Sachem Capital Corp. (NYSE MKT:SACH) Q1 2020 Earnings Conference Call - Final Transcript
May 12, 2020 • 08:00 am ET
John L. Villano
level of loan payoffs received, reducing our LTV from 70% to 50%, implementing an interest reserve and lastly, an independent director review on larger loans. In addition, we recently received $250,000 from the Paycheck Protection Program, and this money will be used for the intended purposes of the program. I am pleased to report that all our employees are safe and healthy. We have not furloughed anyone nor have we implemented pay cuts. Our employees never missed a beat with some reporting to work daily, some working from home and some doing a bit of both home and office. We expect all personnel to come back to the office when they feel it is safe to do so. Within the office itself, all personnel are complying with health department guidelines regarding personal contact and social distancing. In summary, given the current market conditions and the still unknown impact of COVID-19, we believe we are uniquely positioned as the go to non bank real estate lender, while our competitors tighten their lending criteria or flee this segment of the market. Despite the unknowns associated with COVID, the demand for our products and services remains strong, giving us tremendous confidence in terms of revenue growth, profitability and strength of our portfolio. We have built a highly scalable business model to drive increased revenue and cash flow, which will continue to grow profitability and dividends in the years ahead. I am pleased with our operating results for the quarter, and I believe we have taken the steps necessary to navigate the current market. I'm confident we will emerge from this crisis in a very strong competitive position. We remain encouraged by the outlook for our business and look forward to re-establishing our growth plans. As always, we remain fully committed to our goal of providing investors attractive risk adjusted returns. I would like to thank you all for joining the call today. At this point, we would like to open up the call for questions.