Renters are taking advantage of lower interest rates to become first-time home buyers, creating a housing boom:
Real estate has now become popular. Real estate listings are moving quickly. And this is quite different from what we were seeing in December and January of 2020. Yes, we are seeing a migration from the cities. We are seeing people take advantage of the low interest rates. Once again housing is becoming affordable.
– John Villano, CEO and CFO, Sachem Capital, in the latest earnings call
Sachem Capital (SACH) has been in a position to benefit from the new popularity. The company reported a 41% increase in revenue despite the pressures of COVID-19. Net income increased from $0.06 per share to $0.10.
Sachem is in the business of hard money lending, a business that is not as ominous and foreboding as it may sound. A hard money loan is simply