<SEC-DOCUMENT>0001144204-16-141072.txt : 20170310
<SEC-HEADER>0001144204-16-141072.hdr.sgml : 20170310
<ACCEPTANCE-DATETIME>20161222181539
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-16-141072
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20161222

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sachem Capital Corp.
		CENTRAL INDEX KEY:			0001682220
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				813467779
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		23 LAUREL STREET
		CITY:			BRANFORD
		STATE:			CT
		ZIP:			06405
		BUSINESS PHONE:		2034334736

	MAIL ADDRESS:	
		STREET 1:		23 LAUREL STREET
		CITY:			BRANFORD
		STATE:			CT
		ZIP:			06405
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 13pt; font-variant: small-caps"><B>Morse,
Zelnick, Rose &amp; Lander</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">A LIMITED LIABILITY PARTNERSHIP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">825 THIRD AVENUE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NEW YORK, NEW YORK 10022-4405</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">212-838-1177</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FAX &ndash; 212-208-3809</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">WRITER&rsquo;S DIRECT LINE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(212) 838-8269</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">December 22, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I><U>Filed via EDGAR</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, NE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attn: Jennifer Gowetski, Senior Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Real Estate and Commodities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mail Stop 3233</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1.25in; font-weight: bold"><FONT STYLE="font-size: 10pt">Re:</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Sachem Capital Corp. (the &ldquo;<U>Registrant</U>&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">Registration Statement on Form S-11 &nbsp;Filed October 28, 2016</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; padding-left: 10pt">File No. 333-214323 (the &ldquo;<U>Registration Statement</U>&rdquo;)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Ms. Gowetski:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have reviewed the Staff&rsquo;s comments to the above-referenced
Registration Statement as set forth in your letter, dated November 22, 2016. On behalf of the Registrant we are providing the following
responses to those comments below. For your convenience, we have copied your comments, which appear in bold. Please note that the
Registrant is simultaneously filing Amendment No. 1 to the Registration Statement and all page references in this letter are to
the prospectus included in Amendment No. 1 to the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Our Organizational Structure, page 6</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="text-align: left"><B>We note your response to comment 24 of our prior letter in which you state that Morse, Zelnick is a founder of Sachem Capital.
We further note your references to your founders and co-founders under this heading and throughout the document. Please revise
to identify all of your founders or advise.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Upon reflection, we have determined
that Morse, Zelnick is not a founder of Sachem Capital, which, for all intents and purposes, is the successor in interest to Sachem
Capital Partners. Thus, only the original founders of Sachem Capital Partners, LLC (Jeffrey Villano and John Villano) should be
deemed the founders of Sachem Capital Corp. The 80,000 common shares that Sachem Capital issued to Morse, Zelnick were for services
rendered prior to the date of its formation. We have revised the disclosure in the Registration Statement accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>2.</B></FONT></TD><TD><B>We note your disclosure regarding the recapitalization of SCP and that the parties agreed to value Sachem Capital at an
amount equal to 164% of SCP&rsquo;s members&rsquo; equity at June 30, 2016. Please revise to specifically explain how the parties
agreed to value it 164% of SCP members&rsquo; equity or advise.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attn: Jennifer Gowetski, Senior Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mail Stop 3233</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 22, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;&nbsp;2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The parties &ndash; SCP and the
representative &ndash; reached an agreement as to the pre-offering value of SCP based on the criteria identified in the prospectus
&ndash; i.e., historical performance, future prospects and market comparables. The value was a specific number, which we chose
to reflect as a function of member&rsquo;s equity. We have revised the disclosure to clarify these facts, including eliminating
the reference to capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Management&rsquo;s Discussion and Analysis, page 41</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>3.</B></FONT></TD><TD><B>We note your response to comment 18 of our prior letter that you are unable to quantify the number of loans for which there
was an event of default. Please revise your disclosure in this section or, elsewhere as applicable, to provide the information
in your response. In addition, please revise to more specifically describe how you monitor your loans and how management evaluates
the credit quality of your assets.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">We have provided additional disclosure
as per your comment. See pages 56.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>4.</B></FONT></TD><TD><B>We note your statement on page 2 that 20% of SCP&rsquo;s loan portfolio consists of loans to borrowers with whom it has
a long-term relationship. We further note your statement in your response to comment 18 that you treat an extension of a loan as
a new loan. Please revise your disclosure to provide the percentage of loans that are not paid at maturity but rather treated as
a new loan. In addition, please clarify what portion, if any, of the 20% of loans to borrowers with whom SCP has a long-term relationship
are extensions rather than new loans.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Registrant has disclosed
the portion of its current loan portfolio that consists of loans to borrowers with whom it has long-standing relationships. To
the extent your Comment is asking that the Registrant now disclose the percentage of all loans it has originated over the last
six years that have been extended, it has no ability to generate that information without manually going through every loan file,
which would be an enormously time consuming task and for which it does not have the resources. When an existing loan is extended,
the Registrant&rsquo;s loan tracking software assigns a new loan number to the loan, in effect treating the old loan as having
been repaid. However, the Registrant has analyzed its current portfolio and has been able to identify existing loans that have
matured but which have not yet been renewed. In addition, as the new table on page 56 indicates, as September 30, 2016, 19 of the
202 loans in the portfolio originated prior to 2014. It is reasonable to assume that some of these loans are probably extensions
of prior loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Please see the revised disclosure
on pages 53 and 56, including the table inserted in response to your Comment # 6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>5.</B></FONT></TD><TD><B>We note your response to comment 20 that the new loan agreement will be executed simultaneously with or immediately prior
to the effectiveness of the registration statement. Please revise to clarify, if true, that the recapitalization of SCP will cause
you to be in default of your current loan agreement. We will continue to monitor for updated disclosure regarding the new loan
agreement.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attn: Jennifer Gowetski, Senior Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mail Stop 3233</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 22, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;&nbsp;3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">As we discussed with the Staff,
there will be a new Commercial Revolving Loan and Credit Agreement between Sachem Capital Corp and Bankwell that will replace the
existing agreement between SCP and Bankwell. A form of that agreement has been filed as Exhibit __ to the Registration Statement.
The new agreement will go into effect simultaneously with the consummation of the Exchange and the Offering. Under the terms of
the new agreement, defaults, if any, under the existing agreement, will be waived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Our Loan Portfolio, page 56</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>6.</B></FONT></TD><TD><B>Please revise to provide the year of origination for loans in your portfolio.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">We have inserted an additional
table with the information requested. See page 56.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Underwriting, page 103</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>7.</B></FONT></TD><TD><B>We note your response to comment 23 of our prior letter and your related revisions on page 104 which clarify that the 1%
non-accountable expense allowance differs from your agreement to pay the underwriters&rsquo; expenses relating to the offering.
Please revise to briefly describe the 1% non-accountable expense allowance, including what it is intended to cover, how it differs
from your agreement to pay the identified underwriters&rsquo; expenses related to the offering and when it will be paid or advise.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Pursuant to the Letter of Intent regarding the Offering
between the Registrant and Joseph Gunnar, the representative of the several underwriters, the representative is entitled to will
receive the 1% non-accountable expense allowance regardless of their actual expenses incurred in addition to reimbursement for
the specific expenses incurred in connection with the offering identified under the caption &ldquo;Underwriting&rdquo; in the prospectus
only to the extent such expenses are actually incurred with respect to the offering. The non-accountable expense allowance was
a negotiated term of the underwriter&rsquo;s engagement and is intended to approximate underwriter expenses for which documentation
is not required. Like all underwriters&rsquo; compensation, the non-accountable expenses allowance is subject to the approval of
FINRA. The underwriters have advised us that they expect to incur expenses in excess of those specific expenses for which the Company
will provide reimbursement. We believe our disclosure with respect to the non-accountable expenses allowance and actual out-of-pocket
expense reimbursement is consistent with how these items are described by many registrants. Nevertheless, we added disclosure on
page 103 to clarify the difference between these two items.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Financial Statements, page F-1</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>8.</B></FONT></TD><TD><B>Please revise your financial statements to include the required interim periods in addition to the year to date periods
presented in accordance with Rule 8-03 of Regulation S-X.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The financial and operational
data throughout the prospectus, including the financial statements included therein, has been updated to reflect information and
data for the nine months ended and as of September 30, 2016 and 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attn: Jennifer Gowetski, Senior Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mail Stop 3233</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 22, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;&nbsp;4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>9.</B></FONT></TD><TD><B>Notwithstanding the above, please ensure your results of operations have been updated as a result of any revisions that
are made.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">See response to comment 8 above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Pro Forma Statement of Operations, page F-20</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>10.</B></FONT></TD><TD><B>We note your response to our prior comment 25; however, your pro forma adjustment in Note (2)(7) of $(363,315) to opening
members&rsquo; equity and your disclosure that the transaction occurred on January 1, 2015 continue to suggest that your pro forma
balance sheet presentation as of June 30, 2016 does not conform to the pro forma requirements for balance sheets under Rule 8-05(b)(2)
of Regulation S-X. Therefore, we re-issue our comment. Please revise your pro forma balance sheet assuming the transaction occurred
on June 30, 2016 rather than January 1, 2015.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The pro forma information included
in the financial statements and elsewhere in the prospectus has been revised per your comment and pursuant to a telephone conference
between the Registrant&rsquo;s auditors and the Staff accountant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>11.</B></FONT></TD><TD><B>We note the revised disclosure of pro forma earnings per share data on page F-19 in response to our prior comment 26. Please
include similar disclosure for the pro forma statement of operations included on page F-20 within your amended filing.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">See response to comment 10 above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Part II &ndash; Information not required in prospectus</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Item 33. Recent Sales of Unregistered Securities, page
II-1</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>12.</B></FONT></TD><TD><B>We note your response to comment 24 of our prior letter in which you state that Morse, Zelnick is a founder of Sachem Capital
and received 80,000 shares of common stock. For securities sold otherwise than for cash, please revise your disclosure to state
the nature of the transaction and the nature and consideration received by you. Please refer to Item 701(c) of Regulation S-K.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">See the response to comment 1
above. Item 33 has also been revised per your comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in"><B>&nbsp;</B></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>13.</B></FONT></TD><TD><B>We note your response to comment 28 of our prior letter and your revised disclosure under this heading in which you state
that 6,283,237 shares of common stock were issued &ldquo;on or prior to the date of this prospectus.&rdquo; Please revise to provide
the specific date or advise. In addition, as to securities sold otherwise than for cash, please revise to state the nature and
aggregate amount of consideration received by the registrant. Please refer to Item 701 of Regulation S-K.</B></TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attn: Jennifer Gowetski, Senior Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mail Stop 3233</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 22, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;&nbsp;5</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The 6,283,237 common shares have
not been issued yet. They will be issued in the Exchange when it is implemented prior to the effectiveness of the Registration
Statement. The disclosure has been updated accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Draft Tax Opinion</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>14.</B></FONT></TD><TD><B>We note your statement on page 2 that &ldquo;prior to the completion of the offering described in the prospectus &hellip;.
SACH does not qualify as a REIT because one of its shareholders owns more than 50% of its outstanding common shares.&rdquo; We
further note the assumption that &ldquo;following the completion of the Offering &hellip;. there will not be five or fewer SACH
shareholders that collectively own 50% or more of the outstanding shares of SACH measured by vote or value.&rdquo; Please remove
these statements or tell us why counsel believes this assumption is appropriate.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The draft tax opinion has been
revised. The original draft contemplated that the opinion would be delivered prior to the effective date of the Registration Statement.
In that case, we would need to include the assumption since neither SCP nor Sachem Capital would qualify as a REIT prior to the
offering. As currently contemplated we will deliver our opinion and it will be dated as of the date of the closing of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Sincerely,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">/s/ Joel J. Goldschmidt</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Joel J. Goldschmidt</FONT></TD></TR>
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