Mill City Ventures Closes on $3.9 million Funding The Single Largest Transaction In Corporate History

Rhea-AI Summary

Mill City Ventures III, Ltd. (OTCQB: MCVT) announced a historic funding of $3.9 million for a 350-unit apartment complex, marking its largest single investment to date. This short-term note is expected to yield an annualized return of approximately 20%. With a recent credit facility closing, the company aims to expand funding opportunities across various sectors, including adjudicated insurance settlements and real-estate-backed loans. Mill City continues to work with NASDAQ to meet listing requirements.

Positive

• Largest single investment of $3.9 million in company history.
• Expected annualized return of approximately 20%.
• Increased deal flow for investment opportunities following credit facility closure.

Negative

• Subject to market risks affecting short-term specialty non-bank loans.
• Potential increased competition in the lending market.

MINNEAPOLIS, Feb. 28, 2022 /PRNewswire/ -- Mill City Ventures III, Ltd. (OTCQB: MCVT), a non-bank lender and specialty finance company, announced today its funding of a pre-closing to the sale of a 350-unit apartment complex. Mill City Ventures advanced $3.9 million in the form of a short-term note with an anticipated annualized return of approximately 20%. This investment represents the largest single investment in company history.

Mill City Ventures' Chief Executive Officer, Douglas M. Polinsky. stated, "With the recent closing of our credit facility, we are now in a position to expand the size of our funding opportunities." Polinsky continued, "We have seen an increase in deal flow and continue to pursue investment opportunities in adjudicated insurance settlements, asset-based loans, real-estate-backed loans, and equity investment opportunities."

We continue to work diligently with NASDAQ to meet applicable listing requirements.

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.

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SOURCE Mill City Ventures III, Ltd.

FAQ

What was the amount funded by Mill City Ventures III, Ltd. for the apartment complex?

Mill City Ventures III, Ltd. funded $3.9 million for the 350-unit apartment complex.

What is the expected return on the funding provided by Mill City Ventures?

The expected annualized return on the funding is approximately 20%.

When was the funding announcement made by Mill City Ventures?

The funding announcement was made on February 28, 2022.

What type of investments is Mill City Ventures pursuing?

Mill City Ventures is pursuing investments in insurance settlements, asset-based loans, and real-estate-backed loans.

Is Mill City Ventures III, Ltd. working towards NASDAQ listing?

Yes, Mill City Ventures is actively working with NASDAQ to meet listing requirements.