Mill City Ventures III, Ltd. Announces Amendment to Loan Agreement with Mustang Funding, LLC
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Mill City Ventures III, Ltd. Announces Amendment to Loan Agreement with Mustang Funding, LLC
MINNEAPOLIS, MN / ACCESS Newswire / January 29, 2025 / Mill City Ventures III, Ltd. ("Mill City") (NASDAQ:MCVT), a non-bank lender and specialty finance company, announced today the execution of Amendment No. 5 to its Fourth Short-Term Loan Agreement and Fourth Short-Term Promissory Note ("the Note") with Mustang Funding, LLC. This amendment reflects continued collaboration between the parties and introduces several key updates to the agreement and Note, effective January 21, 2025.
The highlights of the amendment include the following:
The Note's maturity date has been extended to March 28, 2027, providing additional flexibility for Mustang Funding to manage its financial objectives.
The annual rate has been revised to 20%, with 15% payable in cash monthly and 5% deferred until maturity or earlier acceleration.
Mill City Ventures' Chief Executive Officer Douglas M. Polinsky commented, "We are pleased to extend and revise the terms of our agreement with Mustang Funding. The amendments align with our strategic objectives and reinforce our commitment to fostering mutually beneficial partnerships."
This amendment reaffirms Mill City Ventures' commitment to providing financial solutions that support the growth and stability of its partners while optimizing returns for its shareholders.
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
[email protected]
612-868-5815
On X: @millcity_3
SOURCE: Mill City Ventures III, Ltd.
View the original press release on ACCESS Newswire
D.Johnson--AT
