Mill City Ventures III, Ltd. (“Mill City”)(OTCQB:MCVT) announced today the total financings for the quarter were nearly $8M. The amount includes a previously announced loans of approximately $2M.
Mill City Chief Executive Officer Douglas M. Polinsky stated, “We have continued to be opportunistic in various financings presented to the Company. We have expanded the scope of our loan profiles and have continued to position the Company to achieve higher returns through our ability to perform due diligence quickly and fund in short order. Presently, we expect our current loan portfolio to drive results unmatched in any other quarter in the Company’s 13-year history.”
The Company completed a litigation funding loan for $1.8M for an adjudicated settlement relating to people harmed by the California wildfires originating from Pacific Gas and Electric power lines that were downed by trees. The opportunity was introduced to the Company by Witnex, Inc., a litigation finance consulting firm that has assisted in the financing of approximately $1B in plaintiff claims. The loan is secured by the future fees anticipated to be collected.
In addition, the Company completed a $3M bridge loan to a real estate investment company that owns and manages nearly $500M in apartment buildings in and around college campuses throughout the United States.
The Company also made a $510,000 loan secured by an interest in the previously announced $1.3M in settled claims.
Finally, the Company completed an additional $200,000 loan to a current borrower, a financial technology company, which designs and develops products and services for the transaction processing industry.
We continue to work diligently with NASDAQ to meet applicable listing requirements.
Forward-Looking Statements
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 reflect current beliefs and underlying assumptions, and 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.
