MINNEAPOLIS, Jan. 14, 2021 /PRNewswire/ -- Mill City Ventures III, Ltd. ("Mill City") (OTCQB: MCVT) announced today its participation in a purchase of two settled insurance claims. Mill City's portion of participation was $1.05M.
Specific terms of the loan were not disclosed. However, Mill City Chief Executive Officer Douglas M. Polinsky said, "The purchase of this fully adjudicated settlement is another example of our flexibility as a hard money lender and specialty finance company. The settlement is well within our risk standards and the return on our investment is far above market for similar type risk investments. We are able to receive above market rates due to our quick underwriting and funding process."
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.