The 60-second answer
Multi-location operators have three funding paths, each with different pricing and risk:
- Single-entity aggregated MCA. All locations under one LLC, one advance against combined revenue. Cheapest pricing (1.20–1.28), highest concentration risk.
- Multi-entity portfolio MCA. Each location an LLC, single funder writes against the portfolio with cross-guarantees. Middle pricing (1.24–1.32), balanced risk.
- Location-by-location MCA. Independent advances per location. Most expensive (1.28–1.40 per deal), strongest risk isolation.
The right structure depends on revenue concentration, the legal structure of the existing entities, the type of business, and the merchant's risk tolerance on cross-entity collections.
Single-entity aggregated MCA
If all locations operate under a single LLC or corporation, the simplest structure is a single advance against combined revenue. 2026 pricing:
- Factor rate: 1.20 to 1.28
- Term: 9 to 15 months
- Funding amount: Up to 100% of trailing monthly combined revenue; $500K–$2M ticket range
- Repayment: Daily or weekly ACH from the central business account
- Reconciliation: Standard at this size; aggregated revenue dip triggers
The advantages:
- Cheaper pricing because the aggregated revenue base is bigger and more stable
- Single underwriting submission, faster closing
- Single repayment account simplifies cash management
- Reconciliation clause covers aggregated revenue, not per-location
The risks:
- One missed payment puts the entire entity in default
- A location-level lawsuit or closure can cascade to the funder's default trigger
- Locations cannot be sold independently without funder consent during the term
Multi-entity portfolio MCA
If locations are structured as separate LLCs (common in restaurants, retail, and franchising), funders can underwrite a portfolio deal with cross-entity guarantees. 2026 pricing:
- Factor rate: 1.24 to 1.32
- Term: 8 to 12 months
- Funding amount: Up to 90% of trailing monthly aggregated revenue
- Repayment: Daily or weekly ACH from one designated entity's account
- Structural terms: Cross-entity personal guarantee and corporate guarantee from each LLC
The active 2026 funders for portfolio deals:
- CFG (Channel Partners Capital). Specialty in multi-entity restaurant and franchise portfolios; up to $2M ticket.
- Credibly Portfolio Desk. 3+ entity threshold; up to $1.5M ticket.
- Kapitus. Multi-state portfolio funding; up to $1M.
- Rapid Finance. Large multi-location operators; up to $2M+ on negotiated terms.
Location-by-location MCA
Each location funds independently with its own MCA. This is the most expensive path but the cleanest risk isolation. 2026 pricing:
- Factor rate per deal: 1.28 to 1.40 (each location priced as a standalone business)
- Term: 6 to 12 months per deal
- Funding amount per location: 80–120% of that location's trailing monthly revenue
- Repayment: Daily ACH from each location's account
The structure makes sense when:
- One location is performing materially better than others and shouldn't be penalized by the weak location's pricing
- A location is being prepared for sale and should carry its own clean balance sheet
- Locations are in different states with different legal exposures (COJ, broker disclosure, usury)
- The merchant explicitly wants to limit cross-entity collections risk
Worked example: a 5-location restaurant group
5 locations under one LLC, $480K/month combined revenue, owner FICO 700, $50K average daily balance, no open MCAs, needs $400K for a 6th location buildout.
Three quote scenarios:
Single-entity aggregated
- Funder: Credibly
- Amount: $400K at 1.24 factor, 12-month term
- Total payback: $496K
- Daily ACH: ~$1,968 from central account
- Risk: Missed ACH triggers default across all 5 locations
Portfolio (assume restructured as 5 LLCs)
- Funder: CFG Portfolio Desk
- Amount: $400K at 1.27 factor, 11-month term
- Total payback: $508K
- Daily ACH: ~$2,191 from designated payment LLC
- Risk: Cross-entity guarantee; one location's failure does not automatically close the others, but the corporate guarantee from each LLC means the funder can pursue all
Location-by-location
- Funder mix: Forward Financing × 3, Kapitus × 2
- Amount: $80K per location at average 1.32 factor, 8-month term
- Total payback per deal: $105.6K each, $528K combined
- Daily ACH: ~$620/location, $3,100 combined across 5 accounts
- Risk: One location's default does not touch the others
The single-entity aggregated path saves $32K in fees over location-by-location ($496K vs $528K payback) but ties all 5 locations together. The right choice depends on the merchant's view of the underlying risk in each location.
Entity structure considerations
Before applying for a multi-location MCA, the merchant should know how the entity structure interacts with the funding path:
- Single LLC owns all locations. Cleanest path to single-entity aggregated MCA. Most franchise systems forbid this structure.
- Holding LLC owns multiple location LLCs. Common in restaurant and retail groups. Portfolio MCA works; some funders will accept the holding LLC's guarantee as the corporate guarantee.
- Independent LLCs with common ownership. Each location is a standalone LLC owned by the same individual or trust. Portfolio MCA possible with cross-entity guarantees; location-by-location is the simpler path.
- Franchise locations under franchisor-required entity structure. Constraints vary by franchisor; most allow single-location MCAs but restrict cross-collateralization. Read the franchise agreement before applying.
Industry-specific multi-location pricing notes
Multi-location restaurants
Restaurant portfolio MCAs price tightest because the cash flow is daily and predictable. Specialty funders (CFG, Credibly's restaurant desk) routinely write 1.22–1.26 factor on 5+ location operators.
Multi-state trucking carriers
Trucking carriers with multiple yards face state-by-state regulatory differences (DOT, PUC, IFTA) and often run separate LLCs by state. Portfolio MCAs at 1.26–1.32 from Kapitus and Forward Financing; specialty trucking desks at CFG and Reliant.
Multi-location retail (specialty, beauty, fitness)
Retail multi-location pricing depends on the industry. Beauty/spa and fitness portfolios price at 1.26–1.32. Apparel/specialty retail tend to price wider (1.30–1.38) because of seasonality.
Franchise portfolios
Multi-unit franchise operators (3+ units of a recognized brand) get specialty pricing and structural flexibility. CFG and Credibly run franchise desks with relationship pricing that can hit 1.20–1.24 factor for top-tier QSR franchise operators.
What to negotiate in a multi-location MCA contract
- Reconciliation by aggregated revenue. Make sure the reconciliation clause uses combined revenue, not single-location revenue.
- Limit corporate-guarantee scope. Negotiate so that cross-entity corporate guarantees only attach to the unpaid balance, not the full advance amount.
- Successor-location consent. Get pre-approval for opening additional locations during the term without funder consent.
- Sale-of-location consent. Negotiate for sale of individual locations during the term subject to pro-rata payoff, not requiring full advance payoff.
- Weekly ACH from a single designated account. Simplifies cash management across the portfolio.
The bottom line
Multi-location operators have meaningfully better pricing options than single-location businesses — but the structural complexity of the contract is also higher. The right path depends on entity structure, revenue concentration, and risk tolerance on cross-entity collections. A 5-minute call with a portfolio-desk underwriter at the submission stage usually saves 2–4 basis points and avoids contract surprises.
Frequently asked questions
- Can I fund all locations under one MCA?
- Yes, if the locations are under a single legal entity that owns all bank accounts and revenue. This is the cheapest path because aggregated revenue produces a bigger eligible ticket and tighter pricing. The risk: a default at one location accelerates collections against all locations.
- How do funders price a multi-entity portfolio?
- Two ways: consolidated underwriting on combined revenue (cheaper, requires cross-entity guarantees) or location-by-location (more expensive per-deal but isolates risk per entity). Major funders like CFG, Credibly, and Kapitus run portfolio desks for 3+ location operators.
- What's the funding cap on multi-location MCAs?
- Funder caps scale with aggregated revenue. A 5-location restaurant group doing $500K/month combined can typically access $500K–$1M in a single advance. Specialty funders like CFG and Rapid Finance write up to $2M on 10+ location operators.
- Do all locations need the same paper grade?
- No, but the weakest location often anchors the deal. If 4 locations are B-paper and 1 is C-paper, expect blended C+ pricing on the portfolio deal. Many merchants exclude the weakest location from the deal to keep pricing tight.
- What happens at renewal for multi-location MCAs?
- Funders aggressively retain multi-location merchants. Renewals at this tier often come with 4–6 basis point improvements, weekly ACH, and reconciliation as standard. Specialty funders may move you into a quarterly draw facility instead of one-shot advances.