BRANFORD, Conn.--(BUSINESS WIRE)--Sachem Capital Corp. (NYSE American: SACH) today announced that, effective as of Thursday, November 21, 2019, Jeffrey Villano has resigned from the company. He had been serving as co-chief executive officer, president and treasurer of the company. He was also a co-founder of the company. He will continue to serve as a member of the company’s Board of Directors. John Villano, CPA, will assume the full responsibilities as the company’s chief executive officer in addition to his role as the company’s chief financial officer. John Villano, CPA, has also been appointed as president and treasurer of the company until suitable replacements for Jeffrey Villano are found.
John Villano, CPA, chief executive officer and chief financial officer of Sachem Capital Corp., stated, “On behalf of the Board of Directors and management, I would like to thank Jeff for his contributions to Sachem and wish him well in his future endeavors. Jeff has played a significant role in Sachem’s development and growth over the last ten years. We appreciate his commitment to the company and all its employees.”
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.
Forward Looking Statements
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