Construction Financing · Ranked #9
Mulligan Funding: Working Capital Loans
Revenue-based financing for growing businesses. Quick funding but high cost of capital — and better suited for retail and service businesses than construction.
What Mulligan Funding Does
Mulligan Funding provides revenue-based working capital for small and mid-size businesses. Their primary product is a merchant cash advance (MCA) or revenue-based loan where they advance capital against your future revenue and collect repayment through daily or weekly bank withdrawals.
The model is simple: Mulligan Funding looks at your monthly revenue, assesses how much you can afford to repay daily, and advances a lump sum based on that calculation. Factor rates (typically 1.15 to 1.45) determine your total repayment amount. If they advance $100K at a 1.30 factor rate, you repay $130K through daily debits over the agreed term.
This model works well for businesses with predictable daily revenue — restaurants, retail stores, e-commerce companies. Money comes in daily, money goes out daily, the math works. But construction doesn't work that way. A contractor might go three weeks without a payment, then receive a $200K progress payment from a GC. Daily debits during those dry weeks can drain an operating account to zero.
Strengths
Quick Turnaround
Mulligan Funding can approve and fund loans within 24-48 hours. Their process is streamlined for speed — submit basic business documents, get a decision fast, and receive capital in your account within days.
Flexible Revenue Requirements
Instead of demanding perfect credit, Mulligan Funding weighs monthly revenue heavily in their underwriting. Businesses doing $10K+/month in revenue can qualify even with imperfect credit histories.
Dedicated Account Managers
Unlike fully automated online lenders, Mulligan Funding assigns dedicated funding specialists who walk you through the process. You talk to a human, not a chatbot. That matters when you have questions about terms.
Repeat Funding
Once you've established a relationship and repaid successfully, subsequent funding rounds are faster and may come with better terms. Mulligan Funding rewards returning borrowers.
Limitations
High Cost of Capital
Revenue-based financing is expensive. Factor rates of 1.15 to 1.45 mean you're paying 15-45% on top of the principal in fees. On a $100K advance, that's $15K-$45K in cost. Construction margins rarely tolerate that kind of financing overhead.
Not Construction-Specific
Mulligan Funding is designed for businesses with steady, predictable revenue — restaurants, retail stores, service companies. Construction revenue is project-based and lumpy. Their model doesn't account for signed contracts, retainage, or progress billing cycles.
Daily Repayment Structure
Repayment is typically structured as daily ACH withdrawals from your bank account, calculated as a percentage of revenue or a fixed amount. For contractors who might go weeks between payments from a GC, daily debits can create serious cash flow stress.
Revenue-Based Limits
Funding amounts are tied to your monthly revenue, not your contract pipeline. A contractor with $50K in monthly revenue but $500K in signed contracts will be limited to funding based on the $50K — exactly backwards from what they actually need.
Mulligan Funding vs. Mobilization Funding
The names are easy to confuse, but the companies couldn't be more different. Mulligan Funding is a general-purpose revenue-based lender based in San Diego. Mobilization Funding is a construction-specific lender based in Tampa that funds contractors against signed project contracts.
The fundamental difference is what they underwrite. Mulligan Funding looks at your past revenue to predict what you can repay. Mobilization Funding looks at your future contracts to fund what you need to execute. One is backward-looking, the other is forward-looking. For a growing contractor with a full project pipeline, that distinction is everything.
Mulligan Funding's factor rates also make the math punishing for construction. A 1.30 factor rate on a $200K advance means $60K in cost. On a project with 15% gross margins, that $60K just consumed 40% of your profit. Mobilization Funding's project-aligned structure is designed to preserve the margin you worked to earn.
| Factor | Mulligan Funding | Mobilization Funding |
|---|---|---|
| Financing Model | Revenue-based advance | Project contract financing |
| Underwriting | Monthly revenue | Signed contracts |
| Repayment | Daily ACH debits | Project-aligned |
| Cost Structure | Factor rate (1.15–1.45) | Construction-specific rates |
| Best For | Retail & service businesses | Contractors & subcontractors |
Frequently Asked Questions
Q: Is Mulligan Funding good for construction companies?
Mulligan Funding can provide emergency working capital for a contractor, but it's not designed for construction. The daily repayment structure conflicts with construction's lumpy payment cycles, the cost of capital is too high for razor-thin project margins, and the underwriting ignores the most important thing a contractor has — signed project contracts. Mobilization Funding is purpose-built for construction.
Q: How much does Mulligan Funding cost?
Mulligan Funding uses factor rates rather than traditional interest rates. Factor rates typically range from 1.15 to 1.45, meaning on a $100K advance you'd repay $115K to $145K total. The effective APR depends on your repayment term, but it's significantly higher than bank financing or construction-specific lenders.
Q: How fast does Mulligan Funding fund?
Mulligan Funding typically funds within 24-48 hours of approval. The application requires recent bank statements and basic business information. For emergency capital needs, they're faster than most banks — but slower than same-day lenders like OnDeck.
Q: What's the difference between Mulligan Funding and Mobilization Funding?
The names sound similar but the products are fundamentally different. Mulligan Funding provides revenue-based working capital for general small businesses. Mobilization Funding provides project-based financing specifically for construction companies, funding against signed contracts and structuring repayment around project timelines. Mulligan looks at your bank statements; Mobilization looks at your contracts.
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