Sachem Capital (SACH), a ‘hard money’ real estate lender has announced a new offering of cumulative preferred stock.
SACH has 3 issues of baby bonds outstanding, but this will be their 1st preferred offering. While they have 1 issue currently able to be called they have not published the intention to do so.
EarlyBird was right on this one. Yield talk is in the 7.75% to 8% area–this means it will probably price at 7.625% as yield talk has tended a bit high in recent new issues.