Sachem Capital Corp., a financing company that specializes in originating, underwriting, funding, servicing, and managing a portfolio of first mortgage loans, entered into a $45 million revolving line of credit with Needham Bank.

John Warch, Sachem Capital’s Chief Financial Officer, stated, “Given our growing pipeline of opportunities we are pleased to close on this attractive financing as it significantly enhances Sachem's financial flexibility and liquidity. This additional line of credit provides the financial capacity to further scale our business and execute on our growth strategy. We appreciate the confidence and strong support of Needham Bank as we look to continue to grow into the future.”

“This transaction with Sachem demonstrates Needham Bank’s commitment to the real estate lending market. We look forward to building our relationship with Sachem and supporting them as their lending opportunities grow,” said Joseph Campanelli, Chairman, President and Chief Executive Officer of Needham Bank.

The intended purpose of this line of credit is to support the Company’s working capital needs, general corporate purposes and to fund new mortgage loan originations. The capacity of the revolving credit facility can be increased to $75 million with an accordion expansion feature, which is subject to obtaining participating lender commitments.

Needham Bank is the sole acting Agent Bank.