Sachem Capital Corp. Announces New Credit Facility
Summary
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 Companys 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.Additional details relating to the Facility will be available in the Companys 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, non\xadbanking loan to real estate investors to fund their acquisition, renovation, development, rehabilitation, or improvement of properties. The properties securing the loans are generally classified as residential or commercial real estate and, typically, are held for resale or investment. The company will also make opportunistic real estate purchases apart from its lending activities.Forward Looking StatementsThis press release may contain forward-looking statements.