Mill City Ventures Participates in $1.25M Short Term Insurance Settlement, Continuing to Pursue Additional Lending in Settled Claims, Asset-Based Loans, Real Estate Backed Loans and Other Bespoke Lending Opportunities
Mill City Ventures III, Ltd. (OTCQB: MCVT) announced funding of a $1.25M settled insurance claim, which matures in 120 days. CEO Douglas M. Polinsky stated that participating in settled claims is a favorable risk-reward opportunity, offering higher returns at lower risk. The company's focus remains on various lending avenues including settled claims, asset-based loans, and real estate-backed loans. Mill City is also working with NASDAQ to meet listing requirements. The announcement includes forward-looking statements that highlight potential risks and uncertainties affecting future results.
- Funding of a $1.25M settled insurance claim, indicating active investment.
- Focus on favorable risk-reward propositions in settled claims and specialized lending.
- CEO emphasizes commitment to pursuing additional lending opportunities.
- Risks associated with competition and changes in loan market rates.
- Uncertainties regarding the continued demand for specialty non-bank loans.
MINNEAPOLIS, Feb. 7, 2022 /PRNewswire/ -- Mill City Ventures III, Ltd. (OTCQB: MCVT), a non-bank lender and specialty finance company announced today its funding of a settled insurance claim. Mill City's portion of participation in the settlement is approximately
Mill City Chief Executive Officer Douglas M. Polinsky said, "As the opportunities to participate in additional settled insurance claims present themselves, we move swiftly to participate. In our view the settled claims represent a favorable risk and reward proposition. The claims purchases represent a higher return lower risk investment from our perspective. In addition, we can provide a valuable service in helping people due money on adjudicated or finalized settlements to wait no longer than necessary. We continue to pursue additional lending in settled claims, asset-based loans, real estate backed loans and other bespoke lending opportunities."
An adjudicated or final settlement is one where we fund the amount of the settlement to an intermediary who purchases the settlement from the payee in advance of the payor, usually an insurance company, making the settlement payment. This is economically equivalent to making a short term loan backed by the payment of the settlement.
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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