MINNEAPOLIS, Oct. 1, 2021 /PRNewswire/ -- Mill City Ventures III, Ltd. ("Mill City") (OTCQB: MCVT) announced today its completion of the financing of a $1.25M asset backed loan.
"We completed the loan request in a very compressed amount of time. The loan is collateralized by an aviation aircraft and our loan to appraised value is very attractive as are the returns for this short term loan," commented Chief Executive Officer Douglas M. Polinsky. "We hope this loan continues to evidence to our investors how we are able to source diversified loans with varying degrees of risk while always being attentive in providing outsized returns relative to the risk."
Specific terms of the loan were not disclosed.
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 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.
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SOURCE Mill City Ventures III, Ltd.
