Matching methodology
What makes a lender a good fit for a deal.
A contact list is only a starting point. A lender can like an industry and still be wrong for the check size, structure, borrower profile, return, geography, ownership context, or process timeline.
01Hard boundaries
Start with what rules a lender out.
Some mandate conflicts should end the analysis immediately. Examples include a deal below a lender’s minimum size, a prohibited industry, a sponsor requirement that is not met, or a capital position the lender does not provide.
- Non-sponsored direct lender$15–40MStrong fit
- Lower middle market credit fund$10–50MStrong fit
- Junior capital providerMezzanine onlyRemoved · Structure conflict
- Generalist middle market BDC$20–75MFit with a stretch
- Large cap private credit fund$75M+Removed · Outside size
02Alignment
Then ask whether it looks like a deal that lender does.
The remaining candidates require a more contextual assessment. A useful ranking asks whether the opportunity resembles the deals that lender usually engages on.
- 01Financing size and borrower scale
- 02Industry and familiarity with the business model
- 03Capital structure and use of proceeds
- 04Sponsorship and ownership context
- 05Return, leverage, and risk appetite
- 06Geography, timing, and approval process
03Explanation
A ranking without a reason is difficult to trust.
Ninth Wave pairs recommendations with a concise explanation of the strongest alignment and any material stretch so the broker can apply judgment.
Why this lender, for this credit
HVAC services · $25.0M unitranche · $6.7M EBITDA · Founder-owned
| Parameter | This credit | This 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.
- Broker approves
- Lender opts in
- Introduction
04Uncertainty
When the information is thin, say so.
Missing information should reduce confidence or prompt a question. When the available information does not support a strong match, the results should say so.
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.
When nothing fits
If no lender on the network fits, the result says so.
05Permission
A strong match still needs a yes.
Even an excellent match does not authorize distribution. A fit recommendation helps the broker decide who should receive the opportunity. It does not make that decision for them.
$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
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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.