit vehicle $10–30MNon-sponsored focus. Flexible on covenants.
Fit with a stretch

Nothing is shared until you approve the recipientIllustrative

05ConnectLender

The lender replies from email. Then the introduction is made.

An approved lender receives the opportunity with the reason for fit attached, and replies Interest, Pass or Feedback from the email itself. Names and contact details are exchanged only after the lender opts in. Diligence and the relationship stay with the two professionals.

Broker says yes before the deal is shared
Lender says yes before contact details are exchanged
Both decisions are recorded

InboxNew opportunity

Strong fit

HVAC services · $25.0M unitranche

Shared by a broker who approved you as a recipient

Why it fits

Facility size sits inside your $15–40M range. Founder-owned residential services is a stated preference, and EBITDA clears your $5.0M minimum.

Reply from this emailInterestPassFeedback

Broker approves
Lender opts in
Introduction

Illustrative

Boundaries

What Ninth Wave does not do.

No directory: Ninth Wave does not publish a member, lender or broker directory. No one can browse the network.
No unapproved outreach: Nothing reaches a lender unless the broker approved that lender as a recipient.
Not underwriting: Matching is not underwriting, and a potential fit is not a financing commitment. Each lender runs its own diligence.

View the sample documents Matching methodology Security and confidentiality

Request access. Join the founding cohort.

Join as a lender Join as a broker

Ninth Wave is not a broker-dealer. It makes introductions only and does not negotiate or handle funds. Matching is not underwriting, and a potential fit is not a financing commitment.