Sachem Capital Corp is a real estate finance company that specializes in originating, underwriting, funding, servicing, and managing a portfolio of short-term loans secured by first mortgage liens on real property primarily located in Connecticut. The company operates through its wholly-owned subsidiary, Sachem Capital Partners LLC.
In addition to its core lending business, Sachem also provides property management services and is involved in real estate development projects.
As of December 31, 2020, the company had a portfolio of 74 loans with a total principal balance of approximately $107.8 million. The loans have an average term of 13.7 months and are secured by properties with an average loan-to-value ratio of 62.8%.
Sachem Capital Corp issued 7.75% Notes Due 2025 (Ticker: SCCC) in February 2020 with a total principal amount of $25 million. These notes are senior, unsecured debt obligations of the company and pay interest semi-annually in arrears on February 15 and August 15 of each year. The notes are not callable prior to maturity.
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