SACH - A Follow-Up Analysis On Sachem Capital

Overview

Last August, I outlined the bull case for Sachem Capital Corp (SACH) a small hard-money lender based out of Branford, CT. Sachem is structured as a REIT, its dividend yield currently sits at over 10%, and the market cap is small at $93.5M. Back then, my analysis suggested that the Company was undervalued by approximately 70%. I developed the basis for this analysis by comparing SACH to its closest peer, Manhattan Bridge Capital (LOAN), and derived valuation metrics based on this comparative analysis. Further, I also described Sachem’s business model