Mill City completes additional loan funding
MINNEAPOLIS, Dec. 16, 2020 /PRNewswire/ -- Mill City Ventures III, Ltd. (“Mill City”) (OTCQB: MCVT) announced today the completion of a $1.25M loan to a borrower in anticipation of a tax refund to the borrower. The borrower has a robust business in real estate and has offered substantial collateral to secure the loan.
Specific terms of the loan were not disclosed. However, Mill City Chief Executive Officer Douglas M. Polinsky said, “The loan was made to a very qualified borrower and the terms fall in line with the general profile of our existing loan portfolio. We are able to receive above market rates due to our quick underwriting and funding.”
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, 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 specialty finance company providing short-term non-bank lending. Additional information can be found at www.sec.gov.
SOURCE Mill City Ventures III, Ltd.