BRANFORD, Conn.--(BUSINESS WIRE)--Sachem Capital Corp. (NYSE American: SACH) announced today that its board of directors authorized and declared a quarterly dividend of $0.12 per share to be paid to shareholders of record as of the close of trading on the NYSE American on December 31, 2020. The dividend will be payable on January 8, 2021.
John Villano, CPA, Chief Executive Officer of Sachem Capital Corp., stated, “This most recent dividend brings the total amount of dividends paid for 2020 to $0.48 per share, reflecting our strong performance despite the COVID-19 pandemic and demonstrating our commitment to maximizing shareholder value. To support our continued expansion in 2021, we recently completed a $25 million public offering of our 7.75% notes due 2025 and we just received notice that the underwriters have exercised their overallotment option to purchase an additional $3 million aggregate principal amount of notes. The closing on those additional notes is currently scheduled for December 29, 2020. These additional funds enable us to capitalize on the market demand for our loan products.”
About Sachem Capital, Corp.
Sachem Capital Corp. (the “Company”) specializes in originating, underwriting, funding, servicing and managing a portfolio of mortgage loans secured by first mortgage liens on real property (referred to in the industry as “hard money” loans). Its customers include real estate investors and developers who use the proceeds of the loans to fund their acquisition, renovation, development, rehabilitation and/or improvement of properties located primarily in Connecticut. The properties securing the Company’s loans are generally classified as residential or commercial real estate and, typically, are held for resale or investment. The Company does not lend to owner occupants. The Company’s primary underwriting criteria is a conservative loan to value ratio. The Company believes that it qualifies and operates as a real estate investment trust (REIT) for federal income tax purposes.
Forward Looking Statements
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