MINNEAPOLIS, MN / ACCESSWIRE / January 13, 2025 / Mill City Ventures III, Ltd. ("Mill City") (NASDAQ:MCVT), a non-bank lender and specialty finance company, announced today certain select data from its 2024 short-term lending operations.
Mill City's short-term loan activity in fiscal year 2024 included the following:
$17,145,000 in principal amount of loan extensions for six loans
$4,550,000 in principal amount for four new short-term loans
$8,507,500 in principal amount of maturities for seven short-term loans
The four new short-term loans originated during the year have a weighted-average yield (excluding all applicable fees) of 27.49% per annum.
"With approximately $6M of current liquidity and a consistent and growing demand from potential and existing borrowers, we are extremely optimistic about 2025. Our intention, as has been historically, is to continue pursuing our goal of increasing the weighted-average interest rate of our short-term loan portfolio," commented Chief Executive Officer, Douglas M. Polinsky.
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.millcityventures3.com or www.sec.gov.
Contact:
Joseph A. Geraci
Chief Financial Officer
jg@millcityventures3.com
612-868-5815
On X: @millcity_3
SOURCE: Mill City Ventures III, Ltd.
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