Mill City Ventures III, Ltd. Advances $1.15 Million To Award-winning Senior Care Provider

Rhea-AI Summary

Mill City Ventures III, (NASDAQ:MCVT), a non-bank lender and specialty finance company, has announced its entry into the senior care industry with a $1.15 million short-term loan for two senior care development projects. CEO Douglas M. Polinsky highlighted the company's streamlined underwriting process, which enabled them to meet the closing deadline for this promising project. The funding aligns with Mill City's goal of achieving returns exceeding 20% on an annualized basis.

The company has observed an increase in funding opportunities since early 2024 and continues to pursue transactions in various sectors, including adjudicated insurance settlements, asset-based loans, and real estate backed loans.

Positive

• Expansion into the growing senior care industry
• Successful funding of a $1.15 million short-term loan
• Streamlined underwriting process enabling quick project involvement
• Goal of obtaining returns exceeding 20% annualized
• Increased demand for funding opportunities in 2024

Negative

• None.

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
jg@millcityventures3.com
952-479-1920

SOURCE: Mill City Ventures III, Ltd.

View the original press release on accesswire.com

FAQ

What is the value of Mill City Ventures III's recent loan for senior care projects?

Mill City Ventures III (NASDAQ:MCVT) advanced a $1.15 million short-term loan to facilitate two senior care development projects.

What is Mill City Ventures III's target return on investments?

Mill City Ventures III (NASDAQ:MCVT) aims to obtain returns exceeding 20% on an annualized basis.

Has Mill City Ventures III (MCVT) seen an increase in funding opportunities in 2024?

Yes, Mill City Ventures III has observed an increase in demand for funding opportunities since the beginning of 2024.

What types of transactions does Mill City Ventures III (MCVT) pursue?

Mill City Ventures III pursues transactions in adjudicated insurance settlements, asset-based loans, real estate backed loans, and other investment opportunities.