Sachem Capital Corp. Announces New Credit Facility
02 Mars 2023 - 10:53PM
Sachem Capital Corp. (NYSE American: SACH) (“Sachem”, “the
Company”), a financing company that specializes in originating,
underwriting, funding, servicing, and managing a portfolio of first
mortgage loans, announced today the Company has entered into a $45
million revolving line of credit with Needham Bank.
Mr. John Warch, Sachem Capital’s Chief Financial
Officer, stated, “Given our growing pipeline of opportunities we
are pleased to close on this attractive financing as it
significantly enhances Sachem's financial flexibility and
liquidity. This additional line of credit provides the financial
capacity to further scale our business and execute on our growth
strategy. We appreciate the confidence and strong support of
Needham Bank as we look to continue to grow into the future.”
“This transaction with Sachem demonstrates
Needham Bank’s commitment to the real estate lending market. We
look forward to building our relationship with Sachem and
supporting them as their lending opportunities grow,” said Joseph
Campanelli, Chairman, President and Chief Executive Officer of
Needham Bank.
The intended purpose of this line of credit is
to support the Company’s working capital needs, general corporate
purposes and to fund new mortgage loan originations. The capacity
of the revolving credit facility can be increased to $75 million
with an accordion expansion feature, which is subject to obtaining
participating lender commitments.
Needham Bank is the sole acting Agent Bank.
Additional details relating to the Facility will
be available in the Company’s Current Report on Form 8-K, including
the exhibits thereto, which the Company expects to file on or
before March 2, 2023, and will be available
at www.sec.gov.
About Sachem Capital
Corp.Sachem Capital Corp. is a financing REIT that
specializes in originating, underwriting, funding, servicing, and
managing a portfolio of first mortgage loans. It offers short-term
(i.e., three years or less) secured, nonbanking loan to real
estate investors to fund their acquisition, renovation,
development, rehabilitation, or improvement of properties. The
company’s primary underwriting criteria is a conservative loan to
value ratio. The properties securing the loans are generally
classified as residential or commercial real estate and, typically,
are held for resale or investment. Each loan is secured by a first
mortgage lien on real estate and is personally guaranteed by the
principal(s) of the borrower. The company will also make
opportunistic real estate purchases apart from its lending
activities.
Forward Looking StatementsThis
press release may contain forward-looking statements. All
statements other than statements of historical facts contained in
this press release, including statements regarding our future
results of operations and financial position, strategy and plans,
and our expectations for future operations, are forward-looking
statements. The words “anticipate,” “estimate,” “expect,”
“project,” “plan,” “seek,” “intend,” “believe,” “may,” “might,”
“will,” “should,” “could,” “likely,” “continue,” “design,” and the
negative of such terms and other words and terms of similar
expressions are intended to identify forward-looking statements. We
have based these forward-looking statements largely on our current
expectations and projections about future events and trends that we
believe may affect our financial condition, results of operations,
strategy, short-term and long-term business operations and
objectives and financial needs. These forward-looking statements
are subject to several risks, uncertainties and assumptions as
described in our Annual Report on Form 10-K for 2021 filed with the
U.S. Securities and Exchange Commission on March 31, 2022, as
supplemented by our subsequently filed Quarterly Reports on Form
10-Q. Because of these risks, uncertainties and assumptions, the
forward-looking events and circumstances discussed in this press
release may not occur, and actual results could differ materially
and adversely from those anticipated or implied in the
forward-looking statements. You should not rely upon
forward-looking statements as predictions of future events.
Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee
future results, level of activity, performance, or achievements. In
addition, neither we nor any other person assumes responsibility
for the accuracy and completeness of any of these forward-looking
statements. We disclaim any duty to update any of these
forward-looking statements. All forward-looking statements
attributable to us are expressly qualified in their entirety by
these cautionary statements as well as others made in this press
release. You should evaluate all forward-looking statements made by
us in the context of these risks and uncertainties.
Investors:Email:
investors@sachemcapitalcorp.com
Sachem Capital (AMEX:SACH)
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