Mill City Ventures III, Ltd. (NASDAQ:MCVT), a non-bank lender and specialty finance company based in Wayzata, Minnesota, has announced significant updates to its lending portfolio. The company has increased the interest rate on an existing $2.5 million credit facility from 15% to 24% while extending its maturity date, demonstrating its proactive management strategy. Additionally, Mill City has originated a new $400,000 secured short-term loan, also carrying a 24% interest rate. These financial maneuvers reflect Mill City's commitment to disciplined underwriting standards and its focus on generating superior risk-adjusted returns for investors, as highlighted by CEO Douglas M. Polinsky. The company continues to see robust demand for its short-term capital solutions across various sectors, including real estate and small business lending.
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