BRANFORD, Conn., June 03, 2022 (GLOBE NEWSWIRE) — Sachem Capital Corp. (NYSE American: SACH) has sold an additional $2.5 million original principal amount of its 7.125% unsecured, unsubordinated notes due 2027 (“Notes”) pursuant to the exercise, in part, of the underwriters’ over-allotment option from the previously announced registered public offering, bringing the total gross proceeds of the offering to $30.0 million, and net proceeds to $28.8 million after payment of underwriting discounts and commissions and estimated offering expenses payable by the company.
The Notes trade under the trading symbol “SCCF.”
Ladenburg Thalmann & Co. Inc., Janney Montgomery Scott LLC, InspereX LLC and William Blair & Company, LLC acted as joint book-running managers for the offering.
About Sachem Capital Corp.
Sachem Capital Corp. 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 loans (sometimes referred to as “hard money” loans) to real estate investors to fund their acquisition, renovation, development, rehabilitation or improvement of properties located primarily in Connecticut. The company does not lend to owner occupants. The company’s primary underwriting criteria is a conservative loan to value ratio. The properties securing the company’s 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. Each loan is also personally guaranteed by the principal(s) of the borrower, which guaranty may be collaterally secured by a pledge of the guarantor’s interest in the borrower. The company also makes opportunistic real estate purchases apart from its lending activities. The company believes that it qualifies as a real estate investment trust (REIT) for federal income tax purposes and has elected to be taxed as a REIT beginning with its 2017 tax year.
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