At a Glance
Rating Breakdown
Performance Overview
Scores out of 5, based on our editorial analysis
About Mulligan Funding
Mulligan Funding is a direct funder based in San Diego that has carved out a specific niche: repeat MCA clients. Their first advance goes through a standard underwriting process, but their renewal system is where they differentiate. Returning clients can get re-funded within 24 hours with minimal documentation because Mulligan already has the banking history and repayment performance data. For businesses that use MCAs as a regular working capital tool (seasonal retailers, contractors bidding on projects, restaurants managing renovation cycles), this repeat-funding speed is a real advantage. The business model insight: Mulligan's renewal rate is reportedly over 60%, which means most of their revenue comes from existing clients taking subsequent advances. This creates an interesting incentive alignment — they need to keep you solvent and profitable enough to come back, which is why they tend to be more conservative on first-advance sizing than competitors. They'd rather give you $80K on your first advance and $120K on your second than give you $150K upfront and risk you defaulting. The $300K maximum reflects this conservative philosophy — they're not trying to be the biggest funder in the room, they're trying to be the one you return to.
Key Features
Repeat Funding Made Simple
Returning clients get re-funded in under 24 hours with minimal paperwork. Mulligan keeps your banking data on file and only needs the most recent month's statements. For businesses that use MCAs quarterly, this eliminates the 3-5 day application cycle every time.
Conservative First-Advance Sizing
Mulligan intentionally sizes first advances below your maximum qualification. This frustrates some first-time applicants, but it serves a purpose: lower repayment burden on your first advance means higher completion rate, which unlocks larger amounts on subsequent advances.
Direct Funding (No Syndication)
Mulligan funds entirely from their own balance sheet and does not syndicate or sell portions of your advance to third-party investors. Your repayment relationship is exclusively with Mulligan — no surprise calls from unfamiliar companies.
How It Works
Apply Online
Standard application with 3 months of bank statements. First-time applicants: expect 24-48 hour review.
Underwriting
Mulligan evaluates average daily balance, deposit frequency, and existing MCA obligations. They'll decline if you have 2+ active MCAs — a stacking policy that protects you more than it protects them.
Offer & Negotiation
First advances are conservatively sized. If you need more, ask about their two-advance structure: take a smaller first advance, repay 50%+, then renew with a larger second advance.
Funding
Wire transfer within 1-2 business days. Repeat clients may receive same-day funding.
What They Do
- Merchant Cash Advance
- Working Capital
- Revenue-Based Financing
Debt Types They Take On
- Future Business Revenue
Fee & Cost Structure
Regulatory & Trust
Review Summary
Notable Case Studies
Seasonal Retail Repeat Funding
Boutique retailer with $25K/month average revenue uses Mulligan for pre-holiday inventory funding every October. First advance was $40K at 1.28 factor. Third annual advance was $75K at 1.18 factor — repeat client pricing reduced their cost of capital by 40%.
Pros & Cons
Pros
- Repeat funding process is fast — under 24 hours for returning clients
- Conservative first-advance sizing reduces risk of cash flow strain
- Direct funder with no syndication — your relationship stays with Mulligan
- Factor rates improve significantly for repeat clients
Cons
- $300K maximum is limiting for larger businesses
- First advance is intentionally conservative — may be less than you expect to qualify for
- Daily ACH only — no weekly or percentage-of-sales options
- Limited product range — MCAs only, no term loans or lines of credit
User Reviews (13)
renewal speed is unreal
Second advance took like 6 hours. They already had everything on file from the first time. Just updated my statements and boom, funded. Hard to beat that.
gave me less than I wanted but it worked out
Kinda annoyed they only approved me for 50K when my revenue easily supported 80. But the renewal came through at 95K with a lower rate so I guess their strategy makes sense. Still frustrating in the moment though when you need the cash NOW.
$300K cap is limiting
My business outgrew their max. Needed more than $300K and they couldn't do it. Had to go elsewhere. Seems like a weird ceiling for a company that wants repeat business.
most people come back
Used them twice. They say 60% of revenue is from repeat clients which tells you something. If most people come back, the experience can't be that bad right?
renewals are SO fast
Third time using Mulligan. First time took a couple days. This time took literally 2 hours. They already have all my info on file so it's just one updated bank statement and done. Rate keeps getting better too.
daily pulls only, no weekly
Its 2025 and they still don't offer weekly payments?? Had two NSF charges because the ACH hit before my deposits cleared. Competitors already offer weekly. Mulligan needs to catch up.
rates get better each time
First advance was 1.28. Second was 1.20. Third 1.14. They actually reward you for paying on time which is more than I can say for most companies in this space.
they said no and honestly they were right
Tried to stack a third MCA on top of two existing ones. Mulligan declined me. I was mad at the time but looking back I was already stretched way too thin on daily payments. They probably saved me from going under.
been around forever
Since 2008, A+ BBB. That's rare in this industry. I picked them because I wanted someone who'd still be around in a year when my advance was paid off. Good choice.
one company one relationship
Used a broker before and when something went wrong nobody wanted to take responsibility. With Mulligan it's just them. One phone number. One person. No finger pointing. That's worth a lot.
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Frequently Asked Questions
Related Companies
Important MCA & Business Financing Disclaimers
- Merchant cash advances are not loans. They are purchases of future receivables at a discount. Because MCAs fall outside traditional lending regulations, APR-equivalent disclosures are not required by law — always ask for the total cost of capital in dollar terms.
- Effective APRs on MCAs typically range from 40% to 350%, depending on factor rate and repayment speed. The faster you repay, the higher the effective APR — a counterintuitive reality that catches many business owners off guard.
- Daily or weekly repayment deductions reduce your operating cash flow. Model the deduction against your worst-performing month (not average revenue) to stress-test whether your business can sustain the payment schedule.
- Stacking multiple MCAs (taking a second advance before the first is repaid) is one of the primary causes of small business cash flow crises. Some providers prohibit stacking; others encourage it. Understand the risks before accepting additional advances.
- Zogby is an independent comparison service. We do not provide merchant cash advances or business financing. All terms, rates, and offers are determined by the funding provider.
This page is informational, not financial or legal advice. Talk to a qualified professional before making any big money decisions.
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We make money from some companies on this page. That doesn't change our rankings -- the editorial team scores every product independently, and the business side has no say in what we recommend.