Mill City Provides $2.5 Million Short-Term Bridge for Real-Estate Venture
Mill City Ventures III (NASDAQ:MCVT) announced a $2.5 million bridge loan to a multi-family real estate project, which is expected to mature in six months. The loan promises an 18% current return and is secured by personal guarantees from the principal owners of the borrower. CEO Douglas M. Polinsky noted the loan reflects Mill City's capacity to respond swiftly to customer needs, delivering favorable terms. Founded in 2007, Mill City is a non-bank lending and specialty finance company.
- Secured a $2.5 million bridge loan for a real estate venture.
- Expected 18% return on investment from the loan.
- Loan backed by personal guarantees, reducing default risk.
- None.
MINNEAPOLIS, MN / ACCESSWIRE / February 2, 2023 / Mill City Ventures III, Ltd. ("Mill City" or the "Company") (NASDAQ:MCVT) announced today it has provided a
Mill City Chief Executive Officer, Douglas M. Polinsky, said, "This latest loan was made to a longtime customer of Mill City's with a robust real-estate business. We were able to structure the loan and fund it in a very short period of time and will generate very favorable terms for Mill City. It represents another example of our ability to react to the short-term needs of our customers with flexibility and profitable financing solutions."
About Mill City
Founded in 2007, Mill City is a short-term non-bank lending and specialty finance company. Additional information can be found at www.sec.gov.
Forward-Looking Statements and Safe Harbor Notice
All statements other than statements of historical facts included in this press release are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements include our expectations and those statements that use forward-looking words such as "projected," "expect," "possibility" and "anticipate." The achievement or success of the matters covered by such forward-looking statements involve significant risks, uncertainties and assumptions. Actual results could differ materially from current projections or implied results. Investors should carefully read the risk factors set forth in the Company's prospectus contained within the Form S-1 filed with the SEC on April 26, 2022, as amended, subsequent filings and future periodic reports filed with the SEC. All of the Company's forward-looking statements are expressly qualified by all such risk factors and other cautionary statements.
The Company cautions that statements and assumptions made in this press release constitute forward-looking statements and make no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. The information set forth herein speaks only as of the date hereof. The Company and its management undertake no obligation to revise these statements following the date of this news release, other than as required by law.
CONTACT:
Joseph A. Geraci, CFO
952-479-1920
Investor Contact:
TraDigital IR
John McNamara
917-658-2602
john@tradigitalir.com
SOURCE: Mill City Ventures III Ltd.
View source version on accesswire.com:
https://www.accesswire.com/737809/Mill-City-Provides-25-Million-Short-Term-Bridge-for-Real-Estate-Venture
FAQ
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