Sachem Capital Corp. secured a $35 million revolving credit facility with Webster Business Credit Corp., Bankwell Bank and Berkshire Bank.
The facility is secured by a first priority lien on substantially all of the company’s assets. Amounts outstanding under the facility will bear interest at a floating rate equal to 30-day London Interbank Offered Rate plus 4.00% per annum. It will be due and payable on May 11, 2022.
The facility replaces its $20 million credit facility with Bankwell Bank, which has now been repaid in full and terminated.
The company recorded a $2.0 million net income for the first quarter of 2018, a 120% increase from the $896,778 recorded in the first quarter of 2017. Total revenue for the first quarter was around $2.7 million, compared to about $1.3 million recorded during the year-ago period.
