Mill City Ventures completes nearly $ 8 million in financing in the first quarter
MINNEAPOLIS, April 5, 2021 / PRNewswire / – Mill City Ventures III, Ltd. (“Mill City”) (OTCQB: MCVT) today announced that total funding for the quarter is close to $ 8 million. The amount includes already announced loans of approximately $ 2 million.
Managing Director of Mill City Douglas M. Polinsky said, “We have continued to be opportunistic in various financings presented to the company. We broadened the scope of our loan profiles and continued to position the company for higher yields through our ability to perform rapid due diligence and short-term funding. . Right now, we expect our current loan portfolio to deliver unmatched results in any other quarter during the Company’s 13-year history. “
The company has entered into a litigation finance loan for $ 1.8M for an arbitrated settlement concerning persons injured by the California forest fires from Pacific Gas and Electric power lines that were cut down by trees. The opportunity was presented to the company by Witnex, Inc., a litigation finance consultancy firm that helped fund approximately $ 1 billion in the claims of the plaintiffs. The loan is secured by future charges that are expected to be collected.
In addition, the company has achieved a $ 3 million bridge loan to a real estate investment company that owns and manages nearly $ 500 million in apartment buildings in and around university campuses United States.
The company also carried out a $ 510,000 loan secured by interest in the $ 1.3M in settled claims.
Finally, the company carried out a $ 200,000 loan to a current borrower, a financial technology company, which designs and develops products and services for the transaction processing industry.
We continue to work diligently with NASDAQ to meet applicable listing requirements.
The forward-looking statements contained in this press release are made in accordance with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect current beliefs and underlying assumptions, and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by forward-looking statements, including, without limitation, continued demand for specialized short-term non-bank loans, competitive increased, new products or offers introduced by competitors, changes in market rates of loans and other risks.
About Mill City Ventures III, Ltd.
Founded in 2007, Mill City Ventures III, Ltd., is a specialty finance company that provides short-term non-bank loans. Additional information can be found at www.sec.gov.
SOURCE Mill City Ventures III, Ltd.