MINNEAPOLIS, May 16, 2022 /PRNewswire/ — Mill City Ventures III, Ltd. (OTCQB: MCVT), a non-bank lender and specialty finance company, disclosed its revenue and net profit for the quarter ended March 31, 2022 with the filing of its quarterly report on Form 10-Q on Friday May 132022. The filing stated that:
- Interest income from lending operations increased by 83% for $1 million compared to $546,000 for the period of the previous year;
- Pre-tax profit from lending operations increased to $454,000 compared to $12,000 in the period of the previous year; and
- Equity increased to $13.8Mfrom $13.4M to December 31, 2021.
“We achieved our record ninth quarter for revenue and profit from our lending operations,” the chief executive said. Douglas M. Polinsky. “We continue to see strong demand for our lending products and have been able to maintain a zero loss ratio on defaults in our lending portfolio so far.
“With the creation of our $5 million line of credit in the fourth quarter, we were able to leverage our equity and significantly grow our lending business. Our revenue growth continues to outpace operating expense growth, allowing us to increase our net margins,” said Polinsky.
The company also recently filed an S-1 registration statement for a potential common stock public offering, the proceeds of which would be used to continue to meet loan demand. Additionally, the company continues to work with its attorney and the NASDAQ to acquire a public listing.
Mill City continues to explore potential opportunities in real estate bridging loans, title loans, insurance claims, litigation funding and business acquisitions.
The forward-looking statements contained in this release are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause material differences between actual results. 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 market loan rates, and other risks.
About Mill City Ventures III, Ltd.
Mill City Ventures III, Ltd., is a non-bank short-term lending and specialty finance company.
SOURCEMill City Ventures III, Ltd.