Sachem Capital Corp. (NYSE American: SACH) announced today that on October 3, 2019 its board of directors authorized and declared a third quarter dividend of $0.12 per share to be paid to shareholders of record as of the close of trading on the NYSE American on October 14, 2019. The dividend will be payable on October 22, 2019.
John Villano, CPA, co-chief executive officer and chief financial officer of Sachem Capital Corp., stated: “Following the recent restructuring of our balance sheet, we now have greater flexibility to originate new loans, have committed resources to grow our mortgage loan portfolio and, consequently, anticipate improved profitability as well as cash flow in the second half of 2019. In line with our mission to provide investors attractive risk-adjusted returns, the Board has decided to maintain our dividend of $0.12 per share with respect to the recently completed third quarter.”
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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