Mulligan Funding is a family-owned lender that has been providing online small business financing and financial services since 2008. Mark and David Leibowitz founded Mulligan Funding after seeing how financial institutions neglected business owners in 2008. The Innovative Lending Platform Association (ILPA) member operates in San Diego, with David serving as the CEO. The business lending partner prides itself on building relationships with its clients and enabling them to access funding to foster business growth.
What is Mulligan Funding?
Mulligan Funding has partnered with Mark Ruddock and his fintech company Nuula to provide working capital loans for entrepreneurs and small business owners. This partnership helps Mulligan Funding provide personal attention for their clients instead of letting algorithms do all of the work. In addition, you will receive support from a dedicated loan advisor who can address your unique business needs.
Mulligan Funding also features a streamlined process that’s quick and straightforward (1) . You get quick access to funds upon approval, and the business lending partner doesn’t even conduct a hard credit check. Plus, business owners can choose from an assortment of loan options from Mulligan Funding’s in-house underwriting team—some of which aren’t readily available through traditional banks.
Why Choose Mulligan Funding for Your Business Loan
There’s no shortage of funding options for small business loans through traditional banks and online lenders. Business owners have many choices, but Mulligan Funding has several advantages that help them stand out from the crowd. We have highlighted some of Mulligan Funding’s features that could make it the best choice for your small business:
- Long-Game Lending Partner: Growing businesses come back to Mulligan Funding again and again. Business owners love having a trusted partner to walk them through the process, knowing that a lifelong lending partnership is in everyone’s best interest. Mulligan Funding works to keep its customers happy for the life of their business.
- Streamlined application process: It only takes a few minutes to apply for small and medium-sized business loans, and there are no hard credit checks ever to view loan offers. (1)
- Rapid funding speed: You’ll get a rapid lending decision, and most loans offer funding in just one business day. (1) It can take over a week to receive funding from traditional banks.
- Human Underwriters may mean Lower Rates, More Capital and Higher Approvals: Unlike many financial partners who use a computer algorithm to dictate loan terms, Mulligan Funding’s human underwriting department has the ability to understand your complete story, especially in a time when COVID-19 impacted how your business looks on paper, this human touch has been a lifesaver for some of Mulligan Funding’s recent customers.
- Flexible lending solutions: Whether you’re seeking a working capital loan or other funding options, Mulligan Funding offers access to competitive, flexible terms and a manageable payment structure that works for your business. You could be eligible to borrow between $5,000 and $2,000,000. (*)
Types Of Business Loans Mulligan Funding Offers
Working Capital Loans
Working capital loans are designed to help you get over temporary financial humps in your business and provide the funds needed to cover almost any business-related expense. Loan amounts range from $5,000 to $2,000,000 with a loan term between 3 and 24 months.
To qualify, you’ll need revenue of at least $120,000 over the past 12 months. You won’t be required to put up any hard collateral, and you may be eligible for a working capital loan even if you have less-than-perfect credit.
Working capital loans are better merchant cash advances because merchant cash advance lenders only look at debit and credit card transactions to determine financing. If most of your revenue comes from cash, you won’t get as much financing as you deserve. Merchant cash advances are also more expensive than working capital loans in the long run.
You can get approved as soon as a few hours and have the funds in your account as soon as the next business day. (*)
Small Business Term Loans
Small business term loans are ideal for business owners who want to make longer-term investments. You have free rein on how you use these funds, but it’s popular to use these funds for some of the following expenses:
- Expand your company’s offerings
- Hire more staff
- Ram up your marketing efforts
- Purchase inventory or equipment
- Open a new location
- Make improvements to a commercial property you use for your business
These loan products are reserved for small businesses that have two or more years of business experience, operate profitably, and have earned at least $120,000 in revenue in the past 12 months.
Small business term loans are an attractive option for business owners seeking consistent monthly payments. Fixed interest rates make these loans more manageable. You can extend the loan’s duration to reduce your monthly loan payments and have more cash flow left for your business.
If approved, you’ll receive between $5,000 and $2,000,000 with a 3 to 24-month repayment period. Additionally, you won’t be required to take all the funds at once—you’ll have the option to borrow only what you need, so you only pay for what you’ve borrowed! This model follows what you would expect from a business line of credit. Only borrowing when you use capital can minimize your monthly costs when you don’t need the cash right away.
Most applications are reviewed and receive a lending decision within 24 hours. Funds are generally dispersed within two business days following the loan approval. (1)
SBA Bridge Loans
SBA Bridge Loans are available to small business owners who’ve already applied for an SBA loan but are patiently awaiting formal approval. This financial opportunity gives you access to capital sooner instead of waiting 30-90 days for the SBA to approve your loan request. They range from $5,000 to $2 million and come with competitive interest rates.
You’ll have 12 months to repay the loan proceeds, even if your SBA application is denied. Plus, there are incentives (or discounts) if you pay the loan off early.
In order to qualify, you’ll need the following:
- Revenues of at least $500,000 over the past 12 months
- Two or more years in business
- A FICO score of 700 or higher
Some SBA Bridge Loans are approved in just a few hours and funded the next business day. (1)
Loan Renewals
Some business owners need an additional loan after repaying their previous loan. Small business financing provides short-term relief, but some companies continue to need financing to expand operations. Mulligan Funding has a loan renewal program that lets you replenish the loan you paid off. The family-owned lender gives their clients a quicker path to financing if they have repaid loans in the past. Good repayment history makes you eligible for Mulligan Funding’s expedited approval process. You can qualify for additional funds even before you fully repay the current loan.
It’s normal for Mulligan Funding’s clients to return for repeat business. Small business owners feel confident with the Mulligan Funding experience. Many of their clients return for more financing, demonstrating Mulligan Funding’s commitment to long-term relationships. Existing clients can start the conversation with a funding advisor after making consistent loan payments and discover what the process would entail.
Is Mulligan Funding a Good Company to Get a Loan Through?
Mulligan Funding is a reputable direct lender with several exceptional ratings from clients on Google and Trustpilot. Many of these reviews boast about Mulligan’s simple loan application process and reliable customer service. The family-owned business also holds an A+ rating and accreditation from the Better Business Bureau (BBB). (2)
How to Get Started with Mulligan Funding
Get started with Mulligan Funding by using the form on the website to request a free quote. It’s fast and simple, and it won’t affect your credit score.