MINNEAPOLIS, MN / ACCESSWIRE / September 13, 2024 / Mill City Ventures III, Ltd. ("Mill City") (NASDAQ:MCVT), a non-bank lender and specialty finance company, announced today its funding of a $1.15 million short-term loan in facilitation of two senior care development projects.
"This investment represents our first foray into the fast growing senior, memory and respite care industry," stated Mill City CEO Douglas M. Polinsky. He added "Our streamlined underwriting process allowed us to get involved in this transaction late in the game and still meet the closing deadline for this promising and much needed project. The funding also allows us to continue meeting our goal of obtaining returns exceeding 20% on an annualized basis."
Mill City has seen an increase in demand of funding opportunities since the beginning of 2024, and continues to pursue transaction opportunities in adjudicated insurance settlements, asset-based loans, real estate backed loans, as well as other investment opportunities.
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements, including without limitation continued demand for short-term specialty non-bank loans, the company's ability to continue growing its investment portfolio while receiving attractive returns, increased levels of competition, new products or offerings introduced by competitors, changes in the market rates of loans, and other risks.
About Mill City Ventures III, Ltd.
Founded in 2007, Mill City Ventures III, Ltd., is a short-term non-bank lending and specialty finance company. More information about the company can be obtained at www.sec.gov.
CONTACT:
Joseph A. Geraci
Chief Financial Officer
[email protected]
952-479-1920
SOURCE: Mill City Ventures III, Ltd.