The Lender Grid · 2026 edition
Seven archetypes underwrite tech companies, and each plays a different game. The Grid crosses your revenue against your cap table and names the two to four lenders worth your time. Not the funds, not the terms. It tells you which conversations are worth having.
Answer two questions. We name your lenders.
Pick an ARR band and a posture above, or tap a cell in the grid.
Or browse the whole grid
| ARR ╲ POSTURE | The AnointedTier 1–2 sponsor | The VouchedTier 3 sponsor | The DormantBacked, inactive | The Self-MadeBootstrapped |
|---|---|---|---|---|
| $20M+ | Stabilizers Scalers | Scalers Stabilizers Accelerators Earners | Scalers Accelerators Earners | Accelerators Scalers Earners |
| $10–20M | Stabilizers Scalers | Scalers Stabilizers Accelerators | Accelerators Scalers Earners | Earners Accelerators Streamers |
| $5–10M | Stabilizers Scalers | Accelerators Stabilizers | Accelerators Stabilizers | Accelerators Stabilizers |
| $2–5M | Stabilizers | Accelerators Streamers Stabilizers | Accelerators Streamers | Accelerators Streamers |
| <$2M | Stabilizers Streamers | Streamers Accelerators | Streamers Accelerators | Streamers Accelerators |
Bold = primary archetype, most likely to lead · Regular = engages seriously · Italic = engages conditionally. Off-grid, situational: the Securitizers and Tailors can appear in any cell; they underwrite a specific asset or a single carved-out feature, not a profile.
The archetypes · how they underwrite
Cheapest capital in the market. The loan exists to win your deposits, treasury and payroll.
Single-digit IRR. Warrants minimal to none on the strongest deals.
30 to 50% of your last equity round, not ARR, not EBITDA. Checks 1 to 20 million.
They underwrite the cap table, not the business. Equity must be recent (about 6 months) or closing within 3. Without it, even a Tier 1 name reads as theoretical.
Brand-name venture debt, the big checks banks will not write. Underwrite growth and the enterprise value it implies.
Low to mid teens IRR, roughly 200 to 500 bps over a bank. Warrants a step up.
Multiple of ARR or percent of last round, beyond bank levels. Checks 10 to 100 million and up.
Brand does not mean best deal. The answer when a bank cannot go big enough, not when one is willing. Do not pay Scaler pricing for a bank-profile company.
Purpose-built to lend against recurring revenue. Home for the good SaaS business without a marquee sponsor.
Mid to high teens IRR, the highest of the profile lenders, priced for pure credit risk. Warrants common.
50 to 100% of ARR, stretching to 125% for a pristine book. Checks 2 to 20 million.
The archetype most founders should know and most do not. Watch covenants: retention floors and cash triggers set too tight can trip a healthy business.
Lend against EBITDA and its durability. Their appearance is a milestone: you borrow on your own economics, no sponsor backstop.
Low teens IRR. Warrants uncommon; success fee or equity option at the low end of the range.
2 to 4x EBITDA, to 5x for durable margins. Terms run long (4 to 7 years) and amortize little.
Covenants are real and tested. Software-specialized funds may tie them to ARR, not pure EBITDA. Same archetype, different instrumentation.
Advance against the revenue stream, repaid out of receipts. Fast, light diligence, dominant on small checks.
20s+ IRR and beyond. No warrants. Paid as a MOIC (Camp 1) or factor rate (Camp 2).
40 to 70% of TTM revenue. Often sub 2 million checks.
Two camps, one name. Camp 1 is real revenue share that flexes (a tool). Camp 2 is MCA-style and amortizes from day one (a trap). Know which you have drawn.
Lend against a specific asset (receivables, hardware, IP, loan books) at a 70 to 90%+ advance. Working capital, not growth; often runs alongside a growth facility. Near-bank pricing when collateral is strong.
Underwrite one carved-out feature, not a profile: a HNW guarantor, an anchor contract, a cohort-tied draw. Bespoke, costlier, more work to close. Papering over an unfinanceable business only deepens the problem.