Second Position Merchant Cash Advance in Farmington Hills, MI
Second position merchant cash advances let Farmington Hills owners raise more capital while a first advance is still running. We send one file to the funders that take them and compare the offers with you.
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What is a second position merchant cash advance, and how is it repaid?
The second position is a separate contract behind the first. In the worked example it adds $361 a day on top of the first debit.
How do funders decide?
How much of $94,000 in monthly deposits remains once the first funder is paid, and whether the account has stayed positive since the first advance.
Why take a second position instead of waiting?
Because the opportunity is now. For a restaurant, that means a patio build-out or a second location while the first advance is still running.
Who in Farmington Hills uses a second position merchant cash advance?
Among these trades, restaurants have the most locations in Farmington Hills: 146. Of them, 52% employ fewer than five people, and 340 employ 20 to 49.
| Trade | Businesses in Farmington Hills | Per 10,000 residents | U.S. per 10,000 |
|---|---|---|---|
| Restaurants | 146 | 17.5 | 15.4 |
| Residential remodelers | 39 | 4.7 | 3.9 |
| Clothing and accessories stores | 30 | 3.6 | 3.5 |
What does a second position solve for restaurants?
Second positions let a restaurant keep food deliveries, line-cook payroll and equipment upkeep covered and still fund an outdoor seating area or new kitchen line. Census data lists 146 in the city.
Is a second position right for residential remodelers?
The case for a second advance: a larger job or another crew now, with lumber, subcontractor bills and crew wages already funded. Locally, 39 operate, 1.2 times the U.S. rate.
What does a second position do for clothing and accessories stores here?
A clothing store ready for a second store or a bigger stockroom can take a second position rather than wait. That trade has 30 locations here (3.6 per 10,000 residents).
What does a worked example of a second position merchant cash advance look like?
Say a restaurant deposits $94,000 a month and already pays $416 a day on its first advance. A second position of $33,000 at a 1.38 factor rate adds $361 a day for six months. Until the first advance finishes, the account carries $777 a day, 17% of an average day's deposits.
| Sample case | Value |
|---|---|
| Monthly deposits (example) | $94,000 |
| First advance, daily debit | $416 |
| Second advance | $33,000 |
| Second advance factor rate | 1.38 |
| Second advance, daily debit | $361 |
| Combined daily debit | $777 |
| Share of an average day's deposits | 17% |
What drives the total cost?
The combined $777 daily withdrawal in the example is what funding partners price against; more room after the first withdrawal means better terms. The stacked payment calculator lets you test other amounts.
Free to apply. You never pay us a fee. We call back, usually the same business day.
Which parts of Farmington Hills are busiest?
ZIP 48334 has 1,260 employers, and its leading trade is restaurants with 53 locations.
| ZIP code | Employers | Leading trade | Its locations |
|---|---|---|---|
| 48334 | 1,260 | Restaurants | 53 |
| 48336 | 800 | Restaurants | 57 |
| 48335 | 686 | Restaurants | 33 |
| 48331 | 598 | Restaurants | 15 |
What does applying for a second MCA involve?
- Apply in about five minutes and list the advance you already have.
- We check whether your first contract allows a second position before the file goes anywhere.
- You pick the offer whose combined debit your bank deposits can carry, then sign.
Who should skip a second position merchant cash advance?
If the first advance is nearly done, waiting for a new first-position advance can cost less. If the two debits would take too much of an average day's deposits, a second position adds strain. In that case consolidation replaces the advances with one lower payment.
Which nearby cities are covered?
Novi sits 6 miles from Farmington Hills. Southfield counts 3,476 employer businesses, the most within 50 miles.
| City | Distance | Employers |
|---|---|---|
| Novi, MI | 6 miles | 2,325 |
| Southfield, MI | 6 miles | 3,476 |
| Livonia, MI | 6 miles | 3,410 |
| Birmingham, MI | 9 miles | 1,319 |
Which second position merchant cash advance questions do Farmington Hills owners raise?
Will my first MCA funder know about a second advance?
Your statements show the first debit, and the second funder reviews it. Some first contracts restrict additional advances, so we check yours before shopping the file.
What does a 2nd position MCA cost?
In the example, $33,000 at a 1.38 factor, so the payback is $45,540.
What does a restaurant need to get a second position merchant cash advance?
Recent bank statements and a few minutes for the application. Farmington Hills' 146 restaurants apply the same way as any other business.
Shall we shop a second advance for your Farmington Hills business?
Applying is free, and you never pay us a fee. Call 877-FUND-654 with any question. We call back, usually the same business day, and we talk with you before your file goes to any funder.