<SEC-DOCUMENT>0001144204-18-028692.txt : 20180515
<SEC-HEADER>0001144204-18-028692.hdr.sgml : 20180515
<ACCEPTANCE-DATETIME>20180515135322
ACCESSION NUMBER:		0001144204-18-028692
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		56
CONFORMED PERIOD OF REPORT:	20180331
FILED AS OF DATE:		20180515
DATE AS OF CHANGE:		20180515

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:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37997
		FILM NUMBER:		18835158

	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>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>tv493844_10q.htm
<DESCRIPTION>FORM 10-Q
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 10-Q</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">(Mark One)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD><TD STYLE="text-align: justify"><B>QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR></TABLE>

<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; text-align: center">For the quarterly period ended <B><U>March
31, 2018</U></B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934</TD>
</TR></TABLE>

<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">For the transition period from ________________________________________
to _________________________________________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Commission File Number: <B><U>001-37997</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 14pt"><B>SACHEM
CAPITAL CORP.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact name of registrant as specified in
its charter)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%; text-align: center"><B><U>New York</u></b></TD>
    <TD STYLE="width: 50%; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B><U>81-3467779&nbsp;</U></B></P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">(State or other jurisdiction of incorporation
or organization)</TD>
    <TD STYLE="text-align: center">(I.R.S. Employer Identification No.)</TD></TR>
</TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>23 Laurel Street, Branford, CT 06405</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>(203) 433-4736</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;(Former name, former address and
former fiscal year, if changed since last report)</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-top: 0pt; text-align: left; margin-bottom: 0pt">Indicate by check mark whether the registrant (1)
has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.&#9;<FONT STYLE="font-family: Wingdings">&#120;</FONT> Yes&#9;<FONT STYLE="font-family: Wingdings">&#168;</FONT> No</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.9pt; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Indicate by check mark whether the registrant has
submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and
posted pursuant to Rule 405 of Regulation S-T (&sect;232.405 of this chapter) during the preceding 12 months (or for such shorter
period that the registrant was required to submit and post such files).&#9;<FONT STYLE="font-family: Wingdings">&#120;</FONT> Yes&#9;<FONT STYLE="font-family: Wingdings">&#168;</FONT> No</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Indicate by check mark whether the registrant is a
large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.
See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo;
and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 56%">Large&nbsp;accelerated&nbsp;filer&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 44%">Accelerated&nbsp;filer&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Non-accelerated filer&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp; (Do not check if a smaller reporting company)</TD>
    <TD>Smaller&nbsp;reporting&nbsp;company&nbsp;<FONT STYLE="font-family: Wingdings">&#120;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Emerging growth company&nbsp;<FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">If an emerging growth
company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act).&#9;<FONT STYLE="font-family: Wingdings">&#168;</FONT> Yes&#9;<FONT STYLE="font-family: Wingdings">&#120;</FONT> No</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-top: 0pt; text-align: left; margin-bottom: 0pt">As of May 14, 2018, the Issuer had a total of 15,415,737 common
shares, $0.001 par value, outstanding.</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"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SACHEM CAPITAL CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TABLE OF CONTENTS</B></P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="width: 10%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 90%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center">Page Number</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_012"><B>Part I</B></A></TD>
    <TD STYLE="text-align: left"><A HREF="#a_012"><B>FINANCIAL INFORMATION</B></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_012">1</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_013">Item 1.</A></TD>
    <TD STYLE="text-align: left"><A HREF="#a_013">Financial Statements (unaudited)</A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_013">1</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><A HREF="#a_001">Balance Sheets as of March 31, 2018 and December 31, 2017</A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_001">1</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD><A HREF="#a_002">Statements of Operations for the Three Month Periods Ended March 31, 2018 and 2017</A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_002">2</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><A HREF="#a_003">Statement of Changes in Shareholders&rsquo; Equity for the Three Month Period Ended March 31, 2018&nbsp;</A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_003">3</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><A HREF="#a_004">Statements of Cash Flows for the Three Month Periods Ended March 31, 2018 and 2017&nbsp;</A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_004">4</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><A HREF="#a_005">Notes to Financial Statements (unaudited)&nbsp;</A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_005">6</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_006">Item 2.</A></TD>
    <TD><A HREF="#a_006">Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&nbsp;</A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_006">13</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_007">Item 3.</A></TD>
    <TD STYLE="text-align: left"><A HREF="#a_007">Quantitative and Qualitative Disclosures about Market Risk</A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_007">18</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_008">Item 4.</A></TD>
    <TD STYLE="text-align: left"><A HREF="#a_008">Controls and Procedures</A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_008">18</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_014"><B>Part II</B></A></TD>
    <TD><A HREF="#a_014"><B>OTHER INFORMATION&nbsp;</B></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_014">19</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_009">Item 5.</A></TD>
    <TD STYLE="text-align: left"><A HREF="#a_009">Other Information</A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_009">19</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_010">Item 6.&#9;</A></TD>
    <TD><A HREF="#a_010">Exhibits</A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_010">20</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2"><A HREF="#a_011"><B>SIGNATURES</B></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_011">21</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3"><A HREF="#a_010"><B>EXHIBITS&nbsp;</B></A></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This quarterly report on Form 10-Q includes
forward-looking statements. All statements other than statements of historical facts contained in this report, including statements
regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations,
are forward-looking statements. The words &ldquo;anticipate,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;project,&rdquo;
&ldquo;plan,&rdquo; &ldquo;seek,&rdquo; &ldquo;intend,&rdquo; &ldquo;believe,&rdquo; &ldquo;may,&rdquo; &ldquo;might,&rdquo; &ldquo;will,&rdquo;
&ldquo;should,&rdquo; &ldquo;could,&rdquo; &ldquo;likely,&rdquo; &ldquo;continue,&rdquo; &ldquo;design,&rdquo; and the negative
of such terms and other words and terms of similar expressions are intended to identify forward-looking statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have based these forward-looking statements
largely on our current expectations and projections about future events and trends that we believe may affect our financial condition,
results of operations, strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking
statements are subject to a number of risks, uncertainties and assumptions. In light of these risks, uncertainties and assumptions,
the forward-looking events and circumstances discussed in this report may not occur, and actual results could differ materially
and adversely from those anticipated or implied in the forward-looking statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">You should not rely upon forward-looking
statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements
are reasonable, we cannot guarantee future results, level of activity, performance or achievements. In addition, neither we nor
any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. We disclaim
any duty to update any of these forward-looking statements after the date of this report to confirm these statements in relationship
to actual results or revised expectations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All forward-looking statements attributable
to us are expressly qualified in their entirety by these cautionary statements as well as others made in this report. You should
evaluate all forward-looking statements made by us in the context of these risks and uncertainties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless the context otherwise requires, all
references in this quarterly report on Form 10-Q to &ldquo;Sachem Capital,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; and &ldquo;our&rdquo;
refer to Sachem Capital Corp., a New York corporation.</P>

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


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">i</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="a_012"></A>PART I.&#9;FINANCIAL
INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in"><B>Item 1.</B></TD><TD STYLE="padding-right: 0.5in"><B><A NAME="a_013"></A>FINANCIAL STATEMENTS</B></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>SACHEM CAPITAL CORP.</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><A NAME="a_001"></A>BALANCE SHEETS</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, <BR>
2018</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">December
31, <BR>
2017</P></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold">Assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">(Unaudited)</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">(Audited)</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Assets:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font-size: 10pt; padding-left: 0.125in">Cash</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">562,508</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">954,223</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Escrow deposits</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">175,330</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">111,189</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Mortgages receivable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">68,613,043</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">62,166,937</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Mortgages receivable, affiliate</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">969,457</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,104,022</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Interest and fees receivable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">779,516</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">645,493</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Other receivables</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">59,158</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">234,570</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Due from borrowers</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">370,241</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">451,795</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Prepaid expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">32,773</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,520</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Property and equipment, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">496,172</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">501,819</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Real estate owned</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,235,409</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,224,409</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Deferred financing costs</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">136,002</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">95,560</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in">Total assets</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">73,429,609</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">67,494,537</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Liabilities and Shareholders' Equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Liabilities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in">Line of credit</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">14,147,465</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">9,841,613</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Mortgage payable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">298,569</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">301,101</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Mortgage funding payable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-0-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Accounts payable and accrued expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">158,838</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">390,758</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Security deposit held</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,550</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,550</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Advances from borrowers</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">733,287</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">519,764</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Due to note purchaser</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-0-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">723,478</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Deferred revenue</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,168,622</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,108,400</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Accrued interest</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-0-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">40,592</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total liabilities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">18,509,331</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">12,928,256</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Shareholders' equity:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in">Preferred shares - $.001 par value; 5,000,000 shares authorized; no shares issued</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in">Common shares - $.001 par value; 50,000,000 shares authorized; 15,415,737 issued and outstanding</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">15,416</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">15,416</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Paid-in capital</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">53,315,772</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">53,315,772</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Retained earnings</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,589,090</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,235,093</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total shareholders' equity</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">54,920,278</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">54,566,281</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in">Total liabilities and shareholders' equity</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">73,429,609</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">67,494,537</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>The accompanying notes are an integral part of these financial statements.</I></P>

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



<!-- Field: Page; Sequence: 3; Options: NewSection -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>SACHEM CAPITAL CORP.</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><A NAME="a_002"></A>STATEMENTS OF OPERATIONS</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>(unaudited)</B></P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Three Months</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Ended March 31,</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold">Revenue:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left; padding-left: 0.125in">Interest income from loans</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,962,373</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,036,840</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Origination fees, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">348,548</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">97,461</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Late and other fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">34,096</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">29,982</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Processing fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">33,130</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">24,925</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Rental income, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">43,756</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">27,383</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Other income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">294,747</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">46,147</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Gain on sale of real estate</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-0-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">26,478</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total revenue</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,716,650</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,289,216</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Operating costs and expenses:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Interest and amortization of deferred financing costs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">222,956</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">116,270</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Compensation and related costs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">245,575</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-0-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Compensation to manager</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-0-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">35,847</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Professional fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">116,322</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">83,739</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Other fees and taxes</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">34,480</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">105,839</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in">Depreciation</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,634</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,156</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">General and administrative expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">98,033</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">45,587</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Excise tax</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">19,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-0-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total operating costs and expenses</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">744,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">392,438</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in">Net income</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1,972,650</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">896,778</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Basic and diluted net income per common share outstanding:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; padding-left: 0.25in">Basic</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">0.13</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">0.06</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; padding-left: 0.25in">Diluted</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">0.13</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">0.06</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Weighted average number of common shares outstanding:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; padding-left: 0.25in">Basic</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">15,415,737</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">11,103,237</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; padding-left: 0.25in">Diluted</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">15,415,737</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">11,103,237</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-indent: -4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">* Basic and diluted net income
per common share outstanding and weighted average number of common shares outstanding are calculated for the period beginning February
9, 2017 (<I>i.e.,</I> the effective date of the company&rsquo;s initial public offering) and ending March 31, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-indent: -4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>The accompanying notes are an integral
part of these financial statements.</I></P>

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

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

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp; <B>SACHEM CAPITAL CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp; <B><A NAME="a_003"></A>STATEMENT OF CHANGES IN SHAREHOLDERS&rsquo; EQUITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp; <B>FOR THE THREE MONTHS ENDED MARCH 31, 2018 </B> <B>(unaudited)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp; <B></B></P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Common Shares</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Additional</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Paid in Capital</B></P></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Retained</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Earnings</B></P></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font-size: 10pt">Beginning balance, January 1, 2018</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">15,415,737</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">15,416</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">53,315,772</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,235,093</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Dividends paid</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,618,653</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Net income</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,972,650</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">Balance, March 31, 2018</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">15,415,737</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">15,416</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">53,315,772</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1,589,090</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>The accompanying notes are an integral
part of these financial statements.</I></P>

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


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>SACHEM CAPITAL CORP.</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><A NAME="a_004"></A>STATEMENTS OF CASH FLOW</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>(unaudited)</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Three Months</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Ended March 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">CASH FLOWS FROM OPERATING ACTIVITIES</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left; padding-bottom: 1pt">Net income</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,972,650</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">896,778</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0.125in">Adjustments to reconcile net income to net cash provided by
    operating activities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in">Amortization of deferred financing costs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,558</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,559</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in">Depreciation expense</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,634</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,156</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in">Gain on sale of real estate</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-0-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(26,478</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0.25in">Changes in operating assets and liabilities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.375in">(Increase) decrease in:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.5in">Escrow deposit</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(64,141</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(596,070</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.5in">Interest and fees receivable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(134,023</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(19,495</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.5in">Other receivables</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">256,966</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,611</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.5in">Prepaid expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(28,253</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(32,260</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.375in">(Decrease) increase in:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.5in">Due to member</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-0-</TD><TD STYLE="font-size: 10pt; text-align: left"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(630,728</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.5in">Due to note purchaser</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(723,478</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-0-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.5in">Accrued interest</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(40,771</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(11,315</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.5in">Accrued expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(231,740</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">314,870</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.375in">Deferred revenue</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">60,222</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">112,310</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 0.5in">Advances from borrowers</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">213,522</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">307,543</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total adjustments</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(669,504</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(557,297</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">NET CASH PROVIDED BY OPERATING ACTIVITIES</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,303,146</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">339,481</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">CASH FLOWS FROM INVESTING ACTIVITIES</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in">Proceeds from sale of real estate owned</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-0-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">90,123</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in">Acquisitions of and improvements to real estate owned</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(11,000</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(18,482</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in">Purchase of furniture and equipment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,987</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(102,327</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in">Security deposit</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-0-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(32,000</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in">Principal disbursements for mortgages receivable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(10,345,784</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(10,091,528</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Principal collections on mortgages receivable</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">6,034,243</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,938,601</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">NET CASH USED FOR INVESTING ACTIVITIES</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4,324,528</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(6,215,613</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</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"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>SACHEM CAPITAL CORP.</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>STATEMENTS OF CASH FLOW (Continued)</B></P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">CASH FLOWS FROM FINANCING ACTIVITIES</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left; padding-left: 0.25in">Proceeds from line of credit</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">13,288,435</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">7,595,766</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 0.25in">Repayment of line of credit</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(8,982,583</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(11,559,609</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in">Principal payments on mortgage payable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,532</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,657</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in">Proceeds from IPO</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-0-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">13,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in">Dividends paid</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,618,653</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in">Pre-offering costs incurred</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-0-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,544,197</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in">Financing costs incurred</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(55,000</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(13,650</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in">Member contributions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-0-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">653,646</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Member distributions</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-0-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,460,125</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">NET CASH PROVIDED BY FINANCING ACTIVITIES</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,629,667</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,670,174</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">NET DECREASE IN CASH</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(391,715</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(205,958</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">CASH &ndash; BEGINNING OF PERIOD</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">954,223</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,561,863</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">CASH &ndash; END OF PERIOD</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">562,508</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1,355,905</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">SUPPLEMENTAL DISCLOSURES OF CASH FLOWS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in">INFORMATION</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in">Interest paid</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">208,398</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">101,711</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">During the three months ended March 31,
2017, the Company issued notes payable in the amount of $169,338 for the acquisition of mortgages receivable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">On February 8, 2017, Sachem Capital Partners,
LLC transferred all its assets and liabilities to the Company in exchange&nbsp;for 6,283,237 shares of the Company&rsquo;s Common
stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During the three months ended March 31, 2018 the Company incurred
a mortgage funding payable in the amount of $2,000,000 in connection with the acquisition of mortgages receivable.</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-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>The accompanying notes are an integral
part of these financial statements.</I></P>

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


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SACHEM CAPITAL CORP.<BR> NOTES TO FINANCIAL STATEMENTS<BR> MARCH 31, 2018</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>1.</B></TD><TD STYLE="text-align: justify"><A NAME="a_005"></A><B>The Company</B></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.15pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">Sachem Capital Corp. (the &ldquo;Company&rdquo;)
was formed under the name HML Capital Corp. in January 2016 under the State of New York Business Corporation Law. On February 8,
2017, the Company completed an exchange transaction (the &ldquo;Exchange&rdquo;) with Sachem Capital Partners, LLC (&ldquo;SCP&rdquo;),
a Connecticut limited liability company located in Branford, Connecticut, which commenced operations on December 8, 2010. In the
Exchange SCP transferred all its assets to the Company for 6,283,237 of the Company&rsquo;s common shares and the assumption by
the Company of all of SCP&rsquo;s liabilities. Prior to the consummation of the Exchange, the Company was not engaged in any business
or investment activities and had only nominal assets and no liabilities. Prior to the Exchange, SCP was managed by JJV, LLC (the
&ldquo;Manager&rdquo;), a Connecticut limited liability company and related party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">On February 9, 2017, the Company&rsquo;s
registration statement on Form S-11 was declared effective by the U.S. Securities and Exchange Commission. Pursuant to such registration
statement, the Company issued and sold 2,600,000 common shares at a price of $5.00 per share, or $13 million of gross proceeds
(the &ldquo;IPO&rdquo;). The net proceeds, after payment of underwriting discounts and commissions and transaction fees, were approximately
$11.1 million. The IPO was consummated on February 15, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">Following the consummation of
the IPO, the Company believes it meets all of the qualifications to be taxed as a Real Estate Investment Trust (&ldquo;REIT&rdquo;)
for federal income tax purposes. Since then, the Company has been conducting its operations as if it is a REIT and plans to make
the election to be taxed as a REIT when it files its federal corporate income tax return for its 2017 tax year, which ended December
31, 2017. See note 2 &mdash; &ldquo;Significant Accounting Policies &mdash; Income Taxes&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">In addition, on October 27,
2017, the Company issued and sold 3,750,000 common shares in an underwritten follow-on public offering at an offering price per
share of $4.00. On November 3, 2017, the Company issued and sold an additional 562,500 common shares upon exercise of the underwriters&rsquo;
over-allotment option. The gross proceeds from the offering were $17.25 million and the net proceeds, after deducting underwriting
discounts and commissions and other offering expenses, from the sale of the common shares were approximately $15.3 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">The Company specializes in originating,
underwriting, funding, servicing and managing a portfolio of first mortgage loans. The Company offers short term (i.e. three years
or less) secured, non-banking loans (sometimes referred to as &ldquo;hard money&rdquo; loans) to real estate investors to fund
their acquisition, renovation, development, rehabilitation or improvement of properties located primarily in Connecticut. The properties
securing the Company&rsquo;s loans are generally classified as residential or commercial real estate and, typically, are held for
resale or investment. Each loan is secured by a first mortgage lien on real estate and may also be secured with additional real
estate collateral. Each loan is also personally guaranteed by the principal(s) of the borrower, which guaranty may be collaterally
secured by a pledge of the guarantor&rsquo;s interest in the borrower. The Company does not lend to owner occupants. The Company&rsquo;s
primary underwriting criteria is a conservative loan to value ratio. In addition, the Company may make opportunistic real estate
purchases apart from its lending activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">The accompanying statements
of operations and cash flows include the results of operations of SCP from January 1, 2017 through February 8, 2017, until the
consummation of the Exchange.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Significant Accounting Policies</B></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.15pt 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in"><I>Unaudited Financial Statements</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">The accompanying unaudited financial
statements of the Company, have been prepared in accordance with generally accepted accounting principles in the United States
of America (&ldquo;GAAP&rdquo;) for interim financial information. Accordingly, they do not include all the information and footnotes
required by GAAP for complete financial statements. However, in the opinion of management, all adjustments (consisting of normal
recurring accruals) considered necessary for a fair presentation have been included. Results of operations for the interim periods
are not necessarily indicative of the operating results to be attained in the entire fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.15pt 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SACHEM CAPITAL CORP.<BR> NOTES TO FINANCIAL STATEMENTS<BR> MARCH 31, 2018</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.15pt 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Use of Estimates</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">The preparation of financial
statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Management will base the use of estimates on (a) various assumptions that
consider its past experience, (b) the Company&rsquo;s projections regarding future operations, and (c) general financial market
and local and general economic conditions. Actual amounts could differ from those estimates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Concentrations of Credit Risk</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">Financial instruments that potentially
subject the Company to concentrations of credit risk consist primarily of cash and mortgage loans. The Company maintains its cash
with one major financial institution. Accounts at the financial institution are insured by the Federal Deposit Insurance Corporation
up to $250,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">Credit risks associated with
the Company&rsquo;s mortgage loan portfolio and related interest receivable are described in Note 3 entitled &ldquo;Mortgages Receivable.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Income Taxes</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">Subsequent to the Exchange and
the IPO, the Company believes it qualifies as a Real Estate Investment Trust (REIT) for federal income tax purposes and intends
to make the election to be taxed as a REIT when it files its 2017 federal income tax return. As a REIT, the Company is required
to distribute at least 90% of its taxable income to its shareholders on an annual basis. The Company&rsquo;s qualification as a
REIT depends on its ability to meet on a continuing basis, through actual investment and operating results, various complex requirements
under the Internal Revenue Code of 1986, as amended, relating to, among other things, the sources of its income, the composition
and values of its assets, its compliance with the distributions requirements applicable to REITs and the diversity of ownership
of its outstanding common shares. So long as it qualifies as a REIT, the Company, generally, will not be subject to U.S. federal
income tax on its taxable income distributed to its shareholders. However, if it fails to qualify as a REIT in any taxable year
and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal income tax at regular corporate
rates and may also be subject to various penalties and may be precluded from re-electing REIT status for the four taxable years
following the year during in which it lost its REIT qualification.</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-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">The Company
has adopted the provisions of FASB ASC Topic 740-10 &ldquo;Accounting for Uncertainty in Income Taxes&rdquo;, which prescribes
a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or
expected to be taken in a tax return and disclosure required. An entity may only recognize or continue to recognize tax positions
that meet a &ldquo;more likely than not&rdquo; threshold. The Company recognizes interest and penalties, if any, related to unrecognized
tax benefits in interest expense. The Company has determined that there are no uncertain tax positions requiring accrual or disclosure
in the accompanying financial statements as of March 31, 2018.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Property and Equipment</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">Property
and equipment principally consists of land and building acquired in December&nbsp;2016, to house the Company&rsquo;s office facilities
and is stated at cost. The building will be depreciated using the straight-line method over its estimated useful life of 40&nbsp;years.
Expenditures for repairs and maintenance are charged to expense as incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in"></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"></P>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SACHEM CAPITAL CORP.<BR> NOTES TO FINANCIAL STATEMENTS<BR> MARCH 31, 2018</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<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-indent: 0.25in"><I>Revenue Recognition</I></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-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">Interest income from the Company&rsquo;s
loan portfolio is earned, over the loan period and is calculated using the simple interest method on principal amounts outstanding.
Generally, the Company&rsquo;s loans provide for interest to be paid monthly in arrears.</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-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">Origination fee revenue is recognized
ratably over the contractual life of the loan in accordance with ASC 310.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Deferred Financing Costs</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">Costs incurred in connection
with the Company&rsquo;s line of credit, as discussed in Note 6 below, are amortized over the term of the line of credit, using
the straight-line method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Fair Value of Financial Instruments</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">For the line of credit, mortgage
payable and interest-bearing mortgages receivable held by the Company, the carrying amount approximates fair value due to the relative
short-term nature of such instruments.</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 0pt 0.25in"><I>Earnings Per Share</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">Basic and diluted earnings per
share are calculated in accordance with ASC 260 &ldquo;Earnings Per Share&rdquo;. Under ASC 260, basic earnings per share is computed
by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period.
The computation of diluted earnings per share is similar to basic earnings per share, except that the denominator is increased
to include the potential dilution from the exercise of stock options and warrants for common shares using the treasury stock method.
The numerator in calculating both basic and diluted earnings per common share for each period is the reported net income.</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-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">Prior to the Exchange, the Company&rsquo;s
business was conducted by SCP, a limited liability company.&nbsp; Accordingly, earnings per share for the three months ended March
31, 2017 does not include the net income per share for the period prior to the Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Recent Accounting Pronouncements</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">In
May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (&ldquo;ASU 2014-09&rdquo;), which is effective
for fiscal years, and interim periods within those years, beginning on or after December 15, 2017.&nbsp; This ASU outlines a
new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and
supersedes most current revenue recognition guidance, including industry specific guidance.&nbsp; Several ASUs expanding and
clarifying the initial guidance issued in ASU 2014-09 have been released since May 2014.&nbsp; Exclusions from the scope of
this guidance include revenues resulting from loans, investment securities (available-for-sale and trading), investments in
unconsolidated entities and leases.&nbsp; The Company adopted the ASU effective January 1, 2018.&nbsp; The Company evaluated
the applicability of this guidance, considering the scope exceptions, and concluded that the adoption does not have an effect
on its financial statements, primarily due to the new guidance not applying to revenue resulting from loans and lease
contracts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">In May 2017, the FASB issued
ASU 2017-09, &ldquo;Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting.&rdquo; The ASU provides guidance
on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply
modification accounting under ASC 718. Under the new guidance, modification accounting is required only if the fair value, the
vesting conditions, or the classification of the award changes as a result of the change in terms or conditions. For all entities,
the standard is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods
within those fiscal years. The adoption of this guidance did not  have a material impact on the Company&rsquo;s consolidated
financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">In August 2017, the FASB issued
ASU 2017-12, &ldquo;Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.&rdquo; The
ASU expands the activities that qualify for hedge accounting and simplifies the rules for reporting hedging transactions. For public
companies that file with the SEC, the standard is effective for financial statements issued for fiscal years beginning after December
15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The adoption of this guidance is not expected
to have a material impact on the Company&rsquo;s financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">In February 2018, the FASB issued
ASU 2018-02, &ldquo;Income Statement&thinsp;&mdash;&thinsp;Reporting Comprehensive Income (Topic 220): Reclassification of Certain
Tax Effects from Accumulated Other Comprehensive Income.&rdquo; The ASU amends ASC 220, &ldquo;Income Statement&thinsp;&mdash;&thinsp;Reporting
Comprehensive Income,&rdquo; to allow a reclassification from accumulated other comprehensive income to retained earnings for stranded
tax effects resulting from the Tax Cuts and Jobs Act. In addition, under the ASU, an entity will be required to provide certain
disclosures regarding stranded tax effects. For all entities, the ASU is effective for financial statements issued for fiscal years
beginning after December&nbsp;15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The adoption
of this guidance is not expected to have a material impact on the Company&rsquo;s financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">Management does not believe that
any other recently issued, but not yet effected, accounting standards if currently adopted would have a material effect on the
Company&rsquo;s financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SACHEM CAPITAL CORP.<BR> NOTES TO FINANCIAL STATEMENTS<BR> MARCH 31, 2018</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Mortgages Receivable</B></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.15pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Mortgages Receivable</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">The Company offers secured non-banking
loans to real estate investors to fund their acquisition and construction of properties located mainly in Connecticut. The loans
are principally secured by first mortgages on real estate and, generally, are also personally guaranteed by the borrower or its
principals. The loans are generally for a term of one to three years. The loans are initially recorded and carried thereafter,
in the financial statements, at cost. Most of the loans provide for monthly payments of interest only (in arrears) during the term
of the loan and a &ldquo;balloon&rdquo; payment of the principal on the maturity date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">For the
quarters ended March 31, 2018 and 2017, the aggregate amounts of loans funded by the Company were $10,345,784 and $10,091,528,
respectively, offset by principal repayments of $6,034,243 and $3,938,601, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">At March
31, 2018, the Company&rsquo;s portfolio included closed loans ranging in size from $15,000 to $2,000,000 with stated interest rates
ranging from 9.5% to 12.0% and a default interest rate for non-payment of 18%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">At March
31, 2018, no single borrower had loans outstanding representing more than 10% of the total balance of the loans outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">The Company generally grants
loans for a term of one to three years. In some cases, the Company has agreed to extend the term of the loans. A loan that is extended
is treated as a new loan. However, prior to granting an extension, the loan underwriting process is repeated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">In November
2016, the Company purchased a mortgage note at a discount of $74,954 and then subsequently refinanced the note obtaining additional
collateral and payment terms consistent with similar notes held by the Company. The discount is being amortized over the three-year
life of the refinanced loan. During the three months ended March 31, 2017, JJV determined to exercise its option to share in 75%
of this discount in the amount of $55,390. Amortization of this discount was $1,630 and $1,630, for the periods ended March 31,
2018 and 2017, respectively.</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: justify; text-indent: 0.25in"><I>Credit Risk</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">Credit
risk profile based on loan activity as of March 31, 2018 and December 31, 2017:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Mortgages Receivable</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Residential</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Commercial</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Land</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Mixed Use</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total Outstanding Mortgages</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; font-size: 10pt; text-align: justify">March 31, 2018</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">44,179,820</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">18,831,376</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">5,755,939</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">815,365</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">69,582,500</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">December 31, 2017</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">43,855,827</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">12,480,612</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">6,676,060</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">258,460</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">63,270,959</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">The following
is the maturities of mortgages receivable as of March 31:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 27.35pt; text-align: justify; text-indent: 17.65pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: left">2018</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 25%; font-size: 10pt; text-align: right">29,865,388</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">2019</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">21,856,270</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">2020</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">11,787,324</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">2021</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">6,073,518</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; text-align: left">Total</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">69,582,500</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">At March 31, 2018, of the 366 mortgage loans
in the Company&rsquo;s portfolio, 13 were treated by the Company as &ldquo;non-performing&rdquo;, typically because the borrower
is more than 90 days in arrears on its interest payment obligations or because the borrower has failed to make timely payments
of real estate taxes or insurance premiums. The aggregate outstanding principal balance of these non-performing loans and the accrued
but unpaid interest as of March 31, 2018 was approximately $ 3.5&nbsp;million.
At March 31, 2018, all non-performing loans were referred to counsel to commence foreclosure proceedings or to
negotiate settlement terms. In the case of each non-performing loan, the Company believes the value of the collateral exceeds the
outstanding balance on the loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SACHEM CAPITAL CORP.<BR> NOTES TO FINANCIAL STATEMENTS<BR> MARCH 31, 2018</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Real Estate Owned</B></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 27.35pt; text-indent: 17.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">Property purchased for rental or acquired through
foreclosure are included on the balance sheet as real estate owned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">As of March 31, 2018,
real estate owned totaled $1,235,409 and is held for rental purposes. There is no valuation allowance on the real estate owned.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Escrow Deposits</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">As of March 31, 2018 and December 31, 2017,
escrow deposits in the amount of $175,330 and $111,189, respectively, consist of funds due to the Company from closed construction
mortgages. Closing counsel returns these funds to the Company post-closing, then these funds are held by the Company and available
to the borrower when specific progress goals during the construction process are met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>6.</B></TD><TD STYLE="text-align: justify"><B>Line of Credit and Mortgage Payable</B></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-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in"><I>Line of Credit</I></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-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">On December 18, 2014, SCP entered
into a two-year revolving Line of Credit Agreement with Bankwell Bank (the &ldquo;Bank&rdquo;) pursuant to which the Bank agreed
to advance up to $5 million (the &ldquo;Bankwell Credit Line&rdquo;) against assignments of mortgages and other collateral requiring
monthly payments of interest only. On December 30, 2015, the Bankwell Credit Line was amended to increase available borrowings
to $7,000,000. On March 15, 2016, the Bankwell Credit Line was amended again to increase available borrowings to $15,000,000. In
connection with the Exchange, the Company assumed all of SCP&rsquo;s obligations to Bankwell and entered into a new agreement with
Bankwell, the material terms of which are substantially identical to the terms of the agreement between the SCP and Bankwell. The
interest rate on the Bankwell Credit Line is variable at 3% in excess of the Wall Street Journal prime rate but in no event less
than 6.25%, per annum, on the money in use. On June&nbsp;30, 2017, the Bankwell Credit Line was again amended. The amendments included
the following: (i)&nbsp;an increase in the amount available to $20,000,000, (ii) interest would be calculated at the greater of&thinsp;
(x)&nbsp;5.5% and (y)&nbsp;the three-month LIBOR Rate plus 4.50%; (iii) the maturity date of the Bankwell Credit Line was extended
to June&nbsp;30, 2019. As of March 31, 2018, the interest rate on the Bankwell Credit Line was 6.19%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">The Bankwell Credit Line was
scheduled to mature on June&nbsp;30, 2019, at which time the entire unpaid principal balance and any accrued and unpaid interest
were due and payable. The Company had the option to extend the term of the loan for the sole purpose of repaying the principal
balance over a thirty-six-month period in equal monthly installments. The Bankwell Credit Line was secured by substantially all
Company assets and was subject to borrowing base limitations and financial covenants including, maintaining a minimum fixed charge
coverage ratio and maintaining minimum tangible net worth. In addition, among other things, provisions of the agreement prohibited
Company merger, consolidation or disposal of assets or declaring and paying dividends in certain circumstances. The Company could
prepay the balance due on the Bankwell Credit Line at any time, provided, however, if the credit line is refinanced with another
lender, there is an &ldquo;exit fee&rdquo; of&thinsp;$200,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">JJV and each of the Company&rsquo;s
co-chief executive officers had, jointly and severally, guaranteed the Company&rsquo;s obligations under the Bankwell Credit Line
up to a maximum of $1,000,000 each. Each of the Company&rsquo;s co-chief executive officers was required to maintain minimum ownership
in the Company (<I>i.e.</I>, 500,000 common shares each).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">At March 31, 2018, the outstanding
amount under the Bankwell Credit Line was $14,147,465.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">See Note 11 below regarding the
refinancing of the Bankwell Credit Line.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>&nbsp;&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Mortgage Payable</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">The Company also has a mortgage
payable to Bankwell Bank, collateralized by land and a building purchased by the Company to be used as its primary business location.
The property is in the early stages of renovation and the Company expects to move its operations to the new location in the fourth
quarter of 2018. The original principal amount of the mortgage loan is $310,000 and bears interest at the rate of 4.52%. Interest
and principal are payable in monthly installments of&thinsp;$1,975 commencing in February&nbsp;2017. The entire outstanding principal
balance of the mortgage loan and all accrued and unpaid interest thereon is due and payable in January&nbsp;2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">Principal payments on the mortgage
payable are due as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; width: 72%; font-size: 10pt; text-align: left">Year ending December 31,&nbsp;2018</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 25%; font-size: 10pt; text-align: right">10,176</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">2019</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10,645</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,136</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">2021</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,650</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">2022</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">254,962</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; text-align: left">Total</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">298,569</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SACHEM CAPITAL CORP.<BR> NOTES TO FINANCIAL STATEMENTS<BR> MARCH 31, 2018</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<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"></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>7.</B></FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Mortgage Funding Payable</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 29, 2018, the Company agreed to
purchase two loans, made to a single borrower, from an unrelated financial institution for $2,000,000. Actual funding was subject
to obtaining certain required approvals and delivery of the complete original mortgage files. As a result, the Company recorded
a Mortgage Funding Payable of $2,000,000 at March 31, 2018.</P>



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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><B>8.</B></TD>
    <TD STYLE="text-align: justify"><B>Other income</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">At March 31, 2018 and 2017, other income
consists of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">Income on borrower charges</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">60,245</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Lender fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">138,495</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">13,960</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">In-house legal fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">34,900</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Modification fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">45,025</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other income</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">16,082</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">25,187</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">Total</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">294,747</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">46,147</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>9.</B></TD><TD STYLE="text-align: justify"><B>Commitments and Contingencies</B></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Loan Brokerage
Commissions/Origination Fees Paid to JJV</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">Loan origination
fees consist of points, generally 2%-5% of the original loan principal. Pursuant to the Company&rsquo;s operating agreement and
prior to the Exchange, JJV is entitled to 75% of loan origination fees. For the three months ended March 31, 2017, loan origination
fees paid to JJV were $79,341. These payments are amortized over the life of the loan for financial statement purposes and recognized
as a reduction of origination fee income. After the Exchange, JJV is no longer entitled to origination fee payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">Original maturities of deferred
revenue are as follows as of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 27pt; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><U>December 31,</U></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: left">2019</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 25%; font-size: 10pt; text-align: right">727,428</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">306,884</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">2021</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">134,310</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1,168,622</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">In instances in which mortgages
are repaid before their maturity date, the balance of any unamortized deferred revenue is recognized in full.</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Loan Servicing Fees</I></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-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">JJV administered the servicing
of the Company&rsquo;s loan portfolio. At JJV&rsquo;s discretion, the loan servicing fee ranged from one-twelfth (1/12<SUP>th</SUP>)
of one-half percent (0.5%) to one percent (1.0%) of the Company&rsquo;s loan portfolio, payable monthly and calculated based on
total loans as of the first of each month. The percentage charged by JJV was 1.0% for the March 31, 2017 period up to the date
of the Exchange. After the Exchange, JJV is no longer entitled to loan servicing fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">For the
three months ended March 31, 2017, loan servicing fees paid to JJV were $32,778.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Unfunded Commitments</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">At March
31, 2018, the Company is committed to an additional $3,811,439 in construction loans that can be drawn by the borrower when certain
conditions are met.</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-indent: 0.25in"><I>Other</I></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-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">In the normal course of its
business, the Company is named as a party-defendant because it is a mortgagee having interests in real properties that are being
foreclosed upon, primarily resulting from unpaid property taxes. The Company actively monitors these actions and, in all cases,
there remains sufficient value in the subject property to assure that no loan impairment exists.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>10.</B></TD><TD STYLE="text-align: justify"><B>Related Party Transactions</B></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 27.35pt; text-indent: 13.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">The
Company currently leases office space, on a month-to-month basis, in a building owned by Union News of New Haven, Inc., an
entity that is controlled and 20%-owned by Jeffrey Villano, the Company&rsquo;s co-CEO. Rent and other facility related
charges paid by the Company to Union News for the three months ended March 31, 2018 and  2017 was $4,500 and $1,500 (for the
period beginning February 9, 2017 to March 31, 2017), respectively. The Company expects to move its operations to a
new location, owned by the Company, in the fourth quarter of 2018. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SACHEM CAPITAL CORP.<BR> NOTES TO FINANCIAL STATEMENTS<BR> MARCH 31, 2018</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">Prior to the Exchange, SCP reimbursed
the Manager for rent and other expenses paid by the Manager on its behalf. For the period beginning January 1, 2017 and ending
February 8, 2017, such amount totaled $35,847. In addition to rent, these amounts include other payments made by the Manager on
SCP&rsquo;s behalf including insurance premiums and real estate taxes in instances where SCP was notified that the borrower is
in default, costs of any actions (i.e., foreclosures) commenced by SCP to enforce its rights or collect amounts due from borrowers
who were in default of their obligations to SCP as well as other costs that the Manager deemed appropriate to protects SCP&rsquo;s
interests. For the period beginning January 1, 2017 and ending February 8, 2017, the Manager paid salaries and payroll taxes on
behalf of the Company totaling $12,223. Unreimbursed costs advanced by the Manager on behalf of SCP as of March 31,  2017
were $4,905 and are included in other receivables on the Company&rsquo;s balance sheet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">During the period beginning
January 1, 2017 and ending February 8, 2017, SCP paid the Manager $52,902 representing origination fees on loans funded by SCP
during the period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">From time to time, the Manager
would acquire certain troubled assets from third parties who are not existing SCP borrowers. In such instances, the Manager would
borrow money from SCP to finance these acquisitions. As part of the Exchange, the Company acquired the notes evidencing these loans
from SCP. The principal balance of the loans to the Manager at March 31, 2018 was 969,457. The real estate purchased is held by
the Manager in trust for the Company. The Company accounts for these arrangements as separate loans to the Manager. The income
earned on these loans is equivalent to the income earned on similar loans in the portfolio. All underwriting guidelines are adhered
to. The mortgage documents allow the Manager to sell the properties in case of default with proceeds in excess of loan principal
and accrued expense being returned to the Manager. During the three months ended March 31, 2018 the Company did not make any loans
to the Manager. During the three months ended March 31, 2018 and 2017, the Manager paid $32,847 and $35,745, respectively, of interest
to the Company (or to SCP prior to the Exchange).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">In the ordinary course of business,
the Company may originate, fund, manage and service loans to shareholders (members in the case of loans funded prior to the Exchange).
The underwriting process on these loans is consistent with Company policy. The terms of such loans, including the interest rate,
income, origination fees and other closing costs are the same as those applicable to loans made to unrelated third parties in the
portfolio. As of March 31, 2018, loans to former partners and now shareholders totaled $4,879,228. Interest income earned on these
loans totaled $87,200 and $35,745 for the periods ended March 31, 2018 and 2017, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">During the year ended December
31, 2017, the Company originated then sold notes to a shareholder in the amount of $2,750,000. Notes totaling $2,000,000 were repurchased
by the Company and are classified as mortgages receivable at December 31, 2017. Prior to December 31, 2017, $723,478 was paid to
the Company for the benefit of the noteholder. This amount is reflected in our balance sheet as Due to note purchaser at December
31, 2017 and was paid to the noteholder in January 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">At both March 31, 2018 and December
31, 2017, total amounts owed by the Manager to the Company was $22,977 and is reflected as other receivables on the Company&rsquo;s
balance sheet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">On February 9, 2017, the Company
purchased computer hardware, software and furniture and fixtures totaling $92,806 from JJV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">For the periods ended March
31, 2018 and 2017, the wife of one of our executive officers was paid $18,750 and $-0-, respectively, for accounting and financial
reporting services provided to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>11.</B></TD><TD STYLE="text-align: justify"><B>Subsequent Events</B></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">On April 2, 2018, the Company
declared a dividend of $.105 per share to be paid on April 19, 2018 to shareholders of record on April 12, 2018. The total amount
of the dividend payment was $1,618,653.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">On April 27, 2018, the Company
sold a mortgage note with a face amount of $1,200,000 to a former partner and now shareholder. The Company will continue to service
the note during its term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">On
May 11, 2018, the Company entered into an agreement with Webster Business Credit Corporation, Bankwell Bank and Berkshire
Bank (collectively, the &ldquo;Lenders&rdquo;) under which the Lenders agreed to provide the Company with a $35 million
revolving credit facility to replace the Bankwell Credit Line, which has now been repaid in full and terminated. The new
credit facility is secured by a first priority lien on substantially all of the Company&rsquo;s assets. Amounts outstanding
under the new credit facility will bear interest at a floating rate equal to the 30-day LIBOR rate plus 4.00% per annum, and
will be due and payable on May 11, 2022. Pursuant to the terms of the agreement governing the new credit facility, the
Company may draw up to 75% of its &ldquo;Eligible Mortgage Loans,&rdquo; as defined. As of the Closing Date, Eligible
Mortgage Loans totaled approximately $47.7 million. The loan agreement governing the new credit facility contains provisions
regarding defaults and events of default, representations and warranties and affirmative, negative and financial covenants
that are typical of transactions of this sort.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No termination fee was paid with respect
to the Bankwell Credit Line as a result of the refinancing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0.25in">Management has evaluated subsequent
events through May 15, 2018 the date on which the financial statements were available to be issued. Based on the evaluation, no
adjustments were required in the accompanying financial statements.</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"></P>

<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in"><B>Item 2.</B></TD><TD STYLE="text-align: left"><B><A NAME="a_006"></A>MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in"><I>The following discussion of the financial
condition and results of operations should be read in conjunction with the financial statements and the notes to those statements
included elsewhere in this report. Certain statements in this discussion and elsewhere in this report constitute forward-looking
statements, within the meaning of section 21E of the Exchange Act, that involve risks and uncertainties. The actual results may
differ materially from those anticipated in these forward-looking statements.</I></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-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">In February&nbsp;2017, we completed our IPO
in which we sold 2.6&nbsp;million common shares at $5.00 per share, or $13&nbsp;million of gross proceeds. The net proceeds from
the IPO were approximately $11.1&nbsp;million. The primary purpose of the IPO was to raise additional equity capital to fund mortgage
loans and expand our mortgage loan portfolio. The IPO was also intended to diversify our ownership so that we could qualify, for
federal income tax purposes, as a real estate investment trust, or REIT. Initially, we used the net proceeds from the IPO to reduce
to zero the outstanding balance on the Bankwell credit facility, which, at the time, was $10.8&nbsp;million. Since the IPO, our
business has grown substantially. By the end of the first quarter of 2017, we had used the balance of the net proceeds from the
IPO to fund new loans and the outstanding balance on the Bankwell credit facility was approximately $4.15&nbsp;million. In order
to address our need for additional capital, we entered into a modification agreement with Bankwell, which, among other things,
increased the size of the Bankwell credit facility to $20&nbsp;million, effectively reduced the interest rate on the outstanding
balance and extended the term of the facility to June&nbsp;30, 2019. In addition, in November&nbsp;2017 we completed another public
offering of our common shares in which we sold 4,312,500 shares at a public offering price of&thinsp; $4.00 per share. The net
proceeds from this offering, approximately $15.3&nbsp;million, were used immediately to reduce the outstanding balance of the Bankwell
credit facility. At March 31, 2018, the outstanding balance on the Bankwell credit facility was approximately $14.1&nbsp;million
and we also had $3.8&nbsp;million of unfunded commitments under construction&nbsp;loans. In May 2018, we replaced the Bankwell
credit facility with a $35 million credit facility funded by Webster Business Credit Corporation, Bankwell Bank and Berkshire Bank.</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>Company Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">Sachem Capital Corp. was formed as HML Capital
Corp. in January&nbsp;2016 under the New York Business Corporation Law. On February&nbsp;8, 2017, we acquired all the assets of
Sachem Capital Partners, LLC, a Connecticut limited liability company, through which our business was conducted prior to the IPO,
in exchange for 6,283,237 of our common shares and our assumption of all of SCP&rsquo;s liabilities, including its obligations
to Bankwell (the &ldquo;Exchange&rdquo;). Immediately thereafter, on February&nbsp;9, 2017, we completed the IPO. Prior to the
consummation of the Exchange, we were not engaged in any business or investment activities and had only nominal assets and no liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">We believe that since the consummation of
the IPO we have met all the requirements to qualify as a REIT for federal income tax purposes and intend to elect to be taxed as
a REIT beginning with our 2017 tax year. As a REIT, we are entitled to claim deductions for distributions of taxable income to
our shareholders thereby eliminating any corporate tax on such taxable income. Any taxable income not distributed to shareholders
is subject to tax at the regular corporate tax rates and may also be subject to a 4% exercise tax to the extent it exceeds 10%
of our total taxable income. To maintain our qualification as a REIT, we are required to distribute each year at least 90% of our
taxable income. As a REIT, we may also be subject to federal excise taxes and state taxes.</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>Operational and Financial Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">Since commencing operations in 2010 through
March 31, 2018, we have made an aggregate of 728 loans, which includes renewals and extensions of existing loans. At March 31,
2018, (i)&nbsp;our loan portfolio included 366 mortgage loans, with individual principal loan amounts ranging from $15,000 to $2.0&nbsp;million
and an aggregate loan amount of approximately $69.6&nbsp;million, (ii) the average original principal amount of the mortgage loans
in the portfolio was $190,000 and the median mortgage loan amount was $125,000 and (iii) approximately 82% of the mortgage loans
had a principal amount of&thinsp;$250,000 or less. In comparison, at March 31, 2017, (i) our loan portfolio included 245 loans,
with individual principal loan amounts ranging from $21,000 to $1.1 million and an aggregate loan amount of approximately $40.1
million, (ii) the average original principal amount of the loans in the portfolio was $164,000 and the median loan amount was $112,338
and (iii) approximately 83% of the loans had a principal amount of $250,000 or less. At March 31, 2018 and 2017, unfunded commitments
for future advances under construction loans totaled approximately $3.8 million and $3.1, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">Similarly, our revenues and net income have
been growing. For the first quarter of 2018, revenues and net income were approximately $2.7 million and $2.0, respectively. For
the first quarter of 2017, revenues and net income were approximately $1.3 million and $897,000, respectively. We cannot assure
our shareholders that we will be able to sustain these growth rates indefinitely.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">Our loans typically have a maximum initial
term of one to three&nbsp;years and bear interest at a fixed rate of 9.5% to 12% per year and a default rate for non-payment of
18% per year. We usually receive origination fees, or &ldquo;points,&rdquo; ranging from 2% to 5% of the original principal amount
of the loan as well as other fees relating to underwriting, funding and managing the loan. Since we treat an extension or renewal
of an existing loan as a new loan, we also receive additional &ldquo;points&rdquo; and other loan-related fees in connection with
those transactions. Interest is always payable monthly in arrears. As a matter of policy, we do not make any loans if the loan-to
value ratio exceeds 65%. In the case of construction loans, the loan-to-value ratio is based on the post-construction value of
the property. Under the terms of the Bankwell credit facility (described below), loans exceeding $325,000 require an independent
appraisal of the collateral. Failure to obtain such an appraisal would render the loan ineligible for financing under the credit
facility. In the case of smaller loans, we rely on readily available market data, including tax assessment rolls, recent sales
transactions and brokers to evaluate the strength of the collateral. Finally, we have adopted a policy that limits the maximum
amount of any loan we fund to a single borrower or a group of affiliated borrowers to 10% of the aggregate amount of our loan portfolio
after taking into account the loan under consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">Our revenue consists primarily of interest
earned on our loan portfolio and our net income is the spread between the interest we earn and our cost of funds. Our capital structure
is more heavily weighted to equity rather than debt (approximately 80.3% vs. 19.7% of our total capitalization at March 31, 2018)
and the interest rate on the Bankwell credit facility was 6.19% per annum. As of March 31, 2018, the annual yield on our loan portfolio
was 12.19% per annum. The yield has remained steady over the past few&nbsp;years as older loans come due and are either being repaid
or refinanced at similar rates. The yield reflected above does not include other amounts collected from borrowers such as origination
fees, default rates of interest and late payment fees. We expect our borrowing costs to continue to increase in 2018 as interest
rates continue to increase. To date, we have not raised rates on our loans to match the recent increases in our borrowing rate.
After considering the pros and cons of increasing our rates, considering our relatively low level of debt and cost of funds, we
believe the better strategy is to focus on building market share rather than short-term profits and cash flow, although this strategy
could adversely impact our profits and cash flow in the short-term. In addition, we seek to mitigate some of the risk associated
with rising rates by limiting the term of new loans to one year, whenever possible. If, at the end of the term, the loan is not
in default and meets our other underwriting criteria, we will consider an extension or renewal of the loan at our then prevailing
interest rate. However, if interest rates continue to increase, we may find it necessary to change our strategy and try to increase
the rates on our mortgage loans as well. If we are successful, this may undermine our strategy to increase market share. If we
are not successful, the &ldquo;spread&rdquo; between our borrowing costs and the yield on our portfolio will be squeezed and would
adversely impact our net income. We cannot assure investors that we will be able to increase our rates at any time in the future
and we cannot assure you that we can continue to increase our market share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">As a real estate finance company, we deal
with a variety of default situations, including breaches of covenants, such as the obligation of the borrower to maintain adequate
liability insurance on the mortgaged property, to pay the taxes on the property and to make timely payments to us. As such, we
may not be aware that a default occurred. As a result, we are unable to quantify the number of loans that may have, at one time
or another, been in default. From our inception in December&nbsp;2010 through March 31, 2018, we made an aggregate of 728 mortgage
loans having an aggregate original principal amount of&thinsp;$131.0 million. Until 2015, we never had a situation where a borrower
was unable to service a loan during its term or unable to repay the entire outstanding balance, interest and principal, in full
at maturity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">At March&nbsp;31, 2018, of the 366 mortgage
loans in our portfolio, 13 are treated by us as &ldquo;non-performing&rdquo;, typically because the borrower is more than 90&nbsp;days
in arrears on its interest payment obligations or because the borrower has failed to make timely payments of real estate taxes
or insurance premiums. The aggregate outstanding principal balance of these non-performing loans and the accrued but unpaid interest
as of March 31, 2018 was approximately $3.5&nbsp;million. The non-performing loans have all been referred to counsel to commence
foreclosure proceedings or to negotiate settlement terms. In the case of each non-performing loan, we believe the value of the
collateral exceeds the outstanding balance on the loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Financing Strategy Overview</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-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">To continue to grow our business, we must
increase the size of our loan portfolio, which requires that we raise additional capital either by selling shares of our capital
stock or by incurring additional indebtedness. We do not have a policy limiting the amount of indebtedness that we may incur. Thus,
our operating income in the future will depend on how much debt we incur and the spread between our cost of funds and the yield
on our loan portfolio. Rising interest rates could have an adverse impact on our business if we cannot increase the rates on our
loans to offset the increase in our cost of funds and to satisfy investor demand for yield. In addition, rapidly rising interest
rates could have an unsettling effect on real estate values, which could compromise some of our collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">We do not have any formal policy limiting
the amount of indebtedness we may incur. However, under the terms of the Bankwell credit facility, we may not incur any additional
indebtedness exceeding $100,000 in the aggregate without Bankwell&rsquo;s consent. Depending on various factors we may, in the
future, decide to take on additional debt to expand our mortgage loan origination activities to increase the potential returns
to our shareholders. Although we have no pre-set guidelines in terms of leverage ratio, the amount of leverage we will deploy will
depend on our assessment of a variety of factors, which may include the liquidity of the real estate market in which most of our
collateral is located, employment rates, general economic conditions, the cost of funds relative to the yield curve, the potential
for losses and extension risk in our portfolio, the gap between the duration of our assets and liabilities, our opinion regarding
the creditworthiness of our borrowers, the value of the collateral underlying our portfolio, and our outlook for interest rates
and property values. At March 31, 2018, debt proceeds represented approximately 20.0% of our total capital. However, to grow the
business and satisfy the requirement to pay out 90% of net profits, we expect to increase our level of debt over time to approximately
50% of our total capital. We intend to use leverage for the sole purpose of financing our portfolio and not for speculating on
changes in interest rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">We consummated the IPO in February&nbsp;2017
and sold 2,600,000 common shares at a price of&thinsp;$5.00 per share. The net proceeds, after payment of underwriting discounts
and commissions and transaction fees were approximately $11.1&nbsp;million. We used a portion of the net proceeds immediately to
pay down the entire outstanding balance on the Bankwell credit facility. In November&nbsp;2017 we completed a second public offering
in which we sold an aggregate of 4,312,500 common shares at a public offering price of&thinsp; $4.00 per share. The gross proceeds
from the November offering were $17.25&nbsp;million and the net proceeds were approximately $16.0&nbsp;million, which were also
used to reduce the outstanding balance on the Bankwell credit facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">The Bankwell credit facility was a $20&nbsp;million
revolving credit facility that we used to fund the loans we originated. Assuming we were not then in default under the terms of
the Bankwell credit facility, upon its expiration, we had the option to repay the outstanding balance, together with all accrued
interest thereon in 36 equal monthly installments beginning July&nbsp;30, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">The Bankwell credit facility was secured
by assignment of notes and mortgages and other collateral and was jointly and severally guaranteed by JJV, Jeffrey C. Villano and
John L. Villano, CPA, our co-chief executive officers. The liability of each guarantor was capped at $1&nbsp;million. As of March
31, 2018, we estimated that loans having an aggregate principal amount of approximately $30.0&nbsp;million, representing approximately
44% of our mortgages receivable, satisfied all of the eligibility requirements set forth in the Bankwell credit facility. As of
March 31, 2018, the total amount outstanding under the Bankwell credit facility was approximately $14.1&nbsp;million.</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-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">In May 2018, we replaced the Bankwell credit
facility with a $35 million credit facility funded by Webster Business Credit Corporation, Bankwell Bank and Berkshire Bank. (See
Part II &ndash; Item 5 of this Report).</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>Corporate Reorganization and REIT Qualification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">Our operating expenses have increased significantly
as a result of the IPO due to various factors including our conversion from a limited liability company to a regular C corporation,
operating as a REIT, our status as a publicly-held reporting company and growth in our operations. As a corporation, we incur various
costs and expenses that we did not have as a limited liability company, such as director fees, directors&rsquo; and officers&rsquo;
insurance and state and local franchise taxes and we incur significant compensation and other employee-related costs for services
rendered by our senior executive officers. Moreover, because of various laws, rules and regulations that prohibit or severely limit
our ability to enter into agreements with related parties, certain operating expenses, such as rent, have increased as well. Finally,
we anticipate increases in professional fees, filing fees, printing and mailing costs, exchange listing fees, transfer agent fees
and other miscellaneous costs related to our compliance with various laws, rules and regulations applicable to REITs and a publicly-held
reporting company. For example, we are required to, among other things, file annual, quarterly and current reports with respect
to our business and operating results. Also, as a public reporting company, we must establish and maintain effective disclosure
and financial controls. As a result, we may need to hire additional accounting and finance personnel with appropriate public company
experience and technical accounting knowledge, which will also increase our operating expenses.</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"></P>

<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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>Emerging Growth Company Status</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">We are an &ldquo;emerging growth company&rdquo;,
as defined in the JOBS Act, and, for as long as we continue to be an emerging growth company, we may choose to take advantage of
exemptions from various reporting requirements applicable to other public companies but not to emerging growth companies, including,
but not limited to, not being required to have our independent registered public accounting firm audit our internal control over
financial reporting under Section&nbsp;404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation
in our periodic reports and proxy statements and exemptions from the requirements of holding a nonbinding advisory vote on executive
compensation and shareholder approval of any golden parachute payments not previously approved. As an emerging growth company,
we can also delay adopting new or revised accounting standards until those standards apply to private companies. We intend to avail
ourselves of these options. Once adopted, we must continue to report on that basis until we no longer qualify as an emerging growth
company.</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-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">We will cease to be an emerging growth company
upon the earliest of: (i)&nbsp;the end of the 2022 fiscal year; (ii) the first fiscal year after our annual gross revenue are $1.07&nbsp;billion
or more; (iii) the date on which we have, during the previous three-year period, issued more than $1.0&nbsp;billion in non-convertible
debt securities; or (iv) the end of any fiscal year in which the market value of our common shares held by non-affiliates exceeded
$700&nbsp;million as of the end of the second quarter of that fiscal year. We cannot predict if investors will find our common
shares less attractive if we choose to rely on these exemptions. If, as a result of our decision to reduce future disclosure, investors
find our common shares less attractive, there may be a less active trading market for our common shares and the price of our common
shares may be more volatile.</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>Critical Accounting Policies and Use of Estimates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">The preparation of financial statements in
conformity with U.S. GAAP in the United States of America requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting period. We base our use of estimates on (a)&nbsp;a preset
number of assumptions that consider past experience, (b)&nbsp;future projections and (c)&nbsp;general financial market conditions.
Actual amounts could differ from those estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">Interest income from commercial loans is recognized, as earned, over the loan period and origination fee revenue on
commercial loans is amortized over the term of the respective note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">As an &ldquo;emerging growth company,&rdquo;
we intend to avail ourselves of the reduced disclosure requirements and extended transition periods for adopting new or revised
accounting standards that would otherwise apply to us as a public reporting company. Once adopted, we must continue to report on
that basis until we no longer qualify as an emerging growth company. As a result, our financial statements may not be comparable
to those of other public reporting companies that either are not emerging growth companies or that are emerging growth companies
but have opted not to avail themselves of these provisions of the JOBS Act and investors may deem our securities a less attractive
investment relative to those other companies, which could adversely affect our stock price.</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>Results of operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in"><I>We were formed in January&nbsp;2016 and,
prior to the consummation of the Exchange, had not engaged in any business activity. Except as otherwise stated, the results of
operations discussed below for the quarter ended March 31, 2017, include those of SCP for the portion of the period prior to the
consummation of the Exchange on February&nbsp;8, 2017. Given the significant changes to our operations in the first quarter of
2017, comparisons of operating results in 2018 and 2017 may not be appropriate.</I></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"></P>

<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Three months ended March 31, 2018 compared
to three months ended March 31, 2017</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in"><I>Total revenue</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in">Total revenue for the three months ended
March 31, 2018 was approximately $2.7 million compared to approximately $1.3 million for the three months ended March 31, 2017,
an increase of $1.4 million, or 111%. The increase in revenue represents an increase in lending operations. For the 2018 period,
interest income was approximately $2.0 million, net origination fees were approximately $349,000 and other income was approximately
$295,000. In comparison, for the three months ended March 31, 2017, interest income was approximately $1.04 million, net origination
fees were approximately $97,500 and other income was approximately $46,000. Prior to the completion of the IPO, 75% of gross origination
fees were paid to JJV, LLC, SCP&rsquo;s managing member. Accordingly, from January 1, 2017 through February 8, 2017, net origination
fee income is net of the amounts payable to JJV and other adjustments. From and after February 9, 2017, JJV is no longer entitled
to any payments from us (other than dividends paid to it in its capacity as a shareholder of Sachem Capital Corp.).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Operating costs and expenses</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in">Total operating costs and expenses for three
months ended March 31, 2018 were $744,000 compared to approximately $392,000 for the three months ended March 31, 2017 period,
an increase of approximately 90%. The increase in operating costs and expenses is primarily attributable to the increase in our
lending operations as well as a change in our status from a limited liability company to a publicly-held real estate investment
trust (REIT) subject to the reporting requirements of the Securities and Exchange Act of 1934. Interest expense and amortization
of deferred financing costs for the three months ended March 31, 2018 were approximately $223,000 compared to approximately $116,000
for the same period in 2017, an increase of approximately 92.2%, reflecting the increase in the amount outstanding under the Bankwell
credit facility. Compensation and related costs for the three months ended March 31, 2018 was approximately $246,000 compared to approximately
-$0- for the same period in 2017. However, this was offset, in part, by a decrease in compensation to manager to -$0- in 2018 compared
to approximately $36,000 in 2017. As a result of our status as a public company, for the three months ended March 31, 2018, we
experienced increases in professional fees (approximately $116,000 in 2018 compared to approximately $84,000 for the same period
in 2017) and general and administrative expenses (approximately $98,000 in 2018 compared to approximately $46,000 for the same
period in 2017). Depreciation for the three months ended March 31, 2018 was $7,634 compared to $5,156 for the same period in 2017.
In addition, for the three months ended March 31, 2018, we incurred excise tax of&thinsp; $19,000 compared to -$0- for the same
period in 2017, because we failed to distribute 85% of our 2017 taxable income in 2017. The foregoing expenses were offset by a
decrease in other fees and taxes (approximately $34,000 in 2018 compared to approximately $106,000 in 2017).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Net Income</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in">Net income for the three months ended March
31, 2018 was approximately $2.0 million, or $.13 per share, compared to approximately $897,000, or $0.06 per share for the three
months ended March 31, 2017. Since we were operating as a limited liability company prior to the IPO, the net income per share
data for the three months ended March 31, 2017 does not include the net income per share for the period prior to the IPO from January
1, 2017 through February 8, 2017.</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>Liquidity and Capital Resources</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">Net
cash provided by operating activities for the three months ended March 31, 2018 was approximately $1.3 million compared to approximately
$339,000 for the three months ended March 31, 2017. The increase in net cash provided by operating activities in the 2018 period
is primarily attributable to an increase of approximately $1.1 million in net income, a decrease of approximately $252,000 in
other receivables, an increase of approximately $631,000 in due to member and a decrease of approximately $532,000 in escrow
deposits, offset by an increase of approximately $115,000 in interest and fees receivable, a decrease of approximately $574,000
in accrued expenses and a decrease of approximately $723,000 in due to note purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">Net cash used for investing activities for the three months ended March 31, 2018 was approximately$4.3
million compared to approximately $6.2 million for same 2017 period. The decrease in cash used for investing activities for the
March 2018 period is primarily due to increased collections on mortgages receivable of $2.1 million compared to the March 2017
period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">Net
cash provided by financing activities for the three months ended March 31, 2018 was approximately $2.6 million compared to approximately
$5.7 million for the three months ended March 31, 2017. Net cash provided by financing activities for the three months ended March
31, 2018 primarily consists of net proceeds from the Bankwell credit facility of approximately $4.3 million offset by dividends
paid of approximately $1.6 million, while net cash provided by financing activities for the three months ended March 31, 2017,
consists primarily of net proceeds from the IPO of approximately $11.5 million and member contributions of approximately $653,000
offset by net payments of the Bankwell credit facility of approximately $4.0 million and members distributions of approximately
$2.5 million.</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-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">In May 2018, we replaced the Bankwell credit
facility with a $35 million credit facility funded by Webster Business Credit Corporation, Bankwell Bank and Berkshire Bank. (See
Part II &ndash; Item 5 of this Report).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">We project anticipated cash requirements
for our operating needs as well as cash flows generated from operating activities available to meet these needs. Our short-term
cash requirements primarily include funding of loans and payments for usual and customary operating and administrative expenses,
such as employee compensation, rent, sales, marketing expenses and dividends. Based on this analysis, we believe that our current
cash balances, the amount available to us under our new credit facility, described below, and our anticipated cash flows from operations
will be sufficient to fund the operations for the next 12&nbsp;months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">Our long-term cash needs will include principal
payments on outstanding indebtedness and funding of new mortgage loans. Funding for long-term cash needs will come from our cash
on hand, operating cash flows, and unused capacity of our new credit facility or any replacement thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">From and after the effective date of our
REIT election, we intend to pay regular quarterly distributions to holders of our common shares in an amount not less than 90%
of our REIT taxable income (determined before the deduction for dividends paid and excluding any net capital gains).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Off-Balance Sheet Arrangements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">We are not a party to any off-balance sheet
transactions, arrangements or other relationships with unconsolidated entities or other persons that are likely to affect liquidity
or the availability of our requirements for capital resources.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">As of March 31, 2018, our contractual obligations
include unfunded amounts of any outstanding construction loans and unfunded commitments for loans as well as contractual obligations
consisting of operating leases for equipment and software licenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&#8203;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Less than&nbsp;<BR> 1 year</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">1&thinsp;&ndash;&thinsp;3&nbsp;<BR> years</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">3&thinsp;&ndash;&thinsp;5&nbsp;<BR> years</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">More than&nbsp;<BR> 5 years</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 45%; font: 10pt Times New Roman, Times, Serif; text-align: left">Operating lease obligations</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">8,689</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">8,021</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">668</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">UUnfunded portions of outstanding construction loans</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,811,439</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,811,439</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Unfunded loan commitments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8203;-0-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8203;-0-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8203;-0-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8203;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8203;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total contractual obligations</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">3,820,128</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">3,819,460</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">668</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">As of the date of the Exchange, SCP owed
$910,211 to JJV of which $64,794 represented borrower charges advanced by JJV and $845,417 represented expenses paid by JJV for
and on behalf of SCP for professional and other costs associated with the IPO, services rendered to SCP in connection with originating,
underwriting, closing and servicing loans on our behalf and other miscellaneous items. The entire amount due to JJV was paid by
SCP from its cash on hand on February&nbsp;9, 2017. Since the IPO, JJV is no longer entitled to any management or other fees for
services rendered to SCP or to us unless specifically authorized by our board of directors, which majority must also include a
majority of the &ldquo;independent&rdquo; directors.</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>Recent Accounting Pronouncements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">See
&ldquo;Note 2&thinsp;&mdash;&thinsp;Significant Accounting Policies&rdquo; to the financial statements for explanation of recent
accounting pronouncements impacting us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B><A NAME="a_007"></A>Item 3.</B></TD><TD STYLE="text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</B></P>



</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">As
a smaller reporting company, we are not required to provide the information required by this Item.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B><A NAME="a_008"></A>Item 4.</B></TD><TD STYLE="text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CONTROLS
AND PROCEDURES</B></P>



</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Evaluation and Disclosure Controls and Procedures</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">Our management,
with the participation of our co-chief executive officer and chief financial officer, evaluated the effectiveness of our disclosure
controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of March 31, 2018 (the &ldquo;Evaluation
Date&rdquo;).&nbsp; Based upon that evaluation, the chief executive officer and the chief financial officer concluded that, as
of the Evaluation Date, our disclosure controls and procedures are effective to ensure that information required to be disclosed
by us in the reports that we file or submit under the Exchange Act (i)&nbsp;are recorded, processed, summarized and reported, within
the time periods specified in the SEC&rsquo;s rules and forms and (ii)&nbsp;are accumulated and communicated to our management,
including its chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required
disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>(b)</B></TD><TD STYLE="text-align: justify"><B>Changes in Internal Control Over Financial Reporting</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.7pt 0pt 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">There was
no change in our internal control&nbsp;over financial reporting (as defined in Rules 13a-15(f) or 15d-15(f) under the Exchange
Act) identified in connection with the evaluation required by Rules 13a-15(d) or 15d-15(d) that occurred during the fiscal quarter
ended March 31, 2018 that has materially affected, or is reasonably likely to materially affect, our internal control over financial
reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.7pt 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.7pt 0pt 0; text-align: justify; text-indent: 0.5in"><B></B></P>

<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.7pt 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.7pt 0pt 0; text-align: center"><B><A NAME="a_014"></A>PART II.&#9;OTHER INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.7pt 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in"><B>Item 5.</B></TD><TD STYLE="text-align: justify; padding-right: 2.7pt"><B><A NAME="a_009"></A>OTHER INFORMATION</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">On
May 11, 2018 (the &ldquo;Closing Date&rdquo;), we entered into an agreement with Webster Business Credit Corporation
(&ldquo;WBCC&rdquo;), Bankwell Bank and Berkshire Bank (collectively, the &ldquo;Lenders&rdquo;) under which the Lenders
agreed to provide us with a $35 million revolving credit facility to replace the Bankwell credit facility, which has now been
repaid in full and terminated. The new credit facility is secured by a first priority lien on substantially all our assets.
Amounts outstanding under the new credit facility will bear interest at a floating rate equal to the 30-day LIBOR rate plus
4.00% per annum and  will be due and payable on May 11, 2022.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">Pursuant to the terms of the agreement governing
the new credit facility, we may draw up to 75% of our &ldquo;Eligible Mortgage Loans,&rdquo; which are defined as mortgage loans
secured by a first mortgage lien on real property as to which (a) certain representations and warranties are correct, (b) the loan-to-value
ratio is not greater than seventy percent (70%), (c) the principal amount of such mortgage loan does not exceed $1.5 million ($4
million in the case of related borrowers), (d) (i) with respect to mortgage loans made prior to the Closing Date, the mortgage
note has a stated maturity that does not exceed thirty-six (36) months and does not provide for, or have, any extension beyond
thirty-six (36) months from the original due date of such mortgage note (ii) with respect to Mortgage Loans made on or after the
Closing Date, the mortgage note has a stated maturity that does not exceed twenty-four (24) months and does not provide for, or
have, any extension beyond twenty-four (24) months from the original due date of such mortgage note and (e) the mortgage file has
been delivered to WBCC, the Agent for the Lenders and (f) that were approved by Agent in its &ldquo;permitted discretion&rdquo;
for inclusion as collateral. Mortgage loans secured by non-residential properties are excluded. As of the Closing Date, Eligible
Mortgage Loans totaled approximately $47.7 million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">Under the terms of
the new credit facility, we, or a loan subsidiary, may enter into a separate loan transaction with one or more third party financial
institution(s), which is secured by a lien on the commercial loans in our portfolio. As of March 31, 2018, we had approximately
$16.5 million of commercial loans in our portfolio.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">Events of default under
the terms of the new credit facility include: (i) failure to timely pay amounts due; (ii) breach of covenants and other agreements;
(iii) material misrepresentations; (iv) bankruptcy or insolvency; (v) failure to deliver reports on time; (vi) change in control
or change in management and (vii) material adverse changes to our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">In connection with the new credit facility
we made various representations and warranties, which are typical of transactions of this type including those relating to our
authority to enter into the transaction, our organization and qualification, the filing of tax returns and the payment of taxes,
the completeness and accuracy of our financial statements, our compliance with laws, rules and regulations relating to our employees,
the workplace and the environment, our solvency, our indebtedness and liabilities; our intellectual property; the status of our
material agreements, that we are not in default of any material agreements, that we have no labor disputes and our status as a
REIT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">We also agreed to various affirmative and
negative and financial covenants typical of transactions of this type. The financial covenants include maintaining (i) a minimum
tangible net worth of not less than $52 million, (ii) a fixed charge coverage ratio of not less than 1.25:1 and (iii) a senior
funded debt to tangible net worth ratio of not more than 2:1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">We are also obligated to provide the lenders
with various reports and schedules including unaudited quarterly and audited annual financial statements, an annual budget and
a borrowing base certificate. If we fail to provide these reports on a timely basis, we are subject to late fees of $150/day/report.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">Finally,
in addition to interest, we are responsible for the following additional fees: (i) unused line fee of 0.375% per annum, payable
quarterly, (ii) the Agent&rsquo;s fee of 0.25% per annum computed on the actual outstanding balances, payable monthly, (iii) a
collateral evaluation fee of $2,500 per month; and (iv) a computer access fee of $150 per month. Other periodic charges include
audit fees of $950/day/person, 2-4 times per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.7pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.7pt 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.7pt 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in"><B>Item 6.</B></TD><TD STYLE="text-align: justify"><B><A NAME="a_010"></A>EXHIBITS </B></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="text-decoration: none">
    <TD STYLE="vertical-align: top; width: 0.9in; text-decoration: none; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-decoration: none"><B>Exhibit
                                         No.&nbsp;</B></P></TD>
    <TD STYLE="width: 0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none; border-bottom: Black 1pt solid"><B>Description</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1682220/000114420416141048/v454882_ex2-1.htm" STYLE="-sec-extract: exhibit">2.1</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1682220/000114420416141048/v454882_ex2-1.htm" STYLE="-sec-extract: exhibit">Form of Amended and Restated Exchange Agreement (1)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1682220/000114420416130342/v450580_ex3-1.htm" STYLE="-sec-extract: exhibit">3.1</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1682220/000114420416130342/v450580_ex3-1.htm" STYLE="-sec-extract: exhibit">Certificate of Incorporation (1)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1682220/000114420416141048/v454882_ex3-2.htm" STYLE="-sec-extract: exhibit">3.1(a)</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1682220/000114420416141048/v454882_ex3-2.htm" STYLE="-sec-extract: exhibit">Certificate of Amendment to Certificate of Incorporation (1)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1682220/000114420417019485/v463626_ex3-2.htm" STYLE="-sec-extract: exhibit">3.2</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1682220/000114420417019485/v463626_ex3-2.htm" STYLE="-sec-extract: exhibit">Bylaws, as amended (2)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1682220/000114420416141048/v454882_ex1-1.htm" STYLE="-sec-extract: exhibit">4.1</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1682220/000114420416141048/v454882_ex1-1.htm" STYLE="-sec-extract: exhibit">Form of Representative&rsquo;s Warrants (5)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1682220/000157104917008291/t1702800_ex1-1.htm" STYLE="-sec-extract: exhibit">4.2</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1682220/000157104917008291/t1702800_ex1-1.htm" STYLE="-sec-extract: exhibit">Form of Representatives&rsquo; Warrants issued on October 27, 2017 in connection with the follow-on underwritten public offering (4)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1682220/000114420416130342/v450580_ex10-2.htm" STYLE="-sec-extract: exhibit">10.1**</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1682220/000114420416130342/v450580_ex10-2.htm" STYLE="-sec-extract: exhibit">Employment Agreement by and between John C. Villano and Sachem Capital Corp. (1)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1682220/000114420416130342/v450580_ex10-1.htm" STYLE="-sec-extract: exhibit">10.2**</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1682220/000114420416130342/v450580_ex10-1.htm" STYLE="-sec-extract: exhibit">Employment Agreement by and between Jeffrey L. Villano and Sachem Capital Corp. (1)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1682220/000114420416130342/v450580_ex10-3.htm" STYLE="-sec-extract: exhibit">10.3</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1682220/000114420416130342/v450580_ex10-3.htm" STYLE="-sec-extract: exhibit">Sachem Capital Corp. 2016 Equity Compensation Plan (1)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1682220/000114420416141048/v454882_ex10-4x1.htm" STYLE="-sec-extract: exhibit">10.4.1</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1682220/000114420416141048/v454882_ex10-4x1.htm" STYLE="-sec-extract: exhibit">Amended and Restated Revolving Note, dated March 15, 2016, in the principal amount of $15,000,000 (1)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1682220/000114420416141048/v454882_ex10-4x2.htm" STYLE="-sec-extract: exhibit">10.4.2</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1682220/000114420416141048/v454882_ex10-4x2.htm" STYLE="-sec-extract: exhibit">Form of Second Amended and Restated Commercial Revolving Loan and Security Agreement, February 8, 2017, among Bankwell Bank, as Lender, and Sachem Capital Partners, LLC, as Existing Borrower, and Sachem Capital Corp., as Borrower (1)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1682220/000114420416141048/v454882_ex10-4x3.htm" STYLE="-sec-extract: exhibit">10.4.3</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1682220/000114420416141048/v454882_ex10-4x3.htm" STYLE="-sec-extract: exhibit">Guaranty Agreement, dated December 18, 2014 (1)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1682220/000114420416141048/v454882_ex10-4x4.htm" STYLE="-sec-extract: exhibit">10.4.4</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1682220/000114420416141048/v454882_ex10-4x4.htm" STYLE="-sec-extract: exhibit">Form of Second Reaffirmation of Guaranty Agreement, dated February 8, 2017 (1)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1682220/000157104917006526/t1702057_ex10-1.htm" STYLE="-sec-extract: exhibit">10.4.5</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1682220/000157104917006526/t1702057_ex10-1.htm" STYLE="-sec-extract: exhibit">Amended and Restated Revolving Note, dated June 30, 2017, in the principal amount of $20,000,000 (3)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1682220/000157104917006526/t1702057_ex10-2.htm" STYLE="-sec-extract: exhibit">10.4.6</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1682220/000157104917006526/t1702057_ex10-2.htm" STYLE="-sec-extract: exhibit">Modification of Second Amended and Restated Commercial Revolving Loan and Security Agreement, dated as of June 30, 2017, among Bankwell Bank (as lender), Sachem Capital Corp. (as borrower), and John L. Villano, Jeffrey C. Villano and JJV, LLC, (as guarantors) (3)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1682220/000157104917006526/t1702057_ex10-3.htm" STYLE="-sec-extract: exhibit">10.4.7</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1682220/000157104917006526/t1702057_ex10-3.htm" STYLE="-sec-extract: exhibit">Third Reaffirmation of Guaranty Agreement, dated June 30, 2017 (3)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tv493844_ex10-5.htm">10.5</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tv493844_ex10-5.htm">Credit and Security Agreement, dated as of May 11, 2018, by and among Sachem Capital Corp. (as borrower) and Webster Business Credit Corporation (&ldquo;WBCC&rdquo;), Bankwell Bank (&ldquo;Bankwell&rdquo;) and Berkshire Bank (&ldquo;Berkshire&rdquo;) (collectively, the lenders) for a $35 million revolving credit facility *</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tv493844_ex10-5x1.htm">10.5.1</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tv493844_ex10-5x1.htm">Final Form of Revolving Credit Note issued to each of WBCC, Bankwell and Berkshire, dated May 11, 2018, in the principal amounts of $13,750,000, $13,750,000 and $7,500,000, respectively. *</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tv493844_ex31-1.htm" STYLE="-sec-extract: exhibit">31.1</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tv493844_ex31-1.htm" STYLE="-sec-extract: exhibit">Chief Executive Officer Certification as required under section 302 of the Sarbanes Oxley Act *</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tv493844_ex31-2.htm" STYLE="-sec-extract: exhibit">31.2</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tv493844_ex31-2.htm" STYLE="-sec-extract: exhibit">Chief Financial Officer Certification as required under section 302 of the Sarbanes Oxley Act *</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tv493844_ex32-1.htm" STYLE="-sec-extract: exhibit">32.1</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tv493844_ex32-1.htm" STYLE="-sec-extract: exhibit">Chief Executive Officer Certification pursuant to 18 U.S.C. section 1350 as adopted pursuant to section 906 of the Sarbanes Oxley Act ***</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tv493844_ex32-2.htm" STYLE="-sec-extract: exhibit">32.2</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tv493844_ex32-2.htm" STYLE="-sec-extract: exhibit">Chief Financial Officer Certification pursuant to 18 U.S.C. section 1350 as adopted pursuant to section 906 of the Sarbanes Oxley Act ***</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">101.INS</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">XBRL Instance Document *</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">101.SCH</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">XBRL Taxonomy Extension Schema Document *</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">101.CAL</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">XBRL Taxonomy Extension Calculation Linkbase Document *</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">101.DEF</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">XBRL Taxonomy Extension Definition Linkbase Document *</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">101.LAB</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">XBRL Taxonomy Extension Label Linkbase Document *</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">101.PRE</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">XBRL Taxonomy Extension Presentation Linkbase Document *</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">* Filed
herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">** Compensation
plan or arrangement for current or former executive officers and directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">*** Furnished,
not filed, in accordance with item 601(32)(ii) of Regulation S-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Previously filed as an exhibit to the Registration Statement on Form S-11, as amended, (SEC File
No.: 333-214323) and incorporated herein by reference.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Previously filed as an exhibit to the Annual Report on Form 10-K for the year ended December 31,
2016 and incorporated herein by reference.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">Previously filed as an exhibit to the Current Report on Form 8-K on July 6, 2017 and incorporated
herein by reference.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>Previously filed on October 20, 2017, as Exhibit A to Exhibit 1.1 of the Registration Statement on Form S-11, as amended, (SEC
File No.: 333-218954) and incorporated herein by reference.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; 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: 0.5in"></TD><TD STYLE="width: 0.25in">(5)</TD><TD>Previously filed on December 23, 2016, as Exhibit A to Exhibit 1.1 of the Registration Statement on Form S-11, as amended,
(SEC File No.: 333-214323) and incorporated herein by reference.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="a_011"></A>SIGNATURES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Date: May 15, 2018</TD>
    <TD COLSPAN="2">SACHEM CAPITAL CORP.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><U STYLE="text-decoration: none">/s/ Jeffrey C. Villano</u></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Jeffrey C. Villano</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Co-Chief Executive
Office</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>(Principal
Executive Officer)</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Date: May 15, 2018</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><U STYLE="text-decoration: none">/s/ John L. Villano</u></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>John L. Villano, CPA</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Co-Chief Executive Office
and Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>(Principal
Financial Officer)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: justify; text-indent: 2in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.5in"></P>

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


<!-- Field: Page; Sequence: 23; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>2
<FILENAME>tv493844_ex10-5.htm
<DESCRIPTION>EXHIBIT 10.5
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 10.5</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Execution Version</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CREDIT AND SECURITY AGREEMENT</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">by and among</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SACHEM CAPITAL CORP.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as a Borrower</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The Corporate Guarantors signatory
hereto</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WEBSTER BUSINESS CREDIT CORPORATION,</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as a Lender and as Agent</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">BANKWELL BANK,</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as a Lender and as Co-Syndication
Agent</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">the other Lenders party hereto from
time to time</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Signing Date: As of May 11, 2018</P>

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TABLE OF CONTENTS</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="text-transform: uppercase">1.</FONT></TD>
    <TD COLSPAN="2">DEFINITIONS.</TD>
    <TD STYLE="text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in; width: 7%">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; width: 7%">1.1</TD>
    <TD STYLE="text-indent: 0in; width: 79%">Accounting Terms</TD>
    <TD STYLE="text-indent: 0in; width: 7%; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">1.2</TD>
    <TD STYLE="text-indent: 0in">General Terms</TD>
    <TD STYLE="text-indent: 0in; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">1.3</TD>
    <TD STYLE="text-indent: 0in">Uniform Commercial Code Terms</TD>
    <TD STYLE="text-indent: 0in; text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="text-transform: uppercase">2.</FONT></TD>
    <TD COLSPAN="2">ADVANCES, PAYMENTS.</TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">2.1</TD>
    <TD STYLE="text-indent: 0in">Revolving Advances</TD>
    <TD STYLE="text-indent: 0in; text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">2.2</TD>
    <TD STYLE="text-indent: 0in">Procedure for Borrowing</TD>
    <TD STYLE="text-indent: 0in; text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">2.3</TD>
    <TD STYLE="text-indent: 0in">Disbursement of Advance Proceeds</TD>
    <TD STYLE="text-indent: 0in; text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">2.4</TD>
    <TD STYLE="text-indent: 0in">Maximum Revolving Advances</TD>
    <TD STYLE="text-indent: 0in; text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">2.5</TD>
    <TD STYLE="text-indent: 0in">Repayment of Revolving Advances</TD>
    <TD STYLE="text-indent: 0in; text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">2.6</TD>
    <TD STYLE="text-indent: 0in">Repayment of Overadvances</TD>
    <TD STYLE="text-indent: 0in; text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">2.7</TD>
    <TD STYLE="text-indent: 0in">Statement of Account</TD>
    <TD STYLE="text-indent: 0in; text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">2.8</TD>
    <TD STYLE="text-indent: 0in">Additional Payments</TD>
    <TD STYLE="text-indent: 0in; text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">2.9</TD>
    <TD STYLE="text-indent: 0in">Manner of Borrowing and Payment; Settlements</TD>
    <TD STYLE="text-indent: 0in; text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">2.10</TD>
    <TD STYLE="text-indent: 0in">Mandatory Prepayments</TD>
    <TD STYLE="text-indent: 0in; text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">2.11</TD>
    <TD STYLE="text-indent: 0in">Use of Proceeds</TD>
    <TD STYLE="text-indent: 0in; text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">2.12</TD>
    <TD STYLE="text-indent: 0in">Defaulting Lender</TD>
    <TD STYLE="text-indent: 0in; text-align: right">7</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="text-transform: uppercase">3.</FONT></TD>
    <TD COLSPAN="2">INTEREST AND FEES.</TD>
    <TD STYLE="text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">3.1</TD>
    <TD STYLE="text-indent: 0in">Interest</TD>
    <TD STYLE="text-indent: 0in; text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">3.2</TD>
    <TD STYLE="text-indent: 0in">Fee Letter</TD>
    <TD STYLE="text-indent: 0in; text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">3.3</TD>
    <TD STYLE="text-indent: 0in">Unused Line</TD>
    <TD STYLE="text-indent: 0in; text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">3.4</TD>
    <TD STYLE="text-indent: 0in">[Reserved]</TD>
    <TD STYLE="text-indent: 0in; text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">3.5</TD>
    <TD STYLE="text-indent: 0in">[Reserved]</TD>
    <TD STYLE="text-indent: 0in; text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">3.6</TD>
    <TD STYLE="text-indent: 0in">Computation of Interest and Fees</TD>
    <TD STYLE="text-indent: 0in; text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">3.7</TD>
    <TD STYLE="text-indent: 0in">Maximum Charges</TD>
    <TD STYLE="text-indent: 0in; text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">3.8</TD>
    <TD STYLE="text-indent: 0in">Increased Costs</TD>
    <TD STYLE="text-indent: 0in; text-align: right">9</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">3.9</TD>
    <TD STYLE="text-indent: 0in">Capital Adequacy</TD>
    <TD STYLE="text-indent: 0in; text-align: right">9</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">3.10</TD>
    <TD STYLE="text-indent: 0in">Yield Maintenance</TD>
    <TD STYLE="text-indent: 0in; text-align: right">10</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">3.11</TD>
    <TD STYLE="text-indent: 0in">Delay in Requests</TD>
    <TD STYLE="text-indent: 0in; text-align: right">10</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="text-transform: uppercase">4.</FONT></TD>
    <TD COLSPAN="2">COLLATERAL; GENERAL TERMS.</TD>
    <TD STYLE="text-align: right">10</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">4.1</TD>
    <TD STYLE="text-indent: 0in">Security Interest in the Collateral</TD>
    <TD STYLE="text-indent: 0in; text-align: right">10</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">4.2</TD>
    <TD STYLE="text-indent: 0in">Perfection of Security Interest</TD>
    <TD STYLE="text-indent: 0in; text-align: right">11</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">4.3</TD>
    <TD STYLE="text-indent: 0in">Disposition of Collateral; Release by Agent</TD>
    <TD STYLE="text-indent: 0in; text-align: right">12</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">4.4</TD>
    <TD STYLE="text-indent: 0in">Preservation of Collateral</TD>
    <TD STYLE="text-indent: 0in; text-align: right">13</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">4.5</TD>
    <TD STYLE="text-indent: 0in">Ownership of Collateral</TD>
    <TD STYLE="text-indent: 0in; text-align: right">13</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">4.6</TD>
    <TD STYLE="text-indent: 0in">Defense of Agent&rsquo;s and Lenders&rsquo; Interests</TD>
    <TD STYLE="text-indent: 0in; text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">4.7</TD>
    <TD STYLE="text-indent: 0in">Books and Records</TD>
    <TD STYLE="text-indent: 0in; text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">4.8</TD>
    <TD STYLE="text-indent: 0in">Financial and Other Disclosure</TD>
    <TD STYLE="text-indent: 0in; text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">4.9</TD>
    <TD STYLE="text-indent: 0in">Compliance with Laws</TD>
    <TD STYLE="text-indent: 0in; text-align: right">15</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">4.10</TD>
    <TD STYLE="text-indent: 0in">Inspection of Premises; Appraisals</TD>
    <TD STYLE="text-indent: 0in; text-align: right">15</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">4.11</TD>
    <TD STYLE="text-indent: 0in">Insurance</TD>
    <TD STYLE="text-indent: 0in; text-align: right">16</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 7%; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 7%; text-indent: 0in">4.12</TD>
    <TD STYLE="width: 79%; text-indent: 0in">Payment of Taxes</TD>
    <TD STYLE="width: 7%; text-indent: 0in; text-align: right">17</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">4.13</TD>
    <TD STYLE="text-indent: 0in">Payment of Leasehold Obligations</TD>
    <TD STYLE="text-indent: 0in; text-align: right">17</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">4.14</TD>
    <TD STYLE="text-indent: 0in">Receivables</TD>
    <TD STYLE="text-indent: 0in; text-align: right">17</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">4.15</TD>
    <TD STYLE="text-indent: 0in">[Reserved]</TD>
    <TD STYLE="text-indent: 0in; text-align: right">21</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">4.16</TD>
    <TD STYLE="text-indent: 0in">[Reserved]</TD>
    <TD STYLE="text-indent: 0in; text-align: right">21</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">4.17</TD>
    <TD STYLE="text-indent: 0in">Exculpation of Liability</TD>
    <TD STYLE="text-indent: 0in; text-align: right">21</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">4.18</TD>
    <TD STYLE="text-indent: 0in">Environmental Matters</TD>
    <TD STYLE="text-indent: 0in; text-align: right">21</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">4.19</TD>
    <TD STYLE="text-indent: 0in">No Other Financing Statements</TD>
    <TD STYLE="text-indent: 0in; text-align: right">23</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">4.20</TD>
    <TD STYLE="text-indent: 0in">Intellectual Property</TD>
    <TD STYLE="text-indent: 0in; text-align: right">23</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">4.21</TD>
    <TD STYLE="text-indent: 0in">Mortgages on Mortgaged Property</TD>
    <TD STYLE="text-indent: 0in; text-align: right">24</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">4.22</TD>
    <TD STYLE="text-indent: 0in">Mortgages on Real Property</TD>
    <TD STYLE="text-indent: 0in; text-align: right">24</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">4.23</TD>
    <TD STYLE="text-indent: 0in">Execution of Supplemental Instruments</TD>
    <TD STYLE="text-indent: 0in; text-align: right">24</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">4.24</TD>
    <TD STYLE="text-indent: 0in">OFAC</TD>
    <TD STYLE="text-indent: 0in; text-align: right">24</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="text-transform: uppercase">5.</FONT></TD>
    <TD COLSPAN="2">REPRESENTATIONS AND WARRANTIES.</TD>
    <TD STYLE="text-align: right">24</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">5.1</TD>
    <TD STYLE="text-indent: 0in">Authority</TD>
    <TD STYLE="text-indent: 0in; text-align: right">24</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">5.2</TD>
    <TD STYLE="text-indent: 0in">Formation and Qualification</TD>
    <TD STYLE="text-indent: 0in; text-align: right">25</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">5.3</TD>
    <TD STYLE="text-indent: 0in">Tax Returns</TD>
    <TD STYLE="text-indent: 0in; text-align: right">25</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">5.4</TD>
    <TD STYLE="text-indent: 0in">Financial Statements</TD>
    <TD STYLE="text-indent: 0in; text-align: right">25</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">5.5</TD>
    <TD STYLE="text-indent: 0in">Name</TD>
    <TD STYLE="text-indent: 0in; text-align: right">26</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">5.6</TD>
    <TD STYLE="text-indent: 0in">OSHA and Environmental Compliance</TD>
    <TD STYLE="text-indent: 0in; text-align: right">26</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">5.7</TD>
    <TD STYLE="text-indent: 0in">Solvency</TD>
    <TD STYLE="text-indent: 0in; text-align: right">27</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">5.8</TD>
    <TD STYLE="text-indent: 0in">Litigation</TD>
    <TD STYLE="text-indent: 0in; text-align: right">27</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">5.9</TD>
    <TD STYLE="text-indent: 0in">No Indebtedness</TD>
    <TD STYLE="text-indent: 0in; text-align: right">27</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">5.10</TD>
    <TD STYLE="text-indent: 0in">No Violations</TD>
    <TD STYLE="text-indent: 0in; text-align: right">27</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">5.11</TD>
    <TD STYLE="text-indent: 0in">Plans</TD>
    <TD STYLE="text-indent: 0in; text-align: right">28</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">5.12</TD>
    <TD STYLE="text-indent: 0in">Intellectual Property</TD>
    <TD STYLE="text-indent: 0in; text-align: right">28</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">5.13</TD>
    <TD STYLE="text-indent: 0in">Licenses and Permits</TD>
    <TD STYLE="text-indent: 0in; text-align: right">28</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">5.14</TD>
    <TD STYLE="text-indent: 0in">No Default of Indebtedness</TD>
    <TD STYLE="text-indent: 0in; text-align: right">28</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">5.15</TD>
    <TD STYLE="text-indent: 0in">No Other Defaults</TD>
    <TD STYLE="text-indent: 0in; text-align: right">29</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">5.16</TD>
    <TD STYLE="text-indent: 0in">No Burdensome Restrictions</TD>
    <TD STYLE="text-indent: 0in; text-align: right">29</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">5.17</TD>
    <TD STYLE="text-indent: 0in">No Labor Disputes</TD>
    <TD STYLE="text-indent: 0in; text-align: right">29</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">5.18</TD>
    <TD STYLE="text-indent: 0in">Margin Regulations</TD>
    <TD STYLE="text-indent: 0in; text-align: right">29</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">5.19</TD>
    <TD STYLE="text-indent: 0in">Investment Company Act</TD>
    <TD STYLE="text-indent: 0in; text-align: right">29</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">5.20</TD>
    <TD STYLE="text-indent: 0in">Disclosure</TD>
    <TD STYLE="text-indent: 0in; text-align: right">29</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">5.21</TD>
    <TD STYLE="text-indent: 0in">No Conflicting Agreements or Orders</TD>
    <TD STYLE="text-indent: 0in; text-align: right">29</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">5.22</TD>
    <TD STYLE="text-indent: 0in">Application of Certain Laws and Regulations</TD>
    <TD STYLE="text-indent: 0in; text-align: right">29</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">5.23</TD>
    <TD STYLE="text-indent: 0in">Business and Property of Loan Parties</TD>
    <TD STYLE="text-indent: 0in; text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">5.24</TD>
    <TD STYLE="text-indent: 0in">Hedge Contracts</TD>
    <TD STYLE="text-indent: 0in; text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">5.25</TD>
    <TD STYLE="text-indent: 0in">Real Property</TD>
    <TD STYLE="text-indent: 0in; text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">5.26</TD>
    <TD STYLE="text-indent: 0in">Deposit Accounts</TD>
    <TD STYLE="text-indent: 0in; text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">5.27</TD>
    <TD STYLE="text-indent: 0in">Anti-Terrorism Laws</TD>
    <TD STYLE="text-indent: 0in; text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">5.28</TD>
    <TD STYLE="text-indent: 0in">REIT Status</TD>
    <TD STYLE="text-indent: 0in; text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="text-transform: uppercase">6.</FONT></TD>
    <TD COLSPAN="2">AFFIRMATIVE COVENANTS.</TD>
    <TD STYLE="text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">6.1</TD>
    <TD STYLE="text-indent: 0in">Payment of Fees</TD>
    <TD STYLE="text-indent: 0in; text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">6.2</TD>
    <TD STYLE="text-indent: 0in">Conduct of Business and Maintenance of Existence and Assets</TD>
    <TD STYLE="text-indent: 0in; text-align: right">30</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->ii<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 7%; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 7%; text-indent: 0in">6.3</TD>
    <TD STYLE="width: 79%; text-indent: 0in">Compliance with Laws</TD>
    <TD STYLE="width: 7%; text-indent: 0in; text-align: right">31</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">6.4</TD>
    <TD STYLE="text-indent: 0in">Government Receivables</TD>
    <TD STYLE="text-indent: 0in; text-align: right">31</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">6.5</TD>
    <TD STYLE="text-indent: 0in">Taxes</TD>
    <TD STYLE="text-indent: 0in; text-align: right">31</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">6.6</TD>
    <TD STYLE="text-indent: 0in">Execution of Supplemental Instruments</TD>
    <TD STYLE="text-indent: 0in; text-align: right">32</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">6.7</TD>
    <TD STYLE="text-indent: 0in">Payment of Indebtedness and Leasehold Obligations</TD>
    <TD STYLE="text-indent: 0in; text-align: right">32</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">6.8</TD>
    <TD STYLE="text-indent: 0in">Standards of Financial Statements</TD>
    <TD STYLE="text-indent: 0in; text-align: right">32</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">6.9</TD>
    <TD STYLE="text-indent: 0in">Anti-Terrorism Laws</TD>
    <TD STYLE="text-indent: 0in; text-align: right">32</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">6.10</TD>
    <TD STYLE="text-indent: 0in">Post-Closing Matters</TD>
    <TD STYLE="text-indent: 0in; text-align: right">32</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">6.11</TD>
    <TD STYLE="text-indent: 0in">Servicing Agent</TD>
    <TD STYLE="text-indent: 0in; text-align: right">32</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">6.12</TD>
    <TD STYLE="text-indent: 0in">[Reserved]</TD>
    <TD STYLE="text-indent: 0in; text-align: right">35</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">6.13</TD>
    <TD STYLE="text-indent: 0in">Servicing</TD>
    <TD STYLE="text-indent: 0in; text-align: right">35</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">6.14</TD>
    <TD STYLE="text-indent: 0in">Termination of Servicing Duties</TD>
    <TD STYLE="text-indent: 0in; text-align: right">36</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">6.15</TD>
    <TD STYLE="text-indent: 0in">Agent Communications</TD>
    <TD STYLE="text-indent: 0in; text-align: right">36</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">6.16</TD>
    <TD STYLE="text-indent: 0in">Periodic Due Diligence Review</TD>
    <TD STYLE="text-indent: 0in; text-align: right">36</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">6.17</TD>
    <TD STYLE="text-indent: 0in">REIT Status</TD>
    <TD STYLE="text-indent: 0in; text-align: right">37</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="text-transform: uppercase">7.</FONT></TD>
    <TD COLSPAN="2">NEGATIVE COVENANTS.</TD>
    <TD STYLE="text-align: right">37</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">7.1</TD>
    <TD STYLE="text-indent: 0in">Merger, Consolidation and Acquisitions</TD>
    <TD STYLE="text-indent: 0in; text-align: right">37</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">7.2</TD>
    <TD STYLE="text-indent: 0in">Sales of Assets</TD>
    <TD STYLE="text-indent: 0in; text-align: right">37</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">7.3</TD>
    <TD STYLE="text-indent: 0in">Creation of Liens</TD>
    <TD STYLE="text-indent: 0in; text-align: right">37</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">7.4</TD>
    <TD STYLE="text-indent: 0in">Guarantees</TD>
    <TD STYLE="text-indent: 0in; text-align: right">37</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">7.5</TD>
    <TD STYLE="text-indent: 0in">Investments</TD>
    <TD STYLE="text-indent: 0in; text-align: right">37</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">7.6</TD>
    <TD STYLE="text-indent: 0in">Loans</TD>
    <TD STYLE="text-indent: 0in; text-align: right">38</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">7.7</TD>
    <TD STYLE="text-indent: 0in">Dividends</TD>
    <TD STYLE="text-indent: 0in; text-align: right">38</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">7.8</TD>
    <TD STYLE="text-indent: 0in">Reserved</TD>
    <TD STYLE="text-indent: 0in; text-align: right">38</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">7.9</TD>
    <TD STYLE="text-indent: 0in">Indebtedness</TD>
    <TD STYLE="text-indent: 0in; text-align: right">38</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">7.10</TD>
    <TD STYLE="text-indent: 0in">Nature of Business</TD>
    <TD STYLE="text-indent: 0in; text-align: right">38</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">7.11</TD>
    <TD STYLE="text-indent: 0in">Transactions with Affiliates</TD>
    <TD STYLE="text-indent: 0in; text-align: right">38</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">7.12</TD>
    <TD STYLE="text-indent: 0in">Leases</TD>
    <TD STYLE="text-indent: 0in; text-align: right">39</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">7.13</TD>
    <TD STYLE="text-indent: 0in">Subsidiaries</TD>
    <TD STYLE="text-indent: 0in; text-align: right">39</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">7.14</TD>
    <TD STYLE="text-indent: 0in">Fiscal Year and Accounting Changes</TD>
    <TD STYLE="text-indent: 0in; text-align: right">39</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">7.15</TD>
    <TD STYLE="text-indent: 0in">Pledge of Credit</TD>
    <TD STYLE="text-indent: 0in; text-align: right">39</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">7.16</TD>
    <TD STYLE="text-indent: 0in">Amendment of Documents</TD>
    <TD STYLE="text-indent: 0in; text-align: right">39</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">7.17</TD>
    <TD STYLE="text-indent: 0in">Compliance with ERISA</TD>
    <TD STYLE="text-indent: 0in; text-align: right">39</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">7.18</TD>
    <TD STYLE="text-indent: 0in">Prepayment of Indebtedness</TD>
    <TD STYLE="text-indent: 0in; text-align: right">40</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">7.19</TD>
    <TD STYLE="text-indent: 0in">Payment of Subordinated Debt</TD>
    <TD STYLE="text-indent: 0in; text-align: right">40</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">7.20</TD>
    <TD STYLE="text-indent: 0in">Deposit Accounts</TD>
    <TD STYLE="text-indent: 0in; text-align: right">40</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">7.21</TD>
    <TD STYLE="text-indent: 0in">[Reserved]</TD>
    <TD STYLE="text-indent: 0in; text-align: right">40</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">7.22</TD>
    <TD STYLE="text-indent: 0in">Limitations on Release of Mortgagor Customers</TD>
    <TD STYLE="text-indent: 0in; text-align: right">40</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">7.23</TD>
    <TD STYLE="text-indent: 0in">Underwriting Guidelines</TD>
    <TD STYLE="text-indent: 0in; text-align: right">40</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">7.24</TD>
    <TD STYLE="text-indent: 0in">Long Term Mortgages</TD>
    <TD STYLE="text-indent: 0in; text-align: right">40</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="text-transform: uppercase">8.</FONT></TD>
    <TD COLSPAN="2">FINANCIAL COVENANTS.</TD>
    <TD STYLE="text-align: right">41</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">8.1</TD>
    <TD STYLE="text-indent: 0in">Controlling Definitions</TD>
    <TD STYLE="text-indent: 0in; text-align: right">41</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">8.2</TD>
    <TD STYLE="text-indent: 0in">Tangible Net Worth</TD>
    <TD STYLE="text-indent: 0in; text-align: right">42</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">8.3</TD>
    <TD STYLE="text-indent: 0in">Fixed Charge Coverage Ratio</TD>
    <TD STYLE="text-indent: 0in; text-align: right">42</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">8.4</TD>
    <TD STYLE="text-indent: 0in">Senior Funded Debt to Tangible Net Worth Ratio</TD>
    <TD STYLE="text-indent: 0in; text-align: right">42</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->iii<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="text-transform: uppercase">9.</FONT></TD>
    <TD COLSPAN="2">CONDITIONS PRECEDENT.</TD>
    <TD STYLE="text-align: right">42</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in; width: 7%">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; width: 7%">9.1</TD>
    <TD STYLE="text-indent: 0in; width: 79%">Conditions to the Initial Revolving Advance</TD>
    <TD STYLE="text-indent: 0in; width: 7%; text-align: right">42</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">9.2</TD>
    <TD STYLE="text-indent: 0in">Conditions to Each Revolving Advance</TD>
    <TD STYLE="text-indent: 0in; text-align: right">46</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="text-transform: uppercase">10.</FONT></TD>
    <TD COLSPAN="2">INFORMATION AS TO LOAN PARTIES.</TD>
    <TD STYLE="text-align: right">46</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">10.1</TD>
    <TD STYLE="text-indent: 0in">Disclosure of Material Matters</TD>
    <TD STYLE="text-indent: 0in; text-align: right">46</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">10.2</TD>
    <TD STYLE="text-indent: 0in">Schedules</TD>
    <TD STYLE="text-indent: 0in; text-align: right">47</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">10.3</TD>
    <TD STYLE="text-indent: 0in">Environmental Compliance Certificate</TD>
    <TD STYLE="text-indent: 0in; text-align: right">47</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">10.4</TD>
    <TD STYLE="text-indent: 0in">Litigation</TD>
    <TD STYLE="text-indent: 0in; text-align: right">47</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">10.5</TD>
    <TD STYLE="text-indent: 0in">Material Occurrences</TD>
    <TD STYLE="text-indent: 0in; text-align: right">47</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">10.6</TD>
    <TD STYLE="text-indent: 0in">[Reserved]</TD>
    <TD STYLE="text-indent: 0in; text-align: right">48</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">10.7</TD>
    <TD STYLE="text-indent: 0in">Annual Financial Statements</TD>
    <TD STYLE="text-indent: 0in; text-align: right">48</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">10.8</TD>
    <TD STYLE="text-indent: 0in">Quarterly Financial Statements</TD>
    <TD STYLE="text-indent: 0in; text-align: right">48</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">10.9</TD>
    <TD STYLE="text-indent: 0in">[Reserved]</TD>
    <TD STYLE="text-indent: 0in; text-align: right">49</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">10.10</TD>
    <TD STYLE="text-indent: 0in">Borrowing Base Certificate</TD>
    <TD STYLE="text-indent: 0in; text-align: right">49</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">10.11</TD>
    <TD STYLE="text-indent: 0in">Other Reports</TD>
    <TD STYLE="text-indent: 0in; text-align: right">49</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">10.12</TD>
    <TD STYLE="text-indent: 0in">Additional Information</TD>
    <TD STYLE="text-indent: 0in; text-align: right">49</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">10.13</TD>
    <TD STYLE="text-indent: 0in">Projected Operating Budget</TD>
    <TD STYLE="text-indent: 0in; text-align: right">49</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">10.14</TD>
    <TD STYLE="text-indent: 0in">[Reserved]</TD>
    <TD STYLE="text-indent: 0in; text-align: right">49</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">10.15</TD>
    <TD STYLE="text-indent: 0in">Notice of Suits, Adverse Events</TD>
    <TD STYLE="text-indent: 0in; text-align: right">49</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">10.16</TD>
    <TD STYLE="text-indent: 0in">ERISA Notices and Requests</TD>
    <TD STYLE="text-indent: 0in; text-align: right">50</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">10.17</TD>
    <TD STYLE="text-indent: 0in">Intellectual Property</TD>
    <TD STYLE="text-indent: 0in; text-align: right">50</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">10.18</TD>
    <TD STYLE="text-indent: 0in">Additional Documents</TD>
    <TD STYLE="text-indent: 0in; text-align: right">50</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">10.19</TD>
    <TD STYLE="text-indent: 0in">Mortgage File Reports</TD>
    <TD STYLE="text-indent: 0in; text-align: right">50</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="text-transform: uppercase">11.</FONT></TD>
    <TD COLSPAN="2">EVENTS OF DEFAULT.</TD>
    <TD STYLE="text-align: right">51</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">11.1</TD>
    <TD STYLE="text-indent: 0in">Obligations</TD>
    <TD STYLE="text-indent: 0in; text-align: right">51</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">11.2</TD>
    <TD STYLE="text-indent: 0in">Misrepresentations</TD>
    <TD STYLE="text-indent: 0in; text-align: right">51</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">11.3</TD>
    <TD STYLE="text-indent: 0in">Financial Information</TD>
    <TD STYLE="text-indent: 0in; text-align: right">51</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">11.4</TD>
    <TD STYLE="text-indent: 0in">Liens</TD>
    <TD STYLE="text-indent: 0in; text-align: right">51</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">11.5</TD>
    <TD STYLE="text-indent: 0in">Covenants</TD>
    <TD STYLE="text-indent: 0in; text-align: right">51</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">11.6</TD>
    <TD STYLE="text-indent: 0in">Judgments</TD>
    <TD STYLE="text-indent: 0in; text-align: right">51</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">11.7</TD>
    <TD STYLE="text-indent: 0in">Voluntary Bankruptcy</TD>
    <TD STYLE="text-indent: 0in; text-align: right">51</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">11.8</TD>
    <TD STYLE="text-indent: 0in">Insolvency</TD>
    <TD STYLE="text-indent: 0in; text-align: right">52</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">11.9</TD>
    <TD STYLE="text-indent: 0in">Involuntary Bankruptcy</TD>
    <TD STYLE="text-indent: 0in; text-align: right">52</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">11.10</TD>
    <TD STYLE="text-indent: 0in">Material Adverse Changes</TD>
    <TD STYLE="text-indent: 0in; text-align: right">52</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">11.11</TD>
    <TD STYLE="text-indent: 0in">Agent&rsquo;s Liens</TD>
    <TD STYLE="text-indent: 0in; text-align: right">52</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">11.12</TD>
    <TD STYLE="text-indent: 0in">Subordinated Debt</TD>
    <TD STYLE="text-indent: 0in; text-align: right">52</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">11.13</TD>
    <TD STYLE="text-indent: 0in">Cross Default</TD>
    <TD STYLE="text-indent: 0in; text-align: right">52</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">11.14</TD>
    <TD STYLE="text-indent: 0in">Guaranty</TD>
    <TD STYLE="text-indent: 0in; text-align: right">52</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">11.15</TD>
    <TD STYLE="text-indent: 0in">Change of Control</TD>
    <TD STYLE="text-indent: 0in; text-align: right">52</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">11.16</TD>
    <TD STYLE="text-indent: 0in">Change of Management</TD>
    <TD STYLE="text-indent: 0in; text-align: right">52</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">11.17</TD>
    <TD STYLE="text-indent: 0in">Invalidity</TD>
    <TD STYLE="text-indent: 0in; text-align: right">53</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">11.18</TD>
    <TD STYLE="text-indent: 0in">Takings</TD>
    <TD STYLE="text-indent: 0in; text-align: right">53</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">11.19</TD>
    <TD STYLE="text-indent: 0in">Seizures</TD>
    <TD STYLE="text-indent: 0in; text-align: right">53</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">11.20</TD>
    <TD STYLE="text-indent: 0in">Plans</TD>
    <TD STYLE="text-indent: 0in; text-align: right">53</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">11.21</TD>
    <TD STYLE="text-indent: 0in">Criminal Charges</TD>
    <TD STYLE="text-indent: 0in; text-align: right">53</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">11.22</TD>
    <TD STYLE="text-indent: 0in">REIT Status</TD>
    <TD STYLE="text-indent: 0in; text-align: right">53</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->iv<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="text-transform: uppercase">12.</FONT></TD>
    <TD COLSPAN="2">LENDERS&rsquo; RIGHTS AND REMEDIES AFTER DEFAULT.</TD>
    <TD STYLE="text-align: right">54</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in; width: 7%">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; width: 7%">12.1</TD>
    <TD STYLE="text-indent: 0in; width: 79%">Rights and Remedies</TD>
    <TD STYLE="text-indent: 0in; width: 7%; text-align: right">54</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">12.2</TD>
    <TD STYLE="text-indent: 0in">Allocation of Payments after Event of Default</TD>
    <TD STYLE="text-indent: 0in; text-align: right">54</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">12.3</TD>
    <TD STYLE="text-indent: 0in">Agent&rsquo;s Discretion</TD>
    <TD STYLE="text-indent: 0in; text-align: right">55</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">12.4</TD>
    <TD STYLE="text-indent: 0in">Setoff</TD>
    <TD STYLE="text-indent: 0in; text-align: right">55</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">12.5</TD>
    <TD STYLE="text-indent: 0in">Rights and Remedies not Exclusive</TD>
    <TD STYLE="text-indent: 0in; text-align: right">55</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="text-transform: uppercase">13.</FONT></TD>
    <TD COLSPAN="2">WAIVERS AND JUDICIAL PROCEEDINGS.</TD>
    <TD STYLE="text-align: right">56</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">13.1</TD>
    <TD STYLE="text-indent: 0in">Waiver of Notice</TD>
    <TD STYLE="text-indent: 0in; text-align: right">56</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">13.2</TD>
    <TD STYLE="text-indent: 0in">Delay</TD>
    <TD STYLE="text-indent: 0in; text-align: right">56</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">13.3</TD>
    <TD STYLE="text-indent: 0in">Jury Waiver</TD>
    <TD STYLE="text-indent: 0in; text-align: right">56</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="text-transform: uppercase">14.</FONT></TD>
    <TD COLSPAN="2">EFFECTIVE DATE AND TERMINATION.</TD>
    <TD STYLE="text-align: right">56</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">14.1</TD>
    <TD STYLE="text-indent: 0in">Term; Early Termination Fee</TD>
    <TD STYLE="text-indent: 0in; text-align: right">56</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">14.2</TD>
    <TD STYLE="text-indent: 0in">Termination</TD>
    <TD STYLE="text-indent: 0in; text-align: right">57</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="text-transform: uppercase">15.</FONT></TD>
    <TD COLSPAN="2">MULTIPLE LOAN PARTIES.</TD>
    <TD STYLE="text-align: right">57</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">15.1</TD>
    <TD STYLE="text-indent: 0in">Borrowing Agency Provisions</TD>
    <TD STYLE="text-indent: 0in; text-align: right">57</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">15.2</TD>
    <TD STYLE="text-indent: 0in">Waiver of Subrogation</TD>
    <TD STYLE="text-indent: 0in; text-align: right">58</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="text-transform: uppercase">16.</FONT></TD>
    <TD COLSPAN="2">REGARDING AGENT.</TD>
    <TD STYLE="text-align: right">58</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">16.1</TD>
    <TD STYLE="text-indent: 0in">Appointment</TD>
    <TD STYLE="text-indent: 0in; text-align: right">58</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">16.2</TD>
    <TD STYLE="text-indent: 0in">Nature of Duties</TD>
    <TD STYLE="text-indent: 0in; text-align: right">59</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">16.3</TD>
    <TD STYLE="text-indent: 0in">Lack of Reliance on Agent</TD>
    <TD STYLE="text-indent: 0in; text-align: right">59</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">16.4</TD>
    <TD STYLE="text-indent: 0in">Resignation of Agent; Successor Agent</TD>
    <TD STYLE="text-indent: 0in; text-align: right">60</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">16.5</TD>
    <TD STYLE="text-indent: 0in">Certain Rights of Agent</TD>
    <TD STYLE="text-indent: 0in; text-align: right">60</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">16.6</TD>
    <TD STYLE="text-indent: 0in">Reliance</TD>
    <TD STYLE="text-indent: 0in; text-align: right">60</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">16.7</TD>
    <TD STYLE="text-indent: 0in">Notice of Default</TD>
    <TD STYLE="text-indent: 0in; text-align: right">61</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">16.8</TD>
    <TD STYLE="text-indent: 0in">Indemnification</TD>
    <TD STYLE="text-indent: 0in; text-align: right">61</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">16.9</TD>
    <TD STYLE="text-indent: 0in">Agent in its Individual Capacity</TD>
    <TD STYLE="text-indent: 0in; text-align: right">61</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">16.10</TD>
    <TD STYLE="text-indent: 0in">Delivery of Documents</TD>
    <TD STYLE="text-indent: 0in; text-align: right">61</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">16.11</TD>
    <TD STYLE="text-indent: 0in">Loan Parties Undertaking to Agent</TD>
    <TD STYLE="text-indent: 0in; text-align: right">62</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">16.12</TD>
    <TD STYLE="text-indent: 0in">No Reliance on Agent&rsquo;s Customer Identification Program</TD>
    <TD STYLE="text-indent: 0in; text-align: right">62</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">16.13</TD>
    <TD STYLE="text-indent: 0in">Other Agreements</TD>
    <TD STYLE="text-indent: 0in; text-align: right">62</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">16.14</TD>
    <TD STYLE="text-indent: 0in">Other Agents</TD>
    <TD STYLE="text-indent: 0in; text-align: right">62</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="text-transform: uppercase">17.</FONT></TD>
    <TD COLSPAN="2">MISCELLANEOUS.</TD>
    <TD STYLE="text-align: right">63</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">17.1</TD>
    <TD STYLE="text-indent: 0in">GOVERNING LAW</TD>
    <TD STYLE="text-indent: 0in; text-align: right">63</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">17.2</TD>
    <TD STYLE="text-indent: 0in">Entire Understanding</TD>
    <TD STYLE="text-indent: 0in; text-align: right">63</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">17.3</TD>
    <TD STYLE="text-indent: 0in">Successors and Assigns; Participations; New Lender</TD>
    <TD STYLE="text-indent: 0in; text-align: right">67</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">17.4</TD>
    <TD STYLE="text-indent: 0in">Application of Payments</TD>
    <TD STYLE="text-indent: 0in; text-align: right">69</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">17.5</TD>
    <TD STYLE="text-indent: 0in">Indemnity</TD>
    <TD STYLE="text-indent: 0in; text-align: right">69</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">17.6</TD>
    <TD STYLE="text-indent: 0in">Notice</TD>
    <TD STYLE="text-indent: 0in; text-align: right">70</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">17.7</TD>
    <TD STYLE="text-indent: 0in">Survival</TD>
    <TD STYLE="text-indent: 0in; text-align: right">71</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">17.8</TD>
    <TD STYLE="text-indent: 0in">Severability</TD>
    <TD STYLE="text-indent: 0in; text-align: right">71</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->v<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 7%; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 7%; text-indent: 0in">17.9</TD>
    <TD STYLE="width: 79%; text-indent: 0in">Expenses</TD>
    <TD STYLE="width: 7%; text-indent: 0in; text-align: right">71</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">17.10</TD>
    <TD STYLE="text-indent: 0in">Rights to Cure</TD>
    <TD STYLE="text-indent: 0in; text-align: right">71</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">17.11</TD>
    <TD STYLE="text-indent: 0in">Injunctive Relief</TD>
    <TD STYLE="text-indent: 0in; text-align: right">72</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">17.12</TD>
    <TD STYLE="text-indent: 0in">Consequential Damages</TD>
    <TD STYLE="text-indent: 0in; text-align: right">72</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">17.13</TD>
    <TD STYLE="text-indent: 0in">Third Party Beneficiaries</TD>
    <TD STYLE="text-indent: 0in; text-align: right">72</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">17.14</TD>
    <TD STYLE="text-indent: 0in">Captions</TD>
    <TD STYLE="text-indent: 0in; text-align: right">72</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">17.15</TD>
    <TD STYLE="text-indent: 0in">Counterparts; Telecopied Signatures; Seal</TD>
    <TD STYLE="text-indent: 0in; text-align: right">72</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">17.16</TD>
    <TD STYLE="text-indent: 0in">Construction</TD>
    <TD STYLE="text-indent: 0in; text-align: right">72</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">17.17</TD>
    <TD STYLE="text-indent: 0in">Confidentiality</TD>
    <TD STYLE="text-indent: 0in; text-align: right">72</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">17.18</TD>
    <TD STYLE="text-indent: 0in">Publicity</TD>
    <TD STYLE="text-indent: 0in; text-align: right">73</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">17.19</TD>
    <TD STYLE="text-indent: 0in">Survival of Representations and Warranties</TD>
    <TD STYLE="text-indent: 0in; text-align: right">73</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">17.20</TD>
    <TD STYLE="text-indent: 0in">Certain Matters of Construction</TD>
    <TD STYLE="text-indent: 0in; text-align: right">73</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">17.21</TD>
    <TD STYLE="text-indent: 0in">Destruction of Invoices</TD>
    <TD STYLE="text-indent: 0in; text-align: right">74</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">17.22</TD>
    <TD STYLE="text-indent: 0in">Time</TD>
    <TD STYLE="text-indent: 0in; text-align: right">74</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">17.23</TD>
    <TD STYLE="text-indent: 0in">Patriot Act</TD>
    <TD STYLE="text-indent: 0in; text-align: right">74</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">17.24</TD>
    <TD STYLE="text-indent: 0in">No Tax Advice</TD>
    <TD STYLE="text-indent: 0in; text-align: right">74</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">17.25</TD>
    <TD STYLE="text-indent: 0in">Completion of Blanks</TD>
    <TD STYLE="text-indent: 0in; text-align: right">74</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">17.26</TD>
    <TD STYLE="text-indent: 0in">Exculpation of Lenders</TD>
    <TD STYLE="text-indent: 0in; text-align: right">74</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">17.27</TD>
    <TD STYLE="text-indent: 0in">Electronic Transmissions</TD>
    <TD STYLE="text-indent: 0in; text-align: right">75</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="text-transform: uppercase">18.</FONT></TD>
    <TD COLSPAN="2">GUARANTY.</TD>
    <TD STYLE="text-align: right">75</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">18.1</TD>
    <TD STYLE="text-indent: 0in">Guaranty</TD>
    <TD STYLE="text-indent: 0in; text-align: right">75</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">18.2</TD>
    <TD STYLE="text-indent: 0in">Waivers</TD>
    <TD STYLE="text-indent: 0in; text-align: right">75</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">18.3</TD>
    <TD STYLE="text-indent: 0in">No Defense</TD>
    <TD STYLE="text-indent: 0in; text-align: right">75</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">18.4</TD>
    <TD STYLE="text-indent: 0in">Guaranty of Payment</TD>
    <TD STYLE="text-indent: 0in; text-align: right">76</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">18.5</TD>
    <TD STYLE="text-indent: 0in">Liabilities Absolute</TD>
    <TD STYLE="text-indent: 0in; text-align: right">76</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">18.6</TD>
    <TD STYLE="text-indent: 0in">Waiver of Notice</TD>
    <TD STYLE="text-indent: 0in; text-align: right">77</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">18.7</TD>
    <TD STYLE="text-indent: 0in">Agent&rsquo;s Discretion</TD>
    <TD STYLE="text-indent: 0in; text-align: right">77</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">18.8</TD>
    <TD STYLE="text-indent: 0in">Reinstatement</TD>
    <TD STYLE="text-indent: 0in; text-align: right">77</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->vi<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">List of Annexes, Exhibits and Schedules</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -2in">&nbsp;</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: 24%; text-indent: 0in">Annexes</TD>
    <TD STYLE="width: 76%; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Annex One</TD>
    <TD STYLE="text-indent: 0in">Definitions</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Annex Two</TD>
    <TD STYLE="text-indent: 0in">Representations and Warranties re: Mortgage Loans</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Exhibits</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Exhibit 2.1</TD>
    <TD STYLE="text-indent: 0in">Revolving Credit Note</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Exhibit 2.2</TD>
    <TD STYLE="text-indent: 0in">Notice of Borrowing</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Exhibit 9.1(c)</TD>
    <TD STYLE="text-indent: 0in">Secretary&rsquo;s Certificate</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Exhibit 9.1(p)</TD>
    <TD STYLE="text-indent: 0in">Pledge Agreement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Exhibit 9.1(r)</TD>
    <TD STYLE="text-indent: 0in">Closing Certificate</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Exhibit 10.8</TD>
    <TD STYLE="text-indent: 0in">Compliance Certificate</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Exhibit 10.10</TD>
    <TD STYLE="text-indent: 0in">Borrowing Base Certificate</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Exhibit 17.3</TD>
    <TD STYLE="text-indent: 0in">Commitment Transfer Supplement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Exhibit A</TD>
    <TD STYLE="text-indent: 0in">Form of Escrow Agreement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Exhibit B</TD>
    <TD STYLE="text-indent: 0in">Underwriting Guidelines</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Exhibit C</TD>
    <TD STYLE="text-indent: 0in">Form of Servicer Notice</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Exhibit D</TD>
    <TD STYLE="text-indent: 0in">Form of Term Sheet</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Exhibit E</TD>
    <TD STYLE="text-indent: 0in">Form of Customer Guaranty</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->vii<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</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="text-indent: 0in">Schedules</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; text-indent: 0in">Schedule 1.1</TD>
    <TD STYLE="width: 76%; text-indent: 0in">Revolving Commitments and Revolving Commitment Percentages</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Schedule 4.5</TD>
    <TD STYLE="text-indent: 0in">Locations</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Schedule 4.14(c)</TD>
    <TD STYLE="text-indent: 0in">Location of Executive Offices</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Schedule 5.2</TD>
    <TD STYLE="text-indent: 0in">Organizational Data and Numbers; Qualifications</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Schedule 5.3</TD>
    <TD STYLE="text-indent: 0in">Federal Tax Identification Numbers</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Schedule 5.5</TD>
    <TD STYLE="text-indent: 0in">Name</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Schedule 5.8</TD>
    <TD STYLE="text-indent: 0in">Litigation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Schedule 5.9</TD>
    <TD STYLE="text-indent: 0in">Indebtedness</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Schedule 5.10</TD>
    <TD STYLE="text-indent: 0in">Violations</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Schedule 5.11</TD>
    <TD STYLE="text-indent: 0in">Plans</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Schedule 5.12</TD>
    <TD STYLE="text-indent: 0in">Intellectual Property</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Schedule 5.25</TD>
    <TD STYLE="text-indent: 0in">Real Property</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Schedule 5.26</TD>
    <TD STYLE="text-indent: 0in">Deposit Accounts</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Schedule 6.10</TD>
    <TD STYLE="text-indent: 0in">Post-Closing Matters</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Schedule 7.11</TD>
    <TD STYLE="text-indent: 0in">Transactions with Affiliates</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -2in">&nbsp;</P>


<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->viii<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CREDIT AND SECURITY AGREEMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>PREAMBLE</U>. This
Credit and Security Agreement (herein, together with all schedules and exhibits hereto, and as it may be amended or modified from
time to time, called this &ldquo;<U>Agreement</U>&rdquo;), dated as May 11, 2018 (the &ldquo;<U>Signing Date</U>&rdquo;), is made
by and among (i) SACHEM CAPITAL CORP., a New York corporation (&ldquo;<U>Sachem</U>&rdquo;; and together with each Person joined
hereto as a Borrower from time to time, collectively the &ldquo;<U>Borrowers</U>&rdquo;, and each, a &ldquo;<U>Borrower</U>&rdquo;);
(ii) the Corporate Guarantors signatory hereto (collectively with Borrowers, each, a &ldquo;<U>Loan Party</U>&rdquo; and collectively,
the &ldquo;<U>Loan Parties</U>&rdquo;); (iii) the financial institutions who are now or hereafter become parties hereto as lenders
(collectively, the &ldquo;<U>Lenders</U>&rdquo; and each individually, a &ldquo;<U>Lender</U>&rdquo;); (iv) WEBSTER BUSINESS CREDIT
CORPORATION, a New York corporation (&ldquo;<U>WBCC</U>&rdquo;), individually, as a Lender hereunder and as agent for itself and
each other Lender Party (as hereinafter defined) (WBCC, acting in such agency capacity, the &ldquo;<U>Agent</U>&rdquo;); and (v)
BANKWELL BANK, a Connecticut state non-member bank, individually, as a Lender hereunder and as co-syndication agent (&ldquo;<U>Co-Syndication
Agent</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>STATEMENT OF THE
TRANSACTION</U>. Capitalized terms used in this statement of the transaction shall have the meanings ascribed to such terms in
<U>Annex One</U>. Borrowers have applied to WBCC for financing to retire the Existing Loans, to pay closing costs associated herewith,
and to supplement its working capital needs on an ongoing basis. WBCC, as a Lender hereunder and as Agent for itself and each
other Lender Party, and each other Person from time to time party hereto as a Lender, has agreed to provide this financing, <U>subject</U>,
<U>however</U>, to the terms, covenants and conditions hereinafter set forth.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, IN
CONSIDERATION of the mutual covenants and undertakings herein contained, Loan Parties, Lenders and Agent, each intending to be
legally bound hereby, hereby covenant and agree as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase">1.</FONT></TD><TD STYLE="text-align: justify"><U>DEFINITIONS</U>.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Accounting
Terms</U><FONT STYLE="font-size: 10pt">. </FONT>As used in this Agreement, any Note, or any certificate, report or Other Document,
accounting terms not defined in <U>Annex One</U>, <U>Annex Two</U> or elsewhere in this Agreement and accounting terms partly
defined in <U>Annex One</U> or <U>Annex Two</U> (to the extent not defined) shall have the respective meanings given to them under
GAAP; <U>provided</U>, <U>however</U>, whenever such accounting terms are used for the purposes of determining compliance with
financial covenants in this Agreement, such accounting terms shall be defined in accordance with GAAP as applied in preparation
of the Historical Financial Statements. Certain other definitions which are used in the calculation of the Financial Covenants
are set forth in <U>Section 8.1</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General
Terms</U>. Certain other terms which are capitalized hereinbelow, but not expressly defined hereinbelow, shall have the meanings
given to such terms in <U>Annex One</U> and in <U>Annex Two</U>, <U>Part II</U>.</P>

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


<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Uniform
Commercial Code Terms</U>. All terms used herein and defined in the Uniform Commercial Code shall have the meanings given them
therein unless otherwise defined herein. Without limitation of the foregoing, the terms &ldquo;accounts,&rdquo; &ldquo;chattel
paper,&rdquo; &ldquo;instruments,&rdquo; &ldquo;general intangibles,&rdquo; &ldquo;payment intangibles,&rdquo; &ldquo;commercial
tort claims,&rdquo; &ldquo;securities,&rdquo; &ldquo;investment property,&rdquo; &ldquo;documents,&rdquo; &ldquo;supporting obligations,&rdquo;
&ldquo;deposit accounts,&rdquo; &ldquo;payment intangibles,&rdquo; &ldquo;software,&rdquo; &ldquo;security entitlements,&rdquo;
&ldquo;letter of credit rights,&rdquo; &ldquo;inventory,&rdquo; &ldquo;equipment&rdquo; and &ldquo;fixtures,&rdquo; as and when
used in the description of Collateral, shall have the meanings given to such terms in Articles 8 or 9 (as applicable) of the Uniform
Commercial Code.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase">2.</FONT></TD><TD STYLE="text-align: justify"><U>ADVANCES,
                                         PAYMENTS</U>.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Revolving
Advances</U>. Subject to the terms and conditions set forth in this Agreement, each Lender, severally and not jointly, will make
Revolving Advances available to Borrowers in aggregate amounts outstanding at any time equal to such Lender&rsquo;s Revolving
Commitment Percentage of the <U>lesser</U> of (i)&nbsp;the Maximum Revolving Amount, or (ii)&nbsp;the Borrowing Base, provided
that in no event shall the obligation of any Lender to make Revolving Advances exceed such Lender&rsquo;s Revolving Commitment.
The Revolving Advances shall be evidenced by one or more secured promissory notes issued to each Lender in a principal amount
equal to such Lender&rsquo;s Revolving Commitment (the &ldquo;<U>Revolving Credit Notes</U>&rdquo;), substantially in the form
attached hereto as <U>Exhibit&nbsp;2.1</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Procedure
for Borrowing</U>. To request a Revolving Advance hereunder, Borrower Representative on behalf of each Borrower shall notify Agent
of such request pursuant to a Notice of Borrowing substantially in the form of <U>Exhibit 2.2</U> (each a &ldquo;<U>Notice of
Borrowing</U>&rdquo;) delivered not later than 11:00 a.m. one (1) Business Day prior to the requested Funding Date. Each Notice
of Borrowing shall (1) specify the requested Funding Date (which shall be a Business Day), (2) specify the principal amount of
such Revolving Advance, (3) attach a Mortgage Loan Schedule identifying the Eligible Mortgage Loans that the Borrowers propose
to pledge to the Agent and to be included in the Borrowing Base in connection with such borrowing, and (4) be accompanied by all
of the documents described in, and otherwise be subject to the full satisfaction of the Funding Requirements. A Revolving Advance
can be requested in any amount. Should any amount required to be paid as interest hereunder, or as fees or other charges under
this Agreement or any Other Document with any Lender Party, or with respect to any other Obligation, become due, the same shall
be deemed a request for a Revolving Advance as of the date such payment is due, in the amount required to pay in full such interest,
fee, charge or Obligation under this Agreement or any Other Document with any Lender Party, and such request shall be irrevocable.
Agent shall cause the proceeds of such Revolving Advance to be paid to such Person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disbursement
of Advance Proceeds</U>. All Revolving Advances shall be disbursed from whichever office or other place Agent may designate from
time to time and, together with any and all other Obligations of Borrowers to Agent or Lenders, shall be charged to Borrowers
Account on Agent&rsquo;s books. During the Term, Borrowers may use the Revolving Advances by borrowing, prepaying and reborrowing,
all in accordance with the terms and conditions hereof. The proceeds of each Revolving Advance requested by Borrowers or deemed
to have been requested by Borrowers under <U>Section&nbsp;2.2(a)</U> hereof shall, with respect to requested Revolving Advances
to the extent Lenders make such Revolving Advances, be made available to the applicable Borrower on the day so requested by way
of credit to such Borrower&rsquo;s operating account at the Bank or such other bank as Borrower Representative may designate following
notification to Agent, in immediately available federal funds or other immediately available funds or, with respect to Revolving
Advances deemed to have been requested by any Borrower, be disbursed to Agent to be applied to the outstanding Obligations giving
rise to such deemed request.</P>

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


<!-- Field: Page; Sequence: 11; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Maximum
Revolving Advances</U>. The aggregate balance of all Revolving Advances outstanding at any time shall not exceed the <U>lesser
</U>of (a)&nbsp;the Maximum Revolving Amount or (b)&nbsp;the Borrowing Base.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Repayment
of Revolving Advances</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Revolving Advances shall be due and payable in full on the last day of the Term, subject to earlier prepayment, in whole or in
part, as provided in this Agreement or in any Other Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
payments of principal, interest, fees and other amounts payable hereunder, or under any of the Other Documents shall be made to
Agent at the Payment Office not later than 4:00 p.m. (New York time) on the due date therefor in lawful money of the United States
of America in federal funds or other funds immediately available to Agent. Agent shall have the right to effectuate payment on
any and all Obligations due and owing hereunder by charging Borrowers&rsquo; Account or by making Revolving Advances as provided
in <U>Section&nbsp;2.2(a)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowers
shall be obliged to pay principal, interest, fees and all other amounts payable hereunder, or under any Other Documents as and
when due, without any deduction whatsoever, including, but not limited to, any deduction for any setoff or counterclaim.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Repayment
of Overadvances</U>. The aggregate balance of Revolving Advances outstanding at any time in excess of the maximum amount of Revolving
Advances permitted to be outstanding at any time hereunder (herein &ldquo;<U>Overadvances</U>&rdquo;), shall be immediately due
and payable without the necessity of any demand, at the Payment Office, whether or not a Default or Event of Default has occurred.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Statement
of Account</U>. Agent shall maintain, in accordance with its customary procedures, a loan account (&ldquo;<U>Borrowers&rsquo;
Account</U>&rdquo;) in the name of Borrowers in which shall be recorded the date and amount of each Revolving Advance made by
Agent or Lenders and the date and amount of each payment in respect thereof; <U>provided</U>, <U>however</U>, that the failure
by Agent to record the date and amount of any Revolving Advance shall not adversely affect Agent or any Lender. Each month, Agent
shall send to Borrower Representative a statement showing the accounting for the Revolving Advances made, payments made or credited
in respect thereof, and other transactions between Agent, Lenders and Borrowers, during such month. The monthly statements shall
be deemed correct and binding upon Borrowers in the absence of manifest error and shall constitute an account stated between Agent,
Lenders and Borrowers unless Agent receives a written statement of Borrowers&rsquo; specific exceptions thereto within thirty
(30) days after such statement is received by Borrower Representative.</P>

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


<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in">2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional
Payments</U>. Any sums expended by Agent or any Lender due to any Borrower&rsquo;s failure to perform or comply with its obligations
under this Agreement or any Other Document, may be charged to Borrowers&rsquo; Account as a Revolving Advance and added to the
Obligations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Manner
of Borrowing and Payment; Settlements</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
borrowing of Revolving Advances requested and made shall be advanced according to the Revolving Commitment Percentages of Lenders
having Revolving Commitments in regard thereto (subject to any contrary provisions of <U>Section 2.12</U>). Each payment (including
each prepayment) by Borrowers to Agent on account of the principal of the Revolving Advances shall be applied by Agent to the
Revolving Advances pro rata according to the Revolving Commitment Percentages of Lenders having Revolving Commitments in regard
thereto (subject to any contrary provisions of <U>Section 2.12</U>).&nbsp; Except as otherwise may be expressly provided herein,
all payments (including prepayments) to be made by Borrowers on account of principal, interest and fees shall be made to Agent
on behalf of the Lenders at the Payment Office, in each case on or prior to 4:00 p.m., in Dollars and in immediately available
funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly
after receipt by Agent of a request or deemed request for a Revolving Advance pursuant to <U>Section 2.2</U>, Agent shall notify
Lenders holding Revolving Commitments of its receipt of such requests specifying the information provided by Borrower Representative
and the apportionment among Lenders of the requested Revolving Advance as determined by Agent in accordance with the terms hereof.
Each Lender shall remit the principal amount of each Revolving Advance to Agent such that Agent is able to, and Agent shall, to
the extent the applicable Lenders have made funds available to it for such purpose and, subject to <U>Section 9.2</U>, fund such
Revolving Advance to Borrowers in U.S. Dollars and in immediately available funds at the Payment Office prior to the close of
business, on the applicable Funding Date; provided that if any applicable Lender fails to remit such funds to Agent in a timely
manner, Agent may elect in its sole discretion to fund with its own funds the Revolving Advance of such Lender on such Funding
Date, and such Lender shall be subject to the repayment obligation in <U>Section 2.9(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any Lender or Participant (for purposes of this section, a &ldquo;benefited Lender&rdquo;) shall at any time receive any payment
of all or part of its Revolving Advances, or interest thereon, or receive any Collateral in respect thereof (whether voluntarily
or involuntarily or by set-off) in a greater proportion than any such payment to and Collateral received by any other Lender having
the same Revolving Commitment Percentage, if any, in respect of such other Lender&rsquo;s Revolving Advances, or interest thereon,
and such greater proportionate payment or receipt of Collateral is not expressly permitted hereunder, such benefited Lender shall
purchase for cash from such other Lender(s) a participation in such portion of each such other Lender&rsquo;s Revolving Advances,
or shall provide such other Lender(s) with the benefits of any such Collateral, or the proceeds thereof, as shall be necessary
to cause such benefited Lender to share the excess payment or benefits of such Collateral or proceeds ratably with such other
Lender(s); <U>provided</U>, <U>however</U>, that if all or any portion of such excess payment or benefits is thereafter recovered
from such benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned by the Lender(s) receiving
same to the extent of such recovery, but without interest. Each benefited Lender so purchasing a portion of another Lender&rsquo;s
Revolving Advances may exercise all rights of payment (including, without limitation, rights of set-off) with respect to such
portion as fully as if such Lender were the direct holder of such portion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
Agent shall have been notified by telephone, confirmed in writing, by any Lender having a Revolving Commitment that such Lender
will not make the amount which would constitute its applicable Revolving Commitment Percentage of Revolving Advances available
to Agent, Agent may (but shall not be obligated to) assume that such Lender shall make such amount available to Agent on the next
Settlement Date and, in reliance upon such assumption, make available to Borrowers a corresponding amount. Agent will promptly
notify Borrowers of its receipt of any such notice from a Lender. Notwithstanding anything to the contrary contained in <U>Section
2.3</U> and <U>Section 2.9</U> of this Agreement, each borrowing of Revolving Advances shall be advanced by Agent and each payment
by Borrowers on account of Revolving Advances shall be applied, first, to those Revolving Advances (as the case may be) advanced
by Agent, but solely to the extent Agent has not already been reimbursed by the Lenders for such Revolving Advance in accordance
with the provisions of this <U>Section 2.9</U>. On or before 1:00 P.M., on each Settlement Date commencing with the first Settlement
Date following the Closing Date, Agent and Lenders having Revolving Commitments shall make certain payments as follows: with respect
to Revolving Advances (A) if the aggregate amount of new Revolving Advances, if any, made by Agent during the preceding Week exceeds
the aggregate amount of repayments applied to outstanding Revolving Advances during such preceding Week, then each such Lender
shall provide Agent with funds in an amount equal to its applicable Revolving Commitment Percentage of the difference between
(1) such Revolving Advances and (2) such repayments and (B) if the aggregate amount of repayments applied to outstanding Revolving
Advances during such Week exceeds the aggregate amount of new Revolving Advances made during such Week, then Agent shall provide
each such Lender with funds in an amount equal to its applicable Revolving Commitment Percentage of the difference between (1)
such repayments and (2) such Revolving Advances. Each such Lender shall be entitled to earn interest on outstanding Revolving
Advances which it has funded at the Revolving Interest Rate from the Funding Date until the date such Revolving Advances or paid
or deemed paid by the Borrowers pursuant to <U>Section 2.5(b)</U>. Agent shall submit to each such Lender a certificate with respect
to payments received and Revolving Advances made during the Week immediately preceding such Settlement Date. Such certificate
of Agent shall be conclusive in the absence of manifest error. If such amount is made available to Agent on a date after such
next Settlement Date, such Lender shall pay to Agent on demand an amount equal to the product of (i) the daily average Federal
Funds Rate (computed on the basis of a year of 360 days) during such period as quoted by Agent, times (ii) such amount, times
and (iii) the number of days from and including such Settlement Date to the date on which such amount becomes immediately available
to Agent. A certificate of Agent submitted to any Lender with respect to any amounts owing hereunder shall be conclusive, in the
absence of manifest error. If such amount is not in fact made available to Agent by such Lender within three (3) Business Days
after such Settlement Date, Agent shall be entitled to recover such an amount, with interest thereon at the Revolving Interest
Rate, on demand from Borrowers; <U>provided</U>, <U>however</U>, that Agent&rsquo;s right to such recovery shall not prejudice
or otherwise adversely affect Borrowers&rsquo; rights (if any) against such Lender. As used herein, (i) &ldquo;Settlement Date&rdquo;
means the first Business Day of each calendar week, and (ii) &ldquo;Week&rdquo; means a time period beginning with the opening
of business on a Wednesday and ending at the end of business on the following Tuesday; or, in each case, such other date and time
as Agent and such Lenders may agree from time to time.</P>

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


<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in">2.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mandatory
Prepayments</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
receipt of any payment of principal (including payment in full of any Eligible Mortgage Loan) of any Eligible Mortgage Loan, such
payment shall promptly be remitted to Agent, for the ratable benefit of the Lenders, as a payment of outstanding Revolving Advances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever
any Loan Party or any Subsidiary of any Loan Party either (i) issues any Equity Interests for cash, or (ii) incurs any Indebtedness
not otherwise expressly permitted in <U>Section 7.9</U>, or (iii) sells or otherwise disposes of any Collateral, or (iv) suffers
an insured loss in respect of any Collateral, or (v) obtains any Extraordinary Receipts, then, except as otherwise provided in
<U>Section 4.11</U> in respect of clause (iv) above, Loan Parties shall, except as set forth in (a) above, repay the Revolving
Advances in an amount equal to the net proceeds derived therefrom; i.e., gross proceeds thereof less any reasonable costs incurred
by such Loan Party in connection with the receipt of such proceeds, such prepayments to be made promptly but in no event more
than one (l) Business Day following receipt of such net proceeds, and until the date of payment, such proceeds shall be held in
trust for Agent and Lenders. The foregoing shall not be deemed to be an implied consent to any such issuance, incurrence sale
or disposition otherwise prohibited by the terms and conditions hereof. Such proceeds shall be applied to the Revolving Advances
in such order as Agent may determine (but subject to <U>Section 12.2</U>), without reduction, however, in Borrower&rsquo;s ability
to reborrow Revolving Advances in accordance with the terms hereof. Notwithstanding the foregoing, unless and until a Default
or Event of Default has occurred and is continuing, Loan Parties may sell or otherwise dispose of Collateral not to exceed, in
aggregate fair market value, the Materiality Threshold in the aggregate, in any Fiscal Year and retain such net proceeds solely
to acquire replacement Collateral without making a mandatory prepayment hereunder so long as (A)&nbsp;the fair market value of
the acquired Collateral is equal to or greater than the fair market value of the Collateral which was sold, (B)&nbsp;the acquired
Collateral is purchased by such Loan Party within ninety&nbsp;(90) days before or after the date of the sale of the Collateral,
(C)&nbsp;the proceeds of such sale are remitted to Agent to be held by Agent for the ratable benefit of the Lenders, as security
for the payment of the Obligations until the replacement Collateral is acquired, (D) the acquired Collateral shall be deemed to
be acceptable Collateral by Agent in its Permitted Discretion and (E) the acquired Collateral shall be subject to Agent&rsquo;s
first priority security interest created hereunder, subject only to Permitted Encumbrances. If any Loan Party fails to meet any
of the conditions set forth above, such Loan Party hereby authorizes Agent to apply the proceeds held by Agent as a prepayment
of the Revolving Advances in the manner set forth above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Use
of Proceeds</U>. Borrowers shall apply the proceeds of (i)&nbsp;any Revolving Advances made on the Closing Date to pay closing
costs and expenses associated with this transaction and to refinance or repay in their entirety any Existing Loans and (ii)&nbsp;Revolving
Advances made on and after the Closing Date to provide for their respective working capital needs and to fund loans by Borrowers
to its Mortgagor Customers for the purchase or refinance of Mortgaged Property.</P>

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


<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in">2.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Defaulting
Lender</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary contained herein, in the event any Lender is a Defaulting Lender, all rights and obligations hereunder
of such Defaulting Lender and of the other parties hereto shall be modified to the extent of the express provisions of this <U>Section
2.12</U> so long as such Lender is a Defaulting Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise expressly provided for in this <U>Section 2.12</U>, Revolving Advances shall be made pro rata from Lenders holding
Revolving Commitments which are not Defaulting Lenders based on their respective Revolving Commitment Percentages, and no Revolving
Commitment Percentage of any Lender or any pro rata share of any Revolving Advances required to be advanced by any Lender shall
be increased as a result of any Lender being a Defaulting Lender. Amounts received in respect of principal of Revolving Advances
shall be applied to reduce such Revolving Advances of each Lender (other than any Defaulting Lender) holding a Revolving Commitment
in accordance with their Revolving Commitment Percentages; <U>provided</U>, that, Agent shall not be obligated to transfer to
a Defaulting Lender any payments received by Agent for Defaulting Lender&rsquo;s benefit, nor shall a Defaulting Lender be entitled
to the sharing of any payments hereunder (including any principal, interest or fees). Amounts payable to a Defaulting Lender shall
instead be paid to or retained by Agent. Agent may hold and, in its discretion, re-lend to a Borrower the amount of such payments
received or retained by it for the account of such Defaulting Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees
pursuant to <U>Section 3.3</U> hereof shall cease to accrue in favor of such Defaulting Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Defaulting Lender shall not be entitled to give instructions to Agent or to approve, disapprove, consent to or vote on any matters
relating to this Agreement and the Other Documents, and all amendments, waivers and other modifications of this Agreement and
the Other Documents may be made without regard to a Defaulting Lender and, for purposes of the definition of &ldquo;Required Lenders&rdquo;,
a Defaulting Lender shall not be deemed to be a Lender, to have any outstanding Revolving Advances or a Revolving Commitment Percentage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
than as expressly set forth in this <U>Section 2.12</U>, the rights and obligations of a Defaulting Lender (including the obligation
to indemnify Agent) and the other parties hereto shall remain unchanged. Nothing in this <U>Section 2.12</U> shall be deemed to
release any Defaulting Lender from its obligations under this Agreement and the Other Documents, shall alter such obligations,
shall operate as a waiver of any default by such Defaulting Lender hereunder, or shall prejudice any rights which any Borrower,
Agent or any Lender may have against any Defaulting Lender as a result of any default by such Defaulting Lender hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that Agent and Borrowers agree in writing that a Defaulting Lender has adequately remedied all matters that caused such
Lender to be a Defaulting Lender, then Agent will so notify the parties hereto, and, if such cured Defaulting Lender is a Lender
holding a Revolving Commitment, then on such date such Lender shall purchase at par such of the Revolving Advances of the other
Lenders as Agent shall determine may be necessary in order for such Lender to hold such Revolving Advances in accordance with
its Revolving Commitment Percentage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase">3.</FONT></TD><TD STYLE="text-align: justify"><U>INTEREST
                                         AND FEES</U>.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interest</U>.
Interest on Revolving Advances shall be payable to Agent for the account of Lenders in arrears on the first day of each month,
commencing on the first day of the calendar month immediately following the Closing Date. Interest charges shall be computed on
the actual principal amount of Revolving Advances outstanding during the month (the &ldquo;<U>Monthly Advances</U>&rdquo;) at
a rate per annum equal to the Revolving Interest Rate. Whenever, subsequent to the date of this Agreement, the Daily LIBOR Rate
is increased or decreased, the Revolving Interest Rate shall be similarly changed without notice or demand of any kind by an amount
equal to the amount of such change in the Daily LIBOR Rate during the time such change or changes remain in effect. The Daily
LIBOR Rate shall be adjusted with respect to Daily LIBOR Rate Loans without notice or demand of any kind on the effective date
of any change in the Reserve Percentage as of such effective date. Upon and after the occurrence of an Event of Default, and during
the continuation thereof, the Obligations shall bear interest at the otherwise applicable Revolving Interest Rate plus an additional
two (2%) percent per annum (as applicable, the &ldquo;<U>Default Rate</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fee
Letter</U>. Borrower shall pay the amounts required to be paid in the Fee Letter in the manner and at the times required therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Unused
Line</U>. If, for any calendar month (or portion thereof) during the Term, the average daily unpaid balance of Revolving Advances
outstanding for each day of such monthly period does not equal the Maximum Revolving Amount as in effect on the first day of such
monthly period, then Borrowers shall pay to Agent for the ratable benefit of Lenders a fully earned, nonrefundable fee equal to
three eighths of one percent (0.375%) per annum on the amount by which the Maximum Revolving Amount exceeds such average daily
unpaid balance of outstanding Revolving Advances for such monthly period. Such fee shall be due and payable monthly in arrears,
commencing on the first day of the first calendar month following the Signing Date, and continuing thereafter on the first day
of each succeeding calendar month through the end of the Term.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<U>Reserved</U>].</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<U>Reserved</U>].</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Computation
of Interest and Fees</U>. Interest and per annum fees hereunder shall be computed on the basis of a year of 360 days and for the
actual number of days elapsed. If any payment to be made hereunder becomes due and payable on a day other than a Business Day,
the due date thereof shall be extended to the next succeeding Business Day and interest thereon shall be payable at the applicable
Revolving Interest Rate during such extension; <U>provided</U>, <U>however</U>, that the foregoing extension shall not be considered
when determining Borrowers&rsquo; ongoing compliance with Financial Covenants that concern or include scheduled principal payments
within specified dates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Maximum
Charges</U>. In no event whatsoever shall interest and other charges charged hereunder exceed the highest rate permissible under
law. In the event interest and other charges as computed hereunder would otherwise exceed the highest rate permitted under law,
such excess amount shall be first applied to any unpaid principal balance owed by Borrowers, and if the then remaining excess
amount is greater than the previously unpaid principal balance, the affected Lender or Lenders shall promptly refund such excess
amount to Borrowers and the provisions hereof shall be deemed amended to provide for such permissible rate.</P>

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


<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in">3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Increased
Costs</U>. If any applicable law, treaty or governmental regulation or any Change in Law shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subject
any Lender (which for purposes of this <U>Section 3.8</U> shall include Agent, such Lender, any other Lender Party and any corporation
or bank controlling such Lender) to any tax of any kind whatsoever with respect to its entering into this Agreement or any Other
Document, or making any financial accommodations to Borrowers hereunder or thereunder, or change the basis of taxation of payments
to such Lender of principal, fees, interest or any other amount payable hereunder or under any Other Documents (except in each
case, any tax or other Charges imposed on such Lender by any jurisdiction in which such Lender does business and any tax imposed
on such Lender as of the date hereof (together, &ldquo;<U>Excluded Taxes</U>&rdquo;)); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;impose,
modify or hold applicable any reserve, special deposit, assessment or similar requirement against assets held by, or deposits
in or for the account of, advances or loans by, or other credit extended by, any office of any Lender, including (without limitation)
pursuant to Regulation D of the Board of Governors of the Federal Reserve System; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;impose
on any Lender or the London interbank Eurodollar market any other condition with respect to this Agreement or any Other Document;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">and the result of any of the foregoing
is to increase the cost to any Lender making, converting to, continuing, renewing or maintaining its Revolving Advances hereunder
by an amount that such Lender deems to be material or to reduce the amount of any payment (whether of principal, interest or otherwise)
in respect of any of the Revolving Advances by an amount that such Lender deems to be material, then, in any such case; Loan Parties
shall promptly pay such Lender, upon its demand, such additional amount as will compensate such Lender for such additional cost
or such reduction, as the case may be, provided that the foregoing shall not apply to increased costs which are reflected in the
Daily LIBOR Rate. The applicable Lender shall certify the amount of such additional cost or reduced amount to Loan Parties, and
such certification shall be conclusive absent manifest error.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Capital
Adequacy</U>. In the event that any Lender shall have determined that any applicable law, rule, regulation or guideline or any
Change in Law regarding capital adequacy or compliance by such Lender (for purposes of this <U>Section 3.9</U>, the term &ldquo;Lender&rdquo;
shall include Agent, such Lender, any other Lender Party and any corporation or bank controlling such Person) and the office or
branch where any Lender (as so defined) makes or maintains any Revolving Advances with any request or directive regarding capital
adequacy (whether or not having the force of law) has or would have the effect of reducing the rate of return on such Lender&rsquo;s
capital as a consequence of its obligations hereunder to a level below that which such Lender could have achieved but for such
Change in Law (taking into consideration such Lender&rsquo;s policies with respect to capital adequacy) by an amount deemed by
such Lender to be material, then, from time to time, Loan Parties shall pay upon demand to such Lender such additional amount
or amounts as will compensate such Lender for such reduction. In determining such amount or amounts, such Lender may use any reasonable
averaging or attribution methods. The protection of this <U>Section 3.9</U> shall be available to each Lender regardless of any
possible contention of invalidity or inapplicability with respect to the applicable law, regulation or condition. A certificate
of each affected Lender setting forth such amount or amounts as shall be necessary to compensate such Lender with respect to this
<U>Section 3.9</U> when delivered to Borrower Representative shall be conclusive absent manifest error.</P>

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


<!-- Field: Page; Sequence: 18; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in">3.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Yield
Maintenance</U>. In the event that any Lender (which, for purposes of this Section 3.10 shall include Agent, any Lender, any other
Lender Party and any other corporation or bank controlling such Person) shall determine, in in its Permitted Discretion, at any
time or from time to time hereafter, that the Daily LIBOR Rate component of the Revolving Interest Rate charged on any Revolving
Advance outstanding does not adequately and fairly reflect the cost to such Lender of maintaining such Revolving Advance by an
amount that such Lender determines, in its Permitted Discretion, to be reasonable in light of prevailing market conditions, then,
such Lender shall have the right to assess and collect an interest surcharge (the &ldquo;<U>Yield Surcharge</U>&rdquo;) that Lender,
in its Permitted Discretion, determines to be sufficient in an amount to compensate such Lender for its loss of yield, by giving
notice to the Borrower Representative to such effect. Each Lender may use reasonable attribution and averaging methods in determining
the amount of the Yield Surcharge. Such Yield Surcharge shall be billed and collected monthly by Agent as additional interest
on each such Revolving Advance as provided in Section 3.1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delay
in Requests</U>. Each Lender shall use its reasonable commercial efforts to notify the Borrower Representative if it believes,
in its Permitted Discretion, that it may require compensation from the Borrowers under <U>Sections 3.8</U>, <U>3.9</U> or <U>3.10</U>;
<U>provided</U>, <U>however</U>, that failure or delay on the part of any Lender to demand compensation pursuant to such sections
shall not constitute a waiver of such Lender&rsquo;s right to demand such compensation; and provided further that the Borrowers
shall not be obligated to pay any such amount which arose more than one hundred eighty (180) days prior to the date of such demand
or is attributable to periods more than one hundred eighty (180) days prior to the date of such demand except where the Change
in Law or event giving rise to such increased costs or reductions is retroactive, then each 180-day period referred to above shall
be extended to include the period of retroactive effect thereof.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase">4.</FONT></TD><TD STYLE="text-align: justify"><U>COLLATERAL;
                                         GENERAL TERMS</U>.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Security
Interest in the Collateral</U>. To secure the prompt payment and performance to each Lender Party of all Obligations, each Loan
Party hereby assigns, pledges and grants to Agent, as agent for the ratable benefit of each Lender Party, a continuing security
interest in and to all of its Collateral, whether now owned or existing or hereafter acquired or arising and wheresoever located.
Each Loan Party shall mark its books and records as may be necessary or appropriate to evidence, protect and perfect Agent&rsquo;s
security interest in the Collateral.</P>

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


<!-- Field: Page; Sequence: 19; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Perfection
of Security Interest</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan
Parties shall take all action that may be necessary or desirable, or that Agent may reasonably request, so as at all times to
maintain the validity, perfection, enforceability and priority of Agent&rsquo;s security interest in the Collateral or to enable
Agent to protect, exercise or enforce its rights hereunder and in the Collateral, including, but not limited to, (i)&nbsp;immediately
discharging all Liens other than Permitted Encumbrances, (ii)&nbsp;obtaining landlords&rsquo;, warehouse operators&rsquo;, bailees&rsquo;
or mortgagees&rsquo; lien waivers and related agreements, (iii)&nbsp;delivering to Agent, endorsed or accompanied by such instruments
of assignment as Agent may specify, including without limitation compliance with all Funding Requirements, and stamping or marking,
in such manner as Agent may specify, any and all chattel paper, instruments, letters of credit and advices thereof and documents
evidencing or forming a part of the Collateral, (iv)&nbsp;entering into warehousing, lockbox and other custodial arrangements
satisfactory to Agent, (v)&nbsp;executing (as appropriate) and delivering authorizations for the recording of financing statements,
instruments of pledge, mortgages, notices and assignments, in each case in form and substance satisfactory to Agent, relating
to the creation, validity, perfection, maintenance or continuation of Agent&rsquo;s security interest under the Uniform Commercial
Code or other applicable law, including without limitation compliance with all Funding Requirements; (vi)&nbsp;obtaining acknowledgments,
in form and substance satisfactory to Agent, from any bailee having possession of any Collateral at any time, stating that the
bailee holds such Collateral on behalf of Agent, (vii)&nbsp;obtaining &ldquo;control&rdquo; of any investment property, deposit
account, letter-of-credit right or electronic chattel paper (the term &ldquo;control&rdquo; as used in respect of the foregoing
types of Collateral having the meaning set forth in Articles 8 and 9 of the UCC), with any agreements establishing such &ldquo;control&rdquo;
to be in form and substance satisfactory to Agent, (viii)&nbsp;if a Loan Party at any time has or acquires a commercial tort claim,
such Loan Party shall promptly notify Agent thereof, in writing, and grant a specific Collateral Assignment of such claim to Agent
as additional Collateral and (ix) Loan Parties shall endorse and deliver to Agent any and all promissory notes payable to any
Loan Party, as and when executed by any Mortgagor Customer (or, in lieu of such endorsement, an allonge executed by a Loan Party
with respect thereto in form and substance satisfactory to Agent) together with not-recorded but recordable assignments of any
and all mortgages (other than Mortgages) securing such notes, which may be recorded by Agent on the proper land records at any
time in its discretion. Agent shall have the right to record in the applicable land records any Assignment of Mortgage and Collateral
Assignment delivered in connection with an Eligible Mortgage Loan in its discretion, regardless of the occurrence of an Event
of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agent
is hereby authorized to file financing statements in accordance with the applicable provisions of the UCC, including, without
limitation&nbsp;financing statements that describe the Collateral covered thereby as &ldquo;all personal property&rdquo;, &ldquo;all
assets&rdquo; or words of similar effect, at any time or from time to time hereafter, in any jurisdiction; and Loan Parties hereby
ratify, approve and affirm the filing of any such financing statements heretofore filed by Agent in respect of any Loan Party
(including any predecessor-in-interest thereof). All charges, expenses and fees Agent may incur in doing any of the foregoing,
and any local taxes relating thereto, shall be charged to Borrowers&rsquo; Account as a Revolving Advance and added to the Obligations,
or, at Agent&rsquo;s option, shall be paid to the Agent immediately upon demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 20; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Loan Party has assigned, pledged, or otherwise conveyed or encumbered any Mortgage Loan or other Collateral (other than the Real
Property securing the Bankwell Mortgage Loan) to any other Person, and immediately prior to the pledge of such Mortgage Loan or
any other Collateral (other than the Real Property securing the Bankwell Mortgage Loan) to Agent, such Loan Party was the sole
owner of such Mortgage Loan or such other Collateral and had good and marketable title thereto, free and clear of all Liens, in
each case except for Liens to be released simultaneously with the Liens granted in favor of the Agent hereunder and any Permitted
Encumbrances. No Mortgage Loan or other Collateral pledged to the Agent hereunder was acquired (by purchase or otherwise) by any
Loan Party from an Affiliate of such Loan Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
provisions of this Agreement are effective to create in favor of the Agent a valid security interest in all right, title and interest
of each Loan Party in, to and under the Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
receipt by the Agent of each Mortgage Note, endorsed in blank by a duly authorized officer of a Loan Party, the Agent shall have
a fully perfected first priority security interest therein, in the Mortgage Loan evidenced thereby and in the Loan Party&rsquo;s
interest in the related Mortgaged Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the filing of financing statements on Form UCC-1 naming the Agent as &ldquo;Secured Party&rdquo; and the applicable Loan Party
as &ldquo;Debtor&rdquo;, and describing the Collateral, in the State of New York, the security interests granted hereunder in
the Collateral will constitute perfected first priority security interests under the Uniform Commercial Code in all right, title
and interest of such Loan Party in, to and under such Collateral to the extent such security interest can be perfected by such
filing under the Uniform Commercial Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disposition
of Collateral; Release by Agent</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Loan Party will safeguard and protect all Collateral for Agent&rsquo;s general account and make no disposition thereof whether
by sale, lease or otherwise except upon payment by any Mortgagor Customer of the entire principal and all accrued and unpaid interest
on any loan made by Loan Party to any Mortgagor Customer. Subject to <U>Section 7.22</U> hereof, at such time as any Loan Party
shall advise Agent that it is anticipating payment in full by or on behalf of any of its Mortgagor Customers of any note payable
to any Loan Party (including, without limitation, any Eligible Mortgage Loan), Agent shall promptly forward such note(s) endorsed
back to such Loan Party, together with the reassignment to such Loan Party of the related Mortgage File and any collateral securing
such note(s). In the event such note(s) is (are) not fully paid by or on behalf of such Mortgagor Customer, within fifteen (15)
Business Days after receipt by such Loan Party of such note(s), such Loan Party shall re-endorse to and return to Agent, such
note(s), the assignments of mortgages and the balance of the related Mortgage File. Upon (i) termination of this Agreement and
payment in full in cash of all the Obligations and (ii) written request by Loan Parties to Agent, Agent agrees to execute and
deliver to Loan Parties, at Loan Parties&rsquo; sole expense, releases of Agent&rsquo;s Collateral Assignments or reassignments
to the applicable Loan Party, as appropriate, of the Mortgage Files that have been delivered to Agent, provided that Loan Parties
shall provide Agent with the requested forms of releases or reassignments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 21; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Borrower notifies Agent of its intention to enter into a Permitted Commercial Loan Financing or to transfer Commercial Loans to
a Permitted Commercial Loan Subsidiary in anticipation of a Permitted Commercial Loan Financing, then Agent shall promptly (i)
forward the applicable Mortgage Notes related to such Commercial Loans endorsed back to the applicable Borrower, together with
the reassignment to the applicable Borrower of the related Mortgage File (together with all recordable instruments and documents
to release the Lender's lien and encumbrances on the Mortgage Loan) (collectively, the &ldquo;<U>Commercial Loan Files</U>&rdquo;)
and (ii) release its Lien upon the Commercial Loan Files. In the event such Permitted Commercial Loan Financing is not consummated
within fifteen (15) Business Days after receipt by such Borrower of such Commercial Loan Files, such Commercial Loan Files shall
be re-endorsed to and returned to Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Preservation
of Collateral</U>. Following the occurrence of a Default or Event of Default and the demand by Agent for payment of all Obligations
due and owing, in addition to the rights and remedies set forth in <U>Section 4.2 </U>and <U>Section&nbsp;12.1</U> hereof, Agent:
(a)&nbsp;may at any time take such steps as Agent deems necessary to protect Agent&rsquo;s interest in and to preserve the Collateral,
including the hiring of such security guards or the placing of other security protection measures as Agent may deem appropriate;
(b)&nbsp;may employ and maintain at any Loan Party&rsquo;s premises a custodian who shall have full authority to do all acts necessary
to protect Agent&rsquo;s interests in the Collateral; (c)&nbsp;may lease warehouse facilities to which Agent may move all or part
of the Collateral; (d)&nbsp;may use any Loan Party&rsquo;s owned or leased lifts, hoists, trucks and other facilities or equipment
for handling or removing the Collateral; and (e) shall have, and is hereby granted, a right of ingress and egress to the places
where the Collateral is located, and may proceed over and through any Loan Party&rsquo;s owned or leased property to obtain such
Collateral. Each Loan Party shall cooperate fully with all of Agent&rsquo;s efforts to preserve the Collateral and will take such
actions to preserve the Collateral as Agent may direct. All of Agent&rsquo;s expenses of preserving the Collateral, including
any expenses relating to the bonding of a custodian, shall be charged to Loan Parties&rsquo; Account as a Revolving Advance and
added to the Obligations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Ownership
of Collateral</U>. With respect to the Collateral, at the time the Collateral becomes subject to Agent&rsquo;s security interest:
(a)&nbsp;each Loan Party shall be the sole owner of and fully authorized and able to sell, transfer, pledge and/or grant a first
priority security interest in each and every item of its respective Collateral to Agent; and, except for Permitted Encumbrances
the Collateral shall be free and clear of all Liens and encumbrances whatsoever; (b)&nbsp;each document and agreement executed
by each Loan Party or delivered to Agent in connection with this Agreement shall be true and correct in all material respects;
(c)&nbsp;all signatures and endorsements of each Loan Party that appear on such documents and agreements shall be genuine and
each Loan Party shall have full capacity to execute same; and (d)&nbsp;each Loan Party&rsquo;s equipment and inventory shall be
located as set forth on <U>Schedule&nbsp;4.5</U> or at such other locations within the United States of America as Agent may receive
notice of, and approve, from time to time pursuant to <U>Section&nbsp;10.12 </U>(all such locations herein called, collectively,
the &ldquo;<U>Collateral Locations</U>&rdquo; and, individually, a &ldquo;<U>Collateral Location</U>&rdquo;); and shall not be
removed from such Collateral Locations without the prior written consent of Agent, which consent shall not be unreasonably withheld,
except for equipment that is moved from one such Collateral Location of a Loan Party to another such Collateral Location of another
Loan Party.</P>

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


<!-- Field: Page; Sequence: 22; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in">4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Defense
of Agent&rsquo;s and Lenders&rsquo; Interests</U>. Unless and until (a) payment and performance in full of all of the Obligations
and (b)&nbsp;termination of this Agreement, Agent&rsquo;s security interests in the Collateral shall continue in full force and
effect. During such period no Loan Party shall, without Agent&rsquo;s prior written consent, pledge, sell, assign, transfer, create
or suffer to exist a Lien upon or encumber or allow or suffer to be encumbered in any way except for Permitted Encumbrances, any
part of the Collateral. Each Loan Party shall defend Agent&rsquo;s security interest in the Collateral against any and all Persons
whatsoever. At any time following a Default or Event of Default, Agent shall have the right to take possession of the indicia
of the Collateral and the Collateral in whatever physical form contained, including without limitation: labels, stationery, documents,
instruments and advertising materials. If Agent exercises this right to take possession of the Collateral, Loan Parties shall,
upon demand, assemble it in the best manner possible and make it available to Agent at a place reasonably convenient to Agent.
In addition, with respect to all Collateral, Agent and the Lender Parties shall be entitled to all of the rights and remedies
set forth herein and further provided by the Uniform Commercial Code or other applicable law. During any period that an Event
of Default exists, each Loan Party shall, and Agent may, at its option, instruct all suppliers, carriers, forwarders, warehouses
or others receiving or holding cash, checks, Inventory, documents or instruments in which Agent holds a security interest to deliver
same to Agent and/or subject to Agent&rsquo;s order and if they shall come into Loan Party&rsquo;s possession, they, and each
of them, shall be held by such Loan Party in trust as Agent&rsquo;s trustee, and Loan Party will immediately deliver them to Agent
in their original form together with any necessary endorsement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Books
and Records</U>. Each Loan Party shall (a)&nbsp;keep proper books of record and account in which full, true and correct entries
will be made of all dealings or transactions of or in relation to its business and affairs; (b)&nbsp;set up on its books accruals
with respect to all taxes, assessments, charges, levies and claims; and (c)&nbsp;on a reasonably current basis set up on its books,
from its earnings, allowances against doubtful Receivables, advances and investments and all other proper accruals (including
without limitation by reason of enumeration, accruals for premiums, if any, due on required payments and accruals for depreciation,
obsolescence, or amortization of properties), which should be set aside from such earnings in connection with its business. All
determinations pursuant to this subsection shall be made in accordance with, or as required by, GAAP consistently applied in the
opinion of the Accountants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial
and Other Disclosure</U>. Each Loan Party hereby irrevocably authorizes and directs all accountants and auditors employed by such
Loan Party at any time during the Term to exhibit and deliver to Agent copies of any of the Loan Parties&rsquo; financial statements,
trial balances or other accounting records of any sort in the accountant&rsquo;s or auditor&rsquo;s possession, and to disclose
to Agent any information such accountants may have concerning such Loan Party&rsquo;s financial status and business operations.
In respect of the foregoing, Borrower Representative shall execute and deliver to its accountants and auditors employed on the
Signing Date and, if such accountants and auditors are changed by Loan Parties subsequent to the Signing Date, a letter directly
authorizing them to act in the manner so provided hereinabove when requested by Agent. Each Loan Party hereby authorizes all federal,
state and municipal authorities to furnish to Agent copies of reports or examinations relating to such Loan Party, whether made
by such Loan Party or otherwise; however, Agent will attempt to obtain such information or materials directly from such Loan Party
prior to obtaining such information or materials from such accountants or such authorities.</P>

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


<!-- Field: Page; Sequence: 23; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in">4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with Laws</U>. Each Loan Party shall comply in all material respects with all acts, rules, regulations and orders of any legislative,
administrative or judicial body or official applicable to its respective Collateral or any part thereof or to the operation of
such Loan Party&rsquo;s business the non-compliance with which could reasonably be expected to have a Material Adverse Effect
on such Loan Party. Each Loan Party may, however, contest or dispute any acts, rules, regulations, orders and directions of those
bodies or officials in any reasonable manner, provided that any related Lien is inchoate or stayed and sufficient reserves are
established to the reasonable satisfaction of Agent to protect Agent&rsquo;s Lien on or security interest in the Collateral.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Inspection
of Premises; Appraisals</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
all reasonable times, Agent shall have full access to and the right to audit, check, inspect and make abstracts and copies from
each Loan Party&rsquo;s books, records, audits, correspondence and all other papers relating to the Collateral and the operation
of each Loan Party&rsquo;s business from time to time in Agent&rsquo;s sole credit judgment. Agent may also enter upon any of
Loan Party&rsquo;s premises on reasonable notice at any time during business hours and at any other reasonable time, and from
time to time, for the purpose of inspecting the Collateral and any and all records pertaining thereto and the operation of such
Loan Party&rsquo;s business which, initially is intended by Agent to occur at least quarterly (if not more frequently); <U>provided</U>,
<U>however</U>, so long as no Default or Event of Default shall have occurred and be continuing, Agent shall charge Loan Parties
for no more than two (2) inspections per calendar year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
any time that Agent requests, each Loan Party will at its sole expense, provide the Agent with desktop as complete appraisals
or updates thereof of the Mortgaged Property from an appraiser selected and engaged by Agent, and prepared on a basis satisfactory
to Agent, such desktop as complete appraisals and updates to include, without limitation, information required by applicable law
and regulations; <U>provided</U>, <U>however</U>, if no Default or Event of Default shall have occurred and be continuing, only
one (1) such appraisal or update per calendar year shall be conducted and shall be prepared on a &ldquo;drive-by&rdquo; basis
with respect to a representative sampling of all Mortgaged Property satisfactory to Agent; <U>provided</U>, <U>further</U>, that
Agent may require desktop as complete appraisals or updates more frequently at its own expense. In the event the value of the
Mortgaged Property so determined pursuant to such appraisal is less than required, such that the Revolving Advances are in excess
of such Revolving Advances permitted hereunder, then promptly upon Agent&rsquo;s demand for same, Loan Parties shall make mandatory
prepayments of their outstanding Revolving Advances as to eliminate the excess Revolving Advances.</P>

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


<!-- Field: Page; Sequence: 24; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in">4.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Insurance</U>.
Each Loan Party shall bear the full risk of any loss of any nature whatsoever with respect to the Collateral. At each Loan Party&rsquo;s
own cost and expense in amounts and with carriers acceptable to Agent, each Loan Party shall (a)&nbsp;keep all its insurable properties
and properties in which each Loan Party has an interest, including without limitation all Real Property, insured against the hazards
of fire, flood (if any property is in a special flood hazard area and flood insurance is available in such area), sprinkler leakage,
those hazards covered by extended coverage insurance and such other hazards, and for such amounts, as is customary in the case
of companies engaged in businesses similar to such Loan Party&rsquo;s including, without limitation, products liability insurance
and business interruption insurance; (b)&nbsp;maintain a bond or other surety in such amounts as is customary in the case of companies
engaged in businesses similar to such Loan Party insuring against larceny, embezzlement or other criminal misappropriation of
insured&rsquo;s officers and employees who may either singly or jointly with others at any time have access to the assets or funds
of such Loan Party either directly or through authority to draw upon such funds or to direct generally the disposition of such
assets; (c)&nbsp;maintain public and product liability insurance against claims for personal injury, death or property damage
suffered by others; (d)&nbsp;maintain all such worker&rsquo;s compensation or similar insurance as may be required under the laws
of any state or jurisdiction in which such Loan Party is engaged in business; (e) furnish Agent with (i)&nbsp;copies of all policies
and evidence of the maintenance of such policies by the renewal thereof at least thirty (30) days before any expiration date and
as required, in connection with the Funding Requirements, and (ii)&nbsp;appropriate loss payable endorsements in form and substance
satisfactory to Agent, naming Agent as a co-insured and loss payee as its interests may appear with respect to all insurance coverage
referred to in clauses&nbsp;(a) and (c) above, to the extent affecting or relating to Collateral and providing (A)&nbsp;that all
proceeds thereunder shall be payable to Agent, (B)&nbsp;no such insurance shall be affected by any act or neglect of the insured
or owner of the property described in such policy, and (C)&nbsp;that such policy and loss payable clauses may not be cancelled,
amended or terminated unless at least thirty (30) days&rsquo; prior written notice is given to Agent. In the event of any loss
thereunder, the carriers named therein hereby are directed by Agent and the applicable Loan Party to make payment for such loss
to Agent and not to such Loan Party and Agent jointly. If any insurance losses are paid by check, draft or other instrument payable
to any Loan Party and Agent jointly, Agent may endorse such Loan Party&rsquo;s name thereon and do such other things as Agent
may deem advisable to reduce the same to cash. Agent is hereby authorized to adjust and compromise claims under insurance coverage
referred to in clauses&nbsp;(a) and (b)&nbsp;above. All loss recoveries received by Agent upon any such insurance shall either
be paid over to Loan Parties or applied by the Agent as follows: (i)&nbsp;if no Event of Default or Default exists, and the loss
recovery so received by Agent is <U>less</U> than or equal to the Materiality Threshold, then Agent shall remit such loss recovery
to the Loan Parties; (ii)&nbsp;if no Event of Default or Default exists, and the loss recovery received by Agent is more than
the Materiality Threshold, then, Agent shall apply such loss recovery to the Obligations in such order as Agent in its sole discretion
shall determine and (iii) if any Event of Default exists, then Agent shall receive and apply such loss recovery to the Obligations
in such order as Agent, in its sole discretion, shall determine (but subject to <U>Section 12.2</U>). Any surplus of such proceeds
remaining after such application shall be paid by Agent to Loan Parties or applied as may be otherwise required by law. If, however,
after application of such proceeds to the Obligations, any &ldquo;Overadvance&rdquo; (as defined in <U>Section 2.6</U>) exists,
then, Loan Parties shall comply with said <U>Section 2.6</U> in respect of its elimination. Anything hereinabove to the contrary
notwithstanding, Agent shall not be obligated to remit any insurance proceeds to Loan Parties unless Loan Parties shall have provided
Agent with evidence reasonably satisfactory to Agent that the insurance proceeds will be used by Loan Parties to repair, replace
or restore the insured property which was the subject of the insurable loss. The Collateral at all times shall be maintained in
accordance with the requirements of all insurance carriers which provide insurance with respect to the Collateral so that such
insurance shall remain in full force and effect. If any Loan Party fails to obtain insurance as hereinabove provided, or to keep
the same in force, Agent, if Agent so elects, may obtain such insurance and pay the premium therefor for Loan Parties&rsquo; Account,
and charge Borrowers&rsquo; Account therefor and such expenses so paid shall be part of the Obligations. Without limitation of
the foregoing, if as of the Signing Date or at any time thereafter Agent determines that all or a portion of the improvements
situated on any Real Property constituting Collateral are located within an area designated by the Federal Emergency Management
Agency or the Flood Disaster Protection Act of 1973 (P.L. 93-234) as being in a &ldquo;special flood hazard area,&rdquo; whether
now or at any time hereafter, Loan Parties shall also furnish Agent with flood insurance policies which conform to the requirements
of said Flood Disaster Protection Act of 1973 and the National Flood Insurance Act of 1968, as either may be amended from time
to time. The amounts of such insurance coverages shall be in an amount equal to the lesser of (a) the maximum permitted coverage
or (b) the full insurable value and shall be maintained thereafter at all times in an amount such that Agent will not be deemed
a co-insurer under applicable insurance laws, regulations, policies or practices. Renewals of such policies shall be so delivered
at least thirty (30) days before any such insurance shall expire. If Loan Parties shall fail to provide any such insurance, or
shall fail to replace any of the same within five (5) Business Days after being notified that the insuring company is no longer
approved by Agent, or if any such insurance is cancelled or lapses without replacement, Agent may, at its option, procure the
same in such amounts as are required hereunder, and the actual cost thereof may, at Agent&rsquo;s option, be charged as a Revolving
Advance to Borrowers&rsquo; Account immediately upon incurrence or at any time thereof.</P>

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


<!-- Field: Page; Sequence: 25; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in">4.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
of Taxes</U>. Each Loan Party will pay, when due, all taxes, assessments and other Charges lawfully levied or assessed upon such
Loan Party or any of the Collateral including, without limitation, real and personal property taxes, assessments and charges and
all franchise, income, employment, social security benefits, withholding, and sales taxes. If any tax by any Governmental Body
is or may be imposed on or as a result of any transaction between any Loan Party and Agent which Agent may be required to withhold
or pay or if any taxes, assessments, or other Charges remain unpaid after the date fixed for their payment, or if any claim shall
be made which, in Agent&rsquo;s reasonable opinion, may possibly create a valid Lien on the Collateral, Agent may, unless the
Loan Parties have done so within five (5) Business Days after the Borrower Representative receives written notice from the Agent
that they do so, pay the taxes, assessments or other Charges and each Loan Party hereby indemnifies and holds Agent and each Agent
harmless in respect thereof. Agent will not pay any taxes, assessments or Charges to the extent that any Loan Party has contested
or disputed those taxes, assessments or Charges in good faith, by expeditious protest, administrative or judicial appeal or similar
proceeding provided that any related tax lien is stayed and sufficient reserves are established to the reasonable satisfaction
of Agent to protect Agent&rsquo;s security interest in or Lien on the Collateral. The amount of any payment by Agent under this
Section shall be charged to Borrowers&rsquo; Account as a Revolving Advance and added to the Obligations and, until Loan Parties
shall furnish Agent with an indemnity therefor (or supply Agent with evidence satisfactory to Agent that due provision for the
payment thereof has been made), Agent may hold without interest any balance standing to Loan Parties&rsquo; credit and Agent shall
retain its security interest in any and all Collateral held by Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
of Leasehold Obligations</U>. Each Loan Party shall at all times pay, when and as due, its rental obligations under all leases
under which it is a tenant, and shall otherwise comply, in all material respects, with all other terms of such leases and keep
them in full force and effect and, at Agent&rsquo;s request, will provide evidence of having done so.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Receivables</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Receivables shall be a bona fide and valid account representing a bona fide indebtedness incurred by the Mortgagor Customer
therein named, for a fixed sum as set forth in the invoice relating thereto (provided immaterial or unintentional invoice errors
shall not be deemed to be a breach hereof) with respect to a loan made by Loan Party to such Mortgagor Customer or an absolute
sale or lease and delivery of goods upon stated terms of a Loan Party, or work, labor or services theretofore rendered by a Loan
Party as of the date each Receivable is created. Same shall be due and owing in accordance with the applicable Loan Party&rsquo;s
standard terms of sale without dispute, setoff or counterclaim except as may be stated on the accounts receivable schedules delivered
by Loan Parties to Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 26; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Mortgagor Customer, to the best of each Loan Party&rsquo;s knowledge, as of the date each Receivable is created, is and will be
solvent and able to pay all Receivables on which the Mortgagor Customer is obligated in full when due or with respect to such
Mortgagor Customers of any Loan Party who are not solvent such Loan Party has set up on its books and in its financial records
bad debt reserves adequate to cover such Receivables.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Loan Party&rsquo;s chief executive office is located at the address set forth on <U>Schedule&nbsp;4.14(c)</U> hereto. Until written
notice is given to Agent by Borrower Representative of any other office at which any Loan Party keeps its records pertaining to
Receivables, all such records shall be kept at such executive office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the Closing Date, each Loan Party shall have established one or more check scanners with Agent (&ldquo;<U>Scanners</U>&rdquo;)
which shall be used for the sole and exclusive purpose of concentrating the collection of all remittances on Receivables and proceeds
of other Collateral. All remittances confirmed by Scanners, once established, shall be transferred on a daily basis to the Concentration
Account by wire transfer of immediately available funds in a manner satisfactory to Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the requirements set forth in <U>subsection (d)</U> above, from and after the Closing Date: Loan Parties shall establish
and maintain one or more additional Deposit Accounts of Loan Parties as blocked accounts (&ldquo;<U>Blocked Accounts</U>&rdquo;
or a &ldquo;<U>Blocked Account</U>&rdquo;) pursuant to one or more agreements (collectively, &ldquo;<U>Blocked Account Agreements</U>&rdquo;
or a &ldquo;<U>Blocked Account Agreement</U>&rdquo;) with Bank or any other financial institution as is acceptable to Agent (collectively,
&ldquo;<U>Blocked Account Banks</U>&rdquo; or a &ldquo;<U>Blocked Account Bank</U>&rdquo;) into which Loan Parties and Mortgagor
Customers shall remit all payments on Receivables and other proceeds of Collateral. All amounts on deposit in a Blocked Account
shall be transferred on a daily basis to the Concentration Account by wire transfer of immediately available funds in a manner
satisfactory to Agent. Unless otherwise agreed to by Agent, each Blocked Account Bank shall acknowledge and agree pursuant to
its respective Blocked Account Agreement that all payments and deposits made to its Blocked Account are the sole and exclusive
property of Agent; for the benefit of itself and each other Lender Party; that such Blocked Account Bank has no right to set off
against its Blocked Account except as expressly provided on its Blocked Account Agreement; that such Blocked Account Bank will
wire transfer immediately available funds in a manner satisfactory to Agent all funds deposited in the Blocked Account to the
Concentration Account (or another account designed by Agent) on a daily basis as soon as such funds are collected. Each Loan Party
agrees that all payments, whether by cash, check, wire transfer or other instruments of deposit in each Blocked Account shall
be the sole and exclusive property of Agent, for the benefit of itself and each other Lender Party, and that Loan Parties shall
not have any right, title or interest therein or in any Blocked Account. None of the Bank, Agent or any Lender Party assumes any
responsibility for such Blocked Account or Concentration Account (unless such Person shall also be the applicable Blocked Account
Bank or Concentration Bank and in such event only as set forth in the applicable Blocked Account Agreement applicable thereto),
including without limitation, any claim of accord and satisfaction or release with respect to deposits accepted by any bank thereunder.
Loan Parties shall remit directly all payments constituting proceeds of Collateral to an applicable Blocked Account in the form
received. All such payments, whether by cash, check, wire transfer or other instrument, made to each Blocked Account, shall be
the exclusive property of the Agent, for the benefit of itself, the Bank, and each other Lender Party, and the Loan Parties shall
not have any right, title or interest therein. Loan Parties shall not, without obtaining the prior consent of the Agent, establish
any accounts, other than the Blocked Accounts and the Concentration Account, pursuant to which payments on account of Receivables
are made to or on behalf of any of the Loan Parties. Loan Parties shall not modify in any respect, without the prior written consent
of Agent, any Blocked Account Agreement or any other arrangement relating to any Blocked Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 27; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the requirements set forth in <U>subsections (d)</U> and <U>(e)</U> above, Loan Parties shall cause all Deposit Accounts
(other than any Deposit Accounts constituting a Blocked Account) existing on the Closing Date or subsequently (with Agent&rsquo;s
approval) coming into existence (each such Deposit Account, other than a Blocked Account, herein, a &ldquo;<U>Pledged Account</U>&rdquo;)
to be made the subject of a tri-party agreement among such Loan Party, the bank having such Pledged Account and Agent, to be in
form and substance reasonably satisfactory to Agent (a &ldquo;<U>Pledged Account Agreement</U>&rdquo;), pursuant to which the
pledge of such Pledged Account and all funds on deposit therein to Agent as security for the payment and performance of all Obligations
shall be established and confirmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
amounts deposited in the Concentration Account from time to time shall be applied to the Obligations upon (i) final collection
thereof and (ii) their transfer from the Concentration Bank to the Agent in accordance with this subsection, effective on the
Business Day that each such payment is received (such date being called herein the &ldquo;<U>Application Date</U>&rdquo;). For
purposes of the preceding sentence, the Agent shall be deemed to have received a payment from the Concentration Bank on a particular
Business Day only if it receives by wire transfer the same prior to 4:00 p.m. (New York time) on such Business Day or, if received
after such time, on the next following Business Day. Agent is not, however, required to credit Borrowers&rsquo; Account for the
amount of any item of payment which is unsatisfactory to Agent and Agent may charge Borrowers&rsquo; Account for the amount of
any item of payment which is returned to Agent unpaid. The Agent shall apply all amounts deposited in the Concentration Account
as provided in <U>Section&nbsp;16.4</U> or, as applicable, <U>Section 12.2</U>. If sufficient funds are not available to fund
all payments then to be made in respect of any Obligations, the available funds being applied with respect to such Obligations
shall be allocated to the payment of such Obligations ratably, in such order and manner as Agent shall elect, and Loan Parties
shall continue to be liable for any deficiency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
at any time Agent determines that any funds held in the Blocked Account, the Concentration Account or any Pledged Account are
subject to the Lien of any Person, other than the Agent as herein provided, (a)&nbsp; Loan Parties agree, forthwith upon demand
by Agent, to pay to Agent as additional funds to be deposited and held in the Concentration Account, an amount equal to the amount
of funds subject to such Lien, or (b)&nbsp;if no such payment is made, Agent shall establish sufficient reserves in the amount
of such funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 28; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
any time following the occurrence of an Event of Default or a Default, Agent shall have the right to send notice of the assignment
of, and Agent&rsquo;s security interest in, the Receivables to any and all Mortgagor Customers or any third party holding or otherwise
concerned with any of the Collateral. Thereafter, Agent shall have the sole right to collect the Receivables, take possession
of the Collateral, or both. Agent&rsquo;s actual collection expenses, including, but not limited to, stationery and postage, telephone
and telecopy, secretarial and clerical expenses and the salaries of any collection personnel used for collection, may be charged
to Borrowers&rsquo; Account and added to the Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agent
shall have the right to receive, endorse, assign and/or deliver in the name of Agent or any Loan Party any and all checks, drafts
and other instruments for the payment of money relating to the Receivables, and each Loan Party hereby waives notice of presentment,
protest and non-payment of any instrument so endorsed. Each Loan Party hereby constitutes Agent or Agent&rsquo;s designee as such
Loan Party&rsquo;s attorney with power at any time hereafter (i)&nbsp;to endorse such Loan Party&rsquo;s name upon any notes,
acceptances, checks, drafts, money orders or other evidences of payment or Collateral; (ii)&nbsp;to sign such Loan Party&rsquo;s
name on any invoice or bill of lading relating to any of the Receivables, drafts against Mortgagor Customers, assignments and
verifications of Receivables; (iii)&nbsp;in Agent&rsquo;s Permitted Discretion, to send verifications of Receivables to any Mortgagor
Customer; (iv)&nbsp;to sign such Loan Party&rsquo;s name on any documents or instruments deemed necessary or appropriate by Agent
to preserve, protect, or perfect Agent&rsquo;s interest in the Collateral and to file same; (v) to prepare, file and sign such
Borrower&rsquo;s name on a proof of claim in bankruptcy or similar document against any Mortgagor Customer; and (vi) to do all
other acts and things necessary to carry out this Agreement. Following the occurrence of a Default or an Event of Default, and
during its continuation, each Loan Party shall hereby constitute Agent or Agent&rsquo;s designee as such Loan Party&rsquo;s attorney
with additional power (i)&nbsp;to demand payment of the Receivables; (ii)&nbsp;to enforce payment of the Receivables by legal
proceedings or otherwise; (iii)&nbsp;to exercise all of Loan Parties&rsquo; rights and remedies with respect to the collection
of the Receivables and any other Collateral; (iv)&nbsp;to settle, adjust, compromise, extend or renew the Receivables; and (v)
to settle, adjust or compromise any legal proceedings brought to collect Receivables. All acts of said attorney or designee are
hereby ratified and approved, and said attorney or designee shall not be liable for any acts of omission or commission nor for
any error of judgment or mistake of fact or of law, unless done willfully or with gross (not mere) negligence; this power being
coupled with an interest is irrevocable while any of the Obligations remain unpaid. Agent shall have the right at any time following
the occurrence of an Event of Default or Default, to change the address for delivery of mail addressed to any Loan Party to such
address as Agent may designate and to receive, open and dispose of all mail addressed to any Loan Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agent
shall not, under any circumstances or in any event whatsoever, have any liability for any error or omission or delay of any kind
occurring in the settlement, collection or payment of any of the Receivables or any instrument received in payment thereof, or
for any damage resulting therefrom, except for any such errors or omissions or delays of any kind determined by a court of competent
jurisdiction in a final proceeding to have resulted primarily from Agent&rsquo;s gross (not mere) negligence or willful misconduct.
Following the occurrence of an Event of Default or Default, Agent may, without notice or consent from any Loan Party, sue upon
or otherwise collect, extend the time of payment of, compromise or settle for cash, credit or upon any terms any of the Receivables
or any other securities, instruments or insurance applicable thereto and/or release any obligor thereof. Agent is authorized and
empowered to accept following the occurrence of an Event of Default or Default the return of the goods represented by any of the
Receivables, without notice to or consent by any Loan Party, all without discharging or in any way affecting any Loan Party&rsquo;s
liability hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 29; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Loan Party will, without Agent&rsquo;s consent, compromise or adjust any material amount of the Receivables (or extend the time
for payment thereof) or accept any material returns of merchandise or grant any additional discounts, allowances or credits thereon
except for those compromises, adjustments, returns, discounts, credits and allowances as have been heretofore customary in the
Ordinary Course of Business of such Loan Party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>[Reserved]</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>[Reserved]</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exculpation
of Liability</U>. Nothing herein contained shall be construed to constitute Agent or any Lender Party as any Loan Party&rsquo;s
agent for any purpose whatsoever, nor shall Agent or any Lender Party be responsible or liable for any shortage, discrepancy,
damage, loss or destruction of any part of the Collateral wherever the same may be located and regardless of the cause thereof,
except to the extent such shortage, discrepancy, damage, loss or destruction is determined to have resulted primarily from Agent&rsquo;s
or any Lender Party&rsquo;s gross negligence or willful misconduct. Neither Agent nor any Lender Party shall, whether by anything
herein or in any assignment or otherwise, assume any Loan Party&rsquo;s obligations under any contract or agreement assigned to
Agent or such Lender Party, and neither Agent nor any Lender Party shall be responsible in any way for the performance by Loan
Parties of any of the terms and conditions thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Environmental
Matters</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan
Parties shall ensure that the Real Property remains in compliance with all Environmental Laws in all material respects and they
shall not place or permit to be placed any Hazardous Substances on any Real Property except as not prohibited by applicable law
or appropriate governmental authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan
Parties shall establish and maintain a system to assure and monitor continued compliance with all applicable Environmental Laws
which system shall include periodic reviews of such compliance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan
Parties shall (i)&nbsp;employ in connection with the use of the Real Property appropriate technology necessary to maintain material
compliance with any applicable Environmental Laws and (ii)&nbsp;dispose of any and all Hazardous Waste generated at the Real Property
only at facilities and with carriers that maintain valid permits under RCRA and any other applicable Environmental Laws, except
as could not reasonably be expected to have a Material Adverse Effect. Loan Parties shall use their best efforts to obtain certificates
of disposal, such as hazardous waste manifest receipts, from all treatment, transport, storage or disposal facilities or operators
employed by Loan Parties in connection with the transport or disposal of any Hazardous Waste generated at the Real Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 30; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event any Loan Party obtains, gives or receives notice of any Release or threat of Release of a reportable quantity of any
Hazardous Substances at the Real Property (any such event being hereinafter referred to as a &ldquo;<U>Hazardous Discharge</U>&rdquo;)
or receives any notice of violation, request for information or notification that it is potentially responsible for investigation
or cleanup of environmental conditions at the Real Property, demand letter or complaint, order, citation, or other written notice
with regard to any Hazardous Discharge or violation of Environmental Laws affecting the Real Property or any Loan Party&rsquo;s
interest therein (any of the foregoing is referred to herein as an &ldquo;<U>Environmental Complaint</U>&rdquo;) from any Person,
including any state agency responsible in whole or in part for environmental matters in the state in which the Real Property is
located or the United States Environmental Protection Agency (any such person or entity hereinafter the &ldquo;<U>Authority</U>&rdquo;),
then Borrower Representative shall, within five (5) Business Days, give written notice of same to Agent detailing facts and circumstances
of which any Loan Party is aware giving rise to the Hazardous Discharge or Environmental Complaint. Such information is to be
provided to allow Agent to protect its security interest in the Real Property and is not intended to create nor shall it create
any obligation upon Agent with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan
Parties shall promptly forward to Agent copies of any request for information, notification of potential liability, demand letter
relating to potential responsibility with respect to the investigation or cleanup of Hazardous Substances at any other site owned,
operated or used by any Loan Party to dispose of Hazardous Substances that could result in a Material Adverse Effect and shall
continue to forward copies of correspondence between any Loan Party and the Authority regarding such claims to Agent until the
claim is settled. Loan Parties shall promptly forward to Agent copies of all documents and reports concerning a Hazardous Discharge
at the Real Property that any Loan Party is required to file under any Environmental Laws. Such information is to be provided
solely to allow Agent to protect Agent&rsquo;s security interest in the Real Property and the Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan
Parties shall respond promptly to any Hazardous Discharge or Environmental Complaint and take all necessary action in order to
safeguard the health of any Person and to avoid subjecting the Collateral or Real Property to any Lien. If any Loan Party shall
fail to respond promptly to any Hazardous Discharge or Environmental Complaint or any Loan Party shall fail to comply with any
of the requirements of any Environmental Laws in any material respect, within thirty (30) days after the Borrower Representative
receives written notice from the Agent that it do so, Agent may, but without the obligation to do so, for the sole purpose of
protecting Agent&rsquo;s interest in Collateral: (A)&nbsp;give such notices or (B)&nbsp;enter onto the Real Property (or authorize
third parties to enter onto the Real Property) and take such actions as Agent (or such third parties as directed by Agent) deem
reasonably necessary or advisable, to clean up, remove, mitigate or otherwise deal with any such Hazardous Discharge or Environmental
Complaint. All reasonable costs and expenses incurred by Agent and (or such third parties) in the exercise of any such rights,
including any sums paid in connection with any judicial or administrative investigation or proceedings, fines and penalties, together
with interest thereon from the date expended at the Default Rate shall be paid upon demand by Loan Parties, and until paid shall
be added to and become a part of the Obligations secured by the Liens created by the terms of this Agreement or any Other Document.</P>

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


<!-- Field: Page; Sequence: 31; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly
upon the written request of Agent from time to time, which may be made at any time following the discovery of any Hazardous Discharge
or the filing of any Environmental Complaint, Loan Parties shall provide Agent, at Loan Parties&rsquo; expense, with an environmental
site assessment or environmental audit report prepared by an environmental engineering firm acceptable in the reasonable opinion
of Agent, to assess with a reasonable degree of certainty the existence of a Hazardous Discharge and the potential costs in connection
with abatement, cleanup and removal of any Hazardous Substances found on, under, at or within the Real Property. Any report or
investigation of such Hazardous Discharge proposed and acceptable to an appropriate Authority that is charged to oversee the clean-up
of such Hazardous Discharge shall be acceptable to Agent. If such estimates, individually or in the aggregate, exceed the Materiality
Threshold, Agent shall have the right to require Loan Parties to post a bond, letter of credit or other security reasonably satisfactory
to Agent to secure payment of these costs and expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan
Parties shall defend and indemnify each Lender Party and hold each Lender Party, and its respective employees, agents, directors
and officers harmless from and against all loss, liability, damage and expense, claims, costs, fines and penalties, including
attorney&rsquo;s fees, suffered or incurred by such Lender Party under or on account of any Environmental Laws, including, without
limitation, the assertion of any Lien thereunder, with respect to any Hazardous Discharge, the presence of any Hazardous Substances
affecting the Real Property, whether or not the same originates or emerges from the Real Property or any contiguous real estate,
including any loss of value of the Real Property as a result of the foregoing except to the extent such loss, liability, damage
and expense is attributable to any Hazardous Discharge resulting from actions on the part of a Lender Party. Loan Parties&rsquo;
obligations under this Section shall arise upon the discovery of the presence of any Hazardous Substances at the Real Property,
whether or not any federal, state, or local environmental agency has taken or threatened any action in connection with the presence
of any Hazardous Substances. Loan Parties&rsquo; obligation and the indemnifications hereunder shall survive the termination of
this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Other Financing Statements</U>. Except as respects the financing statements filed by Agent and financing statements giving notice
of otherwise Permitted Encumbrances, no financing statement covering any of the Collateral or any proceeds thereof is on file
in any public office.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Intellectual
Property</U>. Loan Parties shall execute and deliver to Agent for the benefit of all Lender Parties, immediately, either (i)&nbsp;on
the Closing Date with respect to any Intellectual Property, registered, or to be registered, with the applicable Governmental
Body as of the Closing Date, or (ii)&nbsp;upon the creation or acquisition by Loan Party of Intellectual Property, registered,
or to be registered, with the applicable federal Governmental Body subsequent to the Closing Date, security agreements with respect
thereto, in registrable form, each in form and substance satisfactory to Agent.</P>

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


<!-- Field: Page; Sequence: 32; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in">4.21&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mortgages
on Mortgaged Property</U>. Loan Parties shall execute and deliver to Agent for the benefit of all Lender Parties, either (i)&nbsp;within
thirty (30) days of the Closing Date (or such longer period of time as Agent may agree in its sole discretion), with respect to
all Mortgaged Property owned in fee simple by any Mortgagor Customer of an Eligible Mortgage Loan on the Closing Date, or (ii)&nbsp;immediately
upon the acquisition in fee simple by any Mortgagor Customer of an Eligible Mortgage Loan of any Mortgaged Property subsequent
to the Closing Date, an Assignment of Mortgage and Collateral Assignment with respect to such Mortgaged Property, together with
such title insurance policies (mortgagee&rsquo;s form), certified surveys, and desktop as complete appraisals with respect thereto
and such other agreements, documents and instruments which Agent deems reasonably necessary or desirable, in form and substance
satisfactory to Agent, including without limitation all terms set forth in the Funding Requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.22&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mortgages
on Real Property</U>. Within thirty (30) days of Agent&rsquo;s request, Loan Parties shall execute and deliver to Agent for the
benefit of all Lender Parties a Mortgage with respect to any Real Property owned in fee simple by any Loan Party, whether owned
on the Closing Date or hereafter acquired, together with such title insurance policies (mortgagee&rsquo;s form), certified surveys,
appraisals, local counsel opinions with respect thereto and such other agreements, documents and instruments which Agent deems
reasonably necessary or desirable, in form and substance satisfactory to Agent. Notwithstanding the foregoing, in no event shall
any Loan Party be obligated to provide a Mortgage to Agent on the 698 Main Street Property so long as the Bankwell Mortgage is
in effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.23&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Execution
of Supplemental Instruments</U>. Loan Parties shall execute and deliver to Agent from time to time, promptly upon demand, such
supplemental agreements, statements, assignments and transfers, or instructions or documents relating to the Collateral, and such
other instruments as Agent may reasonably request, in order that the full intent of this Agreement and the Other Documents may
be carried into effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.24&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>OFAC</U>.
Agent may, at its option, reject, refuse to accept or return any Collateral that Agent determines is, or may be, owed by, or due
from, or belongs to, a Sanctioned Person.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase">5.</FONT></TD><TD STYLE="text-align: justify"><U>REPRESENTATIONS
                                         AND WARRANTIES</U>.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Loan Party represents
and warrants as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authority</U>.
Each Loan Party has full power, authority and legal right to enter into this Agreement and the Other Documents and to perform
all its respective Obligations hereunder and thereunder. This Agreement is, and each Other Document executed by a Loan Party constitutes,
the legal, valid and binding obligation of such Loan Party, enforceable against it in accordance with its terms, except as such
enforcement is subject to the effect of (i)&nbsp;any applicable bankruptcy, insolvency, moratorium or similar laws affecting creditors&rsquo;
rights generally, and (ii)&nbsp;general principles of equity (regardless of whether considered in a proceeding in equity or at
law). The execution, delivery and performance of this Agreement and of the Other Documents (a)&nbsp;are within such Loan Party&rsquo;s
corporate (or other organizational) powers, have been duly authorized, are not in contravention of law or the terms of such Loan
Party&rsquo;s Organic Documents or to the conduct of such Loan Party&rsquo;s business or of any Material Agreement or undertaking
to which such Loan Party is a party or by which such Loan Party is bound, and (b)&nbsp;will not conflict with nor result in any
breach in any of the provisions of or constitute a default under or result in the creation of any Lien (except Permitted Encumbrances)
upon any asset of such Loan Party under the provisions of any Organic Document or other instrument to which such Loan Party or
its property is a party or by which it may be bound.</P>

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


<!-- Field: Page; Sequence: 33; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in">5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Formation
and Qualification</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Loan Party is duly organized and in good standing under the laws of the state or other jurisdiction listed on <U>Schedule&nbsp;5.2
</U>and is not required to be qualified to do business in any other jurisdiction. Each Loan Party has delivered to Agent true
and complete copies of its Organic Documents and will promptly notify Agent of any amendment or changes thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Loan Party&rsquo;s identification number (if any) assigned to it by the appropriate Governmental Body of the state of its organization,
if any, is set forth on <U>Schedule&nbsp;5.2</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Subsidiaries (if any) of each Loan Party as of the Closing Date are as set forth in <U>Schedule&nbsp;5.2</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Equity Interests of each Loan Party which are authorized, issued and outstanding on the Closing Date are set forth and described
in <U>Schedule&nbsp;5.2</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Tax
Returns</U>. Each Loan Party&rsquo;s federal tax identification number is set forth on <U>Schedule&nbsp;5.3</U>. Each Loan Party
has filed all federal, state and local tax returns and other reports each is required by law to file and has paid all taxes, assessments,
fees and other governmental charges that are due and payable, excepting therefrom, any such charges which are being contested
by Loan Parties in good faith in appropriate proceedings after the posting of adequate reserves on the Loan Parties&rsquo; books
to cover the costs thereof. The provision for taxes on the books of each Loan Party are adequate for all years not closed by applicable
statutes, and for its current Fiscal Year, and no Loan Party has any knowledge of any deficiency or additional assessment in connection
therewith not provided for on its books.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial
Statements</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
historical audited financial statements of Loan Parties on a consolidated basis for its most recently completed Fiscal Year, and
the related statements of income, changes in stockholder&rsquo;s equity, and changes in cash flow for the annual fiscal period
ended on such date, all accompanied by reports thereon containing opinions without qualification by the Accountants, and the historical
unaudited financial statements of Loan Parties on a consolidated basis for that portion of their current Fiscal Year ended with
their most recently completed Fiscal Quarter and Fiscal Month for which financial statements have been reported and the related
statements of income, changes in stockholder&rsquo;s equity and changes in cash flow for the fiscal periods ended on such date,
(collectively, the &ldquo;<U>Historical Financial Statements</U>&rdquo;), copies of which have been delivered to Agent, have been
prepared in accordance with GAAP, consistently applied (except for changes in application in which such Accountants have concurred)
and present fairly in all material respects the financial position of the Loan Parties on a consolidated basis at such dates and
the results of its operations for such periods, subject to <U>Section 6.8</U> hereof. Since the last day of the Loan Parties&rsquo;
most recently completed Fiscal Year, there has been no material change in the condition, financial or otherwise, of Loan Parties
as shown on the balance sheet of each Borrowers on a consolidated basis of such date and no change in the aggregate value of machinery,
equipment and Real Property owned by them, except changes in the Ordinary Course of Business, none of which individually or in
the aggregate has had a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 34; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
one year cash flow projections (presented on a monthly basis) of the Loan Parties on a consolidated basis and their projected
balance sheets as of the Closing Date, furnished to Agent on the Closing Date (the &ldquo;<U>Projections</U>&rdquo;), were prepared
by the chief financial officer of Borrower Representative, are based on underlying assumptions which provide a reasonable basis
for the projections contained therein and reflect Loan Parties&rsquo; collective judgment based on present circumstances of the
most likely set of conditions and course of action for the projected period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Name</U>.
Except as may be disclosed on <U>Schedule 5.5</U> hereto, no Loan Party has been known by any other organization name in the five
(5) years preceding the Closing Date and does not sell inventory under any other name nor has any Loan Party been the surviving
organization of a merger or consolidation or acquired all or substantially all of the assets of any Person during the five (5)
years preceding the Closing Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>OSHA
and Environmental Compliance</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Loan Party has duly complied with, and its facilities, business, assets, property and leaseholds are in compliance in all material
respects with, the provisions of the Federal Occupational Safety and Health Act, the Environmental Protection Act, RCRA and all
other Environmental Laws; there have been no outstanding citations, notices or orders of non-compliance issued to any Loan Party
or relating to its business, assets, property, or leaseholds under any such laws, rules or regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Loan Party has been issued all required federal, state and local licenses, certificates or permits relating to all applicable
Environmental Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;There
are no visible signs, in any material amounts of releases, spills, discharges, leaks or disposal (collectively referred to as
&ldquo;<U>Releases</U>&rdquo;) of Hazardous Substances at, upon, under or within any Real Property or any premises leased by any
Loan Party which do not comply in all material respects with all applicable Environmental Laws in respect thereof; (ii)&nbsp;there
are no underground storage tanks or polychlorinated biphenyls on the Real Property or any premises leased by any Loan Party; (iii)&nbsp;neither
the Real Property nor any premises leased by any Loan Party has ever been used as a treatment, storage or disposal facility of
Hazardous Waste; and (iv)&nbsp;no Hazardous Substances are present, in any material amounts on the Real Property or any premises
leased by any Loan Party, excepting such quantities as are handled in accordance with all applicable manufacturer&rsquo;s instructions
and governmental regulations and in proper storage containers and as are necessary for the operation of the commercial business
of any Loan Party or of its tenants.</P>

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


<!-- Field: Page; Sequence: 35; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in">5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Solvency</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Projections are based on underlying assumptions which provide a reasonable basis for the Projections and which reflect the Loan
Parties&rsquo; judgment, based on present circumstances, of a reasonably likely set of conditions and the Loan Parties&rsquo;
reasonably likely course of action for the period projected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Projections demonstrate that the Loan Parties on a consolidated basis will have sufficient cash flow to enable Loan Parties to
pay their debts as they mature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immediately
following the execution of this Agreement and the consummation of the transactions contemplated hereby, (i) the assets of the
Loan Parties, on a consolidated basis, at a fair valuation and at their present fair saleable value, will be in excess of the
total amount of their liabilities (including contingent and unmatured liabilities), (ii) the Loan Parties will be able to pay
their Indebtedness as it becomes due and (iii) the Loan Parties on a consolidated basis will not have unreasonably small capital
to carry on its business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
material undisputed Indebtedness owing to third parties by the Loan Parties are current and not past due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement is, and all Other Documents will be, executed and delivered by the Loan Parties, as applicable, to Agent and Lenders
in good faith and in exchange for reasonably equivalent value and fair consideration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Litigation</U>.
Except as may be disclosed in <U>Schedule&nbsp;5.8</U>, no Loan Party has to its knowledge, any pending or threatened litigation,
arbitration, actions or proceedings which, if determined adversely to it, would be reasonably expected to have a Material Adverse
Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Indebtedness</U>. No Loan Party has any Indebtedness for borrowed funds on the Closing Date other than (i) the Obligations, (ii)
Indebtedness disclosed on <U>Schedule 5.9</U> and (iii) Indebtedness otherwise permitted under <U>Section 7.9</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Violations</U>. Except as may be disclosed on <U>Schedule 5.10</U>, no Loan Party is in violation of any applicable statute, regulation
or ordinance in any respect which could reasonably be expected to have a Material Adverse Effect on Loan Party, nor is any Loan
Party in violation of any order of any court, Governmental Body or arbitration board or tribunal in any respect which would reasonably
be expected to have a Material Adverse Effect.</P>

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


<!-- Field: Page; Sequence: 36; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in">5.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Plans</U>.
No Loan Party nor any member of the Controlled Group maintains or contributes to any Plan (or has assumed any liability in respect
of any Plan) other than those (if any) listed on <U>Schedule&nbsp;5.11</U> hereto. Except as set forth in <U>Schedule&nbsp;5.11</U>,
(i)&nbsp;no Plan has incurred any &ldquo;accumulated funding deficiency,&rdquo; as defined in Section&nbsp;302(a)(2) of ERISA
and Section&nbsp;412(a) of the Code, whether or not waived, and each Loan Party and each member of the Controlled Group has met
all applicable minimum funding requirements under Section&nbsp;302 of ERISA in respect of each Plan, (ii)&nbsp;each Plan which
is intended to be a qualified plan under Section&nbsp;401(a) of the Code as currently in effect has been determined by the Internal
Revenue Service to be qualified under Section&nbsp;401(a) of the Code and the trust related thereto is exempt from federal income
tax under Section&nbsp;501(a) of the Code, (iii)&nbsp;no Loan Party nor any member of the Controlled Group has incurred any liability
to the PBGC other than for the payment of premiums, and there are no premium payments which have become due which are unpaid,
(iv)&nbsp;no Plan has been terminated by the plan administrator thereof nor by the PBGC, and there is no occurrence which would
cause the PBGC to institute proceedings under Title IV of ERISA to terminate any Plan, (v)&nbsp;at this time, the current value
of the assets of each Plan exceeds the present value of the accrued benefits and other liabilities of such Plan and no Loan Party
nor any member of the Controlled Group knows of any facts or circumstances which would materially change the value of such assets
and accrued benefits and other liabilities, (vi)&nbsp;no Loan Party or any member of the Controlled Group has breached any of
the responsibilities, obligations or duties imposed on it by ERISA with respect to any Plan, (vii)&nbsp;no Loan Party nor any
member of a Controlled Group has incurred any liability for any excise tax arising under Section&nbsp;4972 or 4980B of the Code,
and no fact exists which could give rise to any such liability, (viii)&nbsp;no Loan Party nor any member of the Controlled Group
nor any fiduciary of, nor any trustee to, any Plan, has engaged in a &ldquo;prohibited transaction&rdquo; described in Section&nbsp;406
of the ERISA or Section&nbsp;4975 of the Code nor taken any action which would constitute or result in a Termination Event with
respect to any such Plan which is subject to ERISA, (ix) each Loan Party and each member of the Controlled Group has made all
contributions due and payable with respect to each Plan, (x) there exists no event described in Section&nbsp;4043(b) of ERISA,
for which the thirty (30) day notice period contained in 29 CFR &sect;2615.3 has not been waived, (xi)&nbsp;no Loan Party nor
any member of the Controlled Group has any fiduciary responsibility for investments with respect to any plan existing for the
benefit of persons other than employees or former employees of any Loan Party and any member of the Controlled Group, and (xii)&nbsp;no
Loan Party nor any member of the Controlled Group has withdrawn, completely or partially, from any Multiemployer Plan so as to
incur liability under the Multiemployer Pension Plan Amendments Act of 1980.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Intellectual
Property</U>. All Intellectual Property owned or utilized by any Loan Party: (i) is set forth on <U>Schedule 5.12</U>; (ii) is
valid and has been duly registered or filed with all appropriate Governmental Bodies; and (iii) constitutes all of the intellectual
property rights which are necessary for the operation of its business. There is no objection to, pending challenge to the validity
of, or proceeding by any Governmental Body to suspend, revoke, terminate or adversely modify, any such Intellectual Property and
no Loan Party is aware of any grounds for any challenge or proceedings, except as set forth in <U>Schedule 5.12</U> hereto. All
Intellectual Property owned or held by any Loan Party consists of original material or property developed by such Loan Party or
was lawfully acquired by such Loan Party from the proper and lawful owner thereof. Each of such items has been maintained so as
to preserve the value thereof from the date of creation or acquisition thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Licenses
and Permits</U>. Each Loan Party (a)&nbsp;is in compliance with and (b)&nbsp;has procured and is now in possession of, all material
licenses or permits required by any applicable federal, state, provincial or local law or regulation for the operation of its
business in each jurisdiction wherein it is now conducting or proposes to conduct business and where the failure to procure such
licenses or permits would reasonably be expected to have a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Default of Indebtedness</U>. No Loan Party is in default in the payment of the principal of or interest on any Indebtedness in
excess of the Materiality Threshold in principal amount or under any instrument or agreement under or subject to which any Indebtedness
has been issued and no event has occurred under the provisions of any such instrument or agreement which with or without the lapse
of time or the giving of notice, or both, constitutes or would constitute an event of default thereunder.</P>

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


<!-- Field: Page; Sequence: 37; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in">5.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Other Defaults</U>. No Loan Party is in default in the payment or performance of any of its contractual obligations in respect
of any Material Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Burdensome Restrictions</U>. No Loan Party is party to any contract or agreement the performance of which would reasonably be
expected to have a Material Adverse Effect on such Loan Party. No Loan Party has agreed or consented to cause or permit in the
future (upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be
subject to a Lien which is not a Permitted Encumbrance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Labor Disputes</U>. No Loan Party is involved in any labor dispute; there are no strikes or walkouts or union organization of
any Loan Party&rsquo;s employees threatened or in existence and no labor contract presently existing (if any) is scheduled to
expire during the Term.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Margin
Regulations</U>. No Loan Party is engaged, nor will it engage, principally or as one of its important activities, in the business
of extending credit for the purpose of &ldquo;purchasing&rdquo; or &ldquo;carrying&rdquo; any &ldquo;margin stock&rdquo; within
the respective meanings of each of the quoted terms under Regulation U of the Board of Governors of the Federal Reserve System
as now and from time to time hereafter in effect. No part of the proceeds of any Revolving Advance will be used for &ldquo;purchasing&rdquo;
or &ldquo;carrying&rdquo; &ldquo;margin stock,&rdquo; as those terms are defined in Regulation U of such Board of Governors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Investment
Company Act</U>. No Loan Party is an &ldquo;investment company&rdquo; registered or required to be registered under the Investment
Company Act of 1940, as amended, nor is it controlled by such a company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disclosure</U>.
No representation or warranty made by any Loan Party in this Agreement, or in any financial statement, report, certificate or
any Other Document furnished in connection herewith, including without limitation the Perfection Certificate, contains any untrue
statement of a material fact or omits to state any material fact necessary to make the statements herein or therein not misleading.
There is no fact known to Loan Parties which Loan Parties have not disclosed to Agent in writing with respect to the transactions
contemplated by this Agreement which would reasonably be expected to have a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.21&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Conflicting Agreements or Orders</U>. No provision of any Material Agreement or judgment, decree or order binding on any Loan
Party or affecting the Collateral conflicts with, or requires any consent which has not already been obtained to, or would in
any way prevent the execution, delivery or performance of, the terms of this Agreement or the Other Documents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.22&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Application
of Certain Laws and Regulations</U>. No Loan Party nor any Affiliate of any Loan Party is subject to any law which regulates the
incurrence of any Indebtedness, including without limitation, statutes or regulations relative to common or interstate carriers
or to the sale of electricity, gas, steam, water, telephone, telegraph or other public utility services.</P>

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


<!-- Field: Page; Sequence: 38; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in">5.23&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Business
and Property of Loan Parties</U>. Upon and after the Closing Date, Loan Parties do not propose to engage in any business other
than business conducted by the Loan Parties on the Closing Date and activities necessary to conduct the foregoing. On the Closing
Date, each Loan Party will own all the property and possess all of the rights and Consents necessary for the conduct of the business
of such Loan Party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.24&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Hedge
Contracts</U>. No Loan Party is party to any Hedge Contract, except a Permitted
Hedge Contract.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.25&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Real
Property</U>. No Loan Party has any interest as owner or tenant in any Real Property except as disclosed on <U>Schedule 5.25</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.26&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Deposit
Accounts</U>. No Loan Party has any Deposit Accounts except as listed on <U>Schedule&nbsp;5.26</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.27&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Anti-Terrorism
Laws</U>. No Covered Entity (a) is a Sanctioned Person (b) has assets located in a Sanctioned County or in possession, custody
or control of a Sanctioned Person, (c) derives revenue from investments in or transactions with Sanctioned Persons or Sanctioned
Countries or (d) engages in any dealings or transactions prohibited by any Anti-Terrorism Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.28&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>REIT
Status</U>. Sachem qualifies as a REIT and is in compliance with all requirements and conditions imposed under the Code to allow
it to maintain its status as a REIT.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase">6.</FONT></TD><TD STYLE="text-align: justify"><U>AFFIRMATIVE
                                         COVENANTS</U>.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Loan Party shall,
until payment in full of the Obligations and termination of this Agreement:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
of Fees</U>. Pay to Agent on demand all reasonable usual and customary fees and expenses which Agent incurs in connection with
(a)&nbsp;the forwarding of Revolving Advance proceeds and (b)&nbsp;the establishment and maintenance of any Blocked Account, Pledged
Account or Concentration Account. Agent may, without making demand, charge Borrowers&rsquo; Account for all such fees and expenses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conduct
of Business and Maintenance of Existence and Assets</U>. (a)&nbsp;Conduct continuously and operate actively its business according
to good business practices and maintain all of its properties useful or necessary in its business in good working order and condition
(reasonable wear and tear excepted and except as may be disposed of in accordance with the terms of this Agreement), including,
without limitation, all licenses, patents, copyrights, design rights, trade names, trade secrets and trademarks and take all actions
necessary to enforce and protect the validity of any intellectual property right or other right included in the Collateral; (b)
keep in full force and effect its existence, (c) comply in all material respects with the laws and regulations governing the conduct
of its business where the failure to do so could reasonably be expected to have a Material Adverse Effect on such Loan Party;
and (d)&nbsp;make all such reports and pay all such franchise and other taxes and license fees and do all such other acts and
things as may be lawfully required to maintain its rights, licenses, leases, powers and franchises under the laws of the United
States or any political subdivision thereof where the failure to do so could reasonably be expected to have a Material Adverse
Effect.</P>

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


<!-- Field: Page; Sequence: 39; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in">6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with Laws</U>. (a) Comply at all times, in all material respects, with all requirements of Law the violation of which, or failure
to comply with which, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect, and (b)
promptly notify Agent in writing of any violation by any Loan Party of any Law which violation could reasonably be expected to
have a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Government
Receivables</U>. If requested by Agent to do so in respect of any Receivable at any time after a Default or Event of Default exists,
regardless of amount, take all steps reasonably necessary to protect Agent&rsquo;s interest in the Collateral under the Federal
Assignment of Claims Act or other applicable state or local statutes or ordinances and deliver to Agent appropriately endorsed,
any instrument or chattel paper connected with any Receivable arising out of contracts between any Loan Party and the United States,
any state or any department, agency or instrumentality of any of them.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Taxes</U>.
(a) File, prior to delinquency, all federal income, payroll and unemployment and other material tax returns which it is required
to file; (b) pay, or provide for the payment, when due, of all income and franchise taxes, real and personal property taxes, payroll
taxes, value added taxes, employment, social security benefits, withholding, and sales taxes, assessments and other Charges lawfully
levied or assessed upon such Loan Party or any of the Collateral by any Governmental Body; (c) make all required withholding and
other tax deposits, and establish adequate reserves in accordance with GAAP for the payment of all such items; and (d) provide
to Agent, upon its request, satisfactory evidence of its timely compliance with the foregoing; <U>provided</U>, <U>however</U>,
so long as the Borrower Representative has notified Agent in writing, no Loan Party need pay any such amount referred to in clause
(b) above to the extent such amounts are being Properly Contested. If any tax by any Governmental Body is or may be imposed on
or as a result of any transaction between any Loan Party and any Lender and, as a result of such transaction, such Lender is required
to withhold or pay or if any taxes, assessments, or other Charges remain unpaid after the date fixed for their payment, or if
any claim shall be made which, in such Lender&rsquo;s opinion, may possibly create a valid Lien on the Collateral, such Lender
may, unless the applicable Loan Party has done so within five (5) Business Days after the Borrower Representative receives written
notice from such Lender that they do so, pay the taxes, assessments or other Charges and each Loan Party hereby indemnifies and
holds Agent and such Lender harmless in respect thereof. No Lender or Agent will pay any taxes, assessments or Charges to the
extent that any Loan Party has contested or disputed those taxes, assessments or Charges in good faith, by expeditious protest,
administrative or judicial appeal or similar proceeding provided that any related tax lien is stayed and sufficient reserves are
established to the reasonable satisfaction of Agent to protect Agent&rsquo;s security interest in or Lien on the Collateral. The
amount of any payment by any Lender under this <U>Section 6.5</U> shall be charged to Loan Parties&rsquo; Account as a Revolving
Advance and added to the Obligations and, until Loan Parties shall furnish Agent and Lenders with an indemnity therefor (or supply
Agent with evidence satisfactory to them that due provision for the payment thereof has been made), Agent may hold without interest
any balance standing to Loan Parties&rsquo; credit and Agent shall retain its security interest in any and all Collateral held
by Agent.</P>

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


<!-- Field: Page; Sequence: 40; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in">6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Execution
of Supplemental Instruments</U>. Execute and deliver to Agent from time to time, upon demand, such supplemental agreements, statements,
assignments and transfers, or instructions or documents relating to the Collateral, and such other instruments as Agent may reasonably
request, in order that the full intent of this Agreement and the Other Documents may be carried into effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
of Indebtedness and Leasehold Obligations</U>. Pay, discharge or otherwise satisfy (i) at or before maturity (subject, where applicable,
to specified grace periods) all its Indebtedness, except when the failure to do so could not reasonably be expected to have a
Material Adverse Effect or when the amount or validity thereof is currently being Properly Contested, subject at all times to
any applicable subordination arrangement in favor of Lenders and (ii) when due its rental obligations under all leases under which
it is a tenant, and shall otherwise comply, in all material respects, with all other terms of such leases and keep them in full
force and effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Standards
of Financial Statements</U>. Cause all financial statements referred to herein as to which GAAP is applicable to be complete and
correct in all material respects (subject, in the case of interim financial statements, to normal year-end audit adjustments)
and to be prepared in reasonable detail and in accordance with GAAP applied consistently throughout the periods reflected therein
(except as concurred in by such reporting accountants or officer, as the case may be, and disclosed therein).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Anti-Terrorism
Laws</U>. Each Loan Party covenants and agrees that (i) no Covered Entity will become a Sanctioned Person, (ii) no Covered Entity,
either in its own right or through any third party, will (A) have any of its assets in a Sanctioned Country or in the possession,
custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (B) do business in or with, or derive any of
its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism
Law; (C) engage in any dealings or transactions prohibited by any Anti-Terrorism Law or (D) use the Revolving Advances to fund
any operations in, finance any investments or activities in, or, make any payments to, a Sanctioned Country or Sanctioned Person
in violation of any Anti-Terrorism Law, (iii) the funds used to repay the Obligations will not be derived from any unlawful activity,
(iv) each Covered Entity shall comply with all Anti-Terrorism Laws and (v) the Loan Parties shall promptly notify the Agent in
writing upon the occurrence of a Reportable Compliance Event.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Post-Closing
Matters</U>. The Loan Parties shall complete the actions specified in <U>Schedule 6.10 </U>within the time periods specific therein,
or such longer period of time or Agent may agree to in writing in its sole discretion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Servicing
Agent</U>. Borrowers shall, subject to the terms and conditions herein set forth, act as servicing agent for Agent in connection
with the Eligible Mortgage Loans, including performance of the following services:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;collect
on a monthly basis all principal and interest due from each Mortgagor Customer under the Mortgage Notes and any other Mortgage
Loan Document;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 41; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;collect
any other revenue due in connection with the Mortgage Notes, and any other Mortgage Loan Document, and any other revenue due in
connection with matters relating to any Mortgaged Property, including, without limitation, any rents, security deposits, additional
rent, direct and indirect operating costs, tenant improvement charges, and any amounts due in connection with or as a result of
any casualty or exercise of eminent domain;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except
as otherwise provided herein, instruct all Mortgagor Customers to remit all payments in respect of the Mortgage Notes to the Blocked
Account in accordance with <U>Section 4.14(d)</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cause
each Mortgagor Customer to keep the Mortgaged Property owned by such Mortgagor Customer insured in accordance with <U>Annex Two</U>,
<U>Part I</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cause
each Mortgagor Customer to pay on or before the date when due, any and all general and special city and county taxes of every
kind and nature, any and all real estate and <U>ad valorem</U> taxes, personal property taxes, assessments, water rates, sewer
rents, fines, impositions, levies, permits, inspection and license fees, all special assessments for public improvements (without
permitting any improvement bond to be issued for special assessments) and all other charges now or hereafter levied or imposed
upon or assessed against the Mortgaged Property owned by such Mortgagor Customer or any part thereof by any municipality or other
governmental authority or upon the revenues, rents, issues, income and profits of such Mortgaged Property or arising in respect
of the occupancy, use or possession thereof or the use of walks, chutes, areas and other space beyond the lot line of such Mortgaged
Property and on or abutting the public sidewalks and/or highways in front or adjoining such Mortgaged Property or pursuant to
any environmental protection act for the use of any furnace, compactors, incinerators, parking areas or for other matters covered
by any such act, together with any penalties and interest on any of the foregoing (hereinafter collectively referred to as &ldquo;<U>Taxes</U>&rdquo;),
and in the event of a default thereof, Agent may pay the same, which costs shall be secured by the Liens granted pursuant to this
Agreement with interest thereon as herein provided. Borrowers will repay all such costs upon demand. Borrowers agree to notify
Agent and the appropriate taxing authorities immediately upon the happening of any event which does or may affect the value of
the Mortgaged Property, or any portion thereof, the basis of the Mortgaged Property, or any portion thereof, or the availability
of any exemption to which Borrowers are or may be entitled;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;notify
Agent of any default by any Mortgagor Customer under the terms, covenants and conditions of any Mortgage Loan Collateral within
five (5) Business Days after the date any Borrower discovers such default;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;notify
the appropriate Mortgagor Customer of any default under the terms of any Mortgage Loan Collateral in accordance with the terms
of the applicable Mortgage Loan Documents, and otherwise communicate with such Mortgagor Customer on Agent&rsquo;s behalf as and
when required pursuant to the terms of such Mortgage Loan Documents. At Agent&rsquo;s option, after the discovery of any default
by a Mortgagor Customer, Borrowers shall refer the matter to Agent&rsquo;s attorneys, whereafter Borrowers shall cooperate with
said attorneys in connection therewith, including, without limitation, in connection with any action to foreclose on such defaulted
Mortgage Loan Collateral;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 42; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;notify
Agent of (1) any abandonment by a Mortgagor Customer of such Mortgaged Property or a closure of its business; (2) any Loan Party&rsquo;s
receipt of a notice from a Mortgagor Customer alleging that Agent is in default in the performance of its obligations under the
Mortgage Loan Collateral or that any other right, entitlement, protection or condition for the benefit of a Mortgagor Customer
is not being observed, performed or satisfied; (3) any Loan Party&rsquo;s receipt of any notice of a proposed or threatened exercise
of the right of eminent domain with respect to the Mortgaged Property or any portion thereof; and (4) any casualty, damage or
injury to the Mortgaged Property or a portion thereof which could create a risk of a material, immediate diminution in the revenue
earned by or generated from the Mortgaged Property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;communicate
with each Mortgagor Customer on all matters concerning such Mortgagor Customer&rsquo;s Mortgage Loan Collateral and promptly forward
to Agent upon its request copies of all notices, correspondence, bills, invoices, documents and instruments by or between each
Mortgagor Customer or any Borrower or otherwise received by Borrower with respect to the Mortgage Loan Collateral or the Mortgaged
Property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cooperate
and assist in any legal proceedings by or against Agent with regard to the Mortgage Loan Collateral or the Mortgaged Property
and involving third parties;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;following
an event of a default by any Mortgagor Customer which is not timely cured within any applicable notice and cure period, promptly
advise Agent thereof, and take such action as may be necessary or appropriate with respect to such default, including, without
limitation, retaining counsel on Agent&rsquo;s behalf, but at Borrowers&rsquo; sole cost and expense, to foreclose the defaulting
Mortgage Loan Collateral. Agent shall not be responsible for advancing the fees and disbursements of counsel in connection with
any legal proceedings commenced in connection with the Mortgage Loan Collateral, but shall fully cooperate with and assist counsel
in connection therewith;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;maintain
and keep in good order separate, accurate and complete accounts and records (other than books of account maintained by Agent&rsquo;s
accountants) for Agent, and maintain orderly files containing records of interest and principal paid, insurance policies, leases
and subleases, correspondence, receipted bills and vouchers, and all other documents and papers pertaining to the Mortgage Loan
Collateral and the Mortgaged Property or the operation thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at
Agent&rsquo;s option, either audit and verify the accuracy of any statements and information required to be submitted by any Mortgagor
Customer with respect to its Mortgage Loan Collateral or refer said matter to Agent&rsquo;s accountants and cooperate with said
accountants in the conduct of any such audit;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;take
service, if requested, for Agent of legal notices; advise Agent&rsquo;s attorneys as promptly as possible of such service; advise
Agent of the receipt of information concerning any claim of injury, damage or other liability against Agent or any Agent and,
to the extent available, other relevant information concerning such claim; and provide copies of all relevant legal papers to
Agent&rsquo;s attorneys. Borrowers will give notice of claims and forward documents to Agent&rsquo;s insurance carrier whenever
appropriate, and furnish Agent with copies of insurance claims made against or on behalf of Agent; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 43; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;generally,
do all things reasonably deemed necessary or desirable for the proper servicing of Mortgage Loan Collateral.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>[Reserved]</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Servicing</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Loan Party covenants to maintain or cause the servicing of the Mortgage Loans to be maintained in conformity with the Accepted
Servicing Practices. In the event that the preceding language is interpreted as constituting one or more servicing contracts,
each such servicing contract shall terminate automatically upon the earliest of (i) an Event of Default, (ii) the date on which
all the Obligations have been paid in full or (iii) the transfer of servicing approved by the Loan Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Mortgage Loans are serviced by the Loan Parties, (i) the Loan Parties agree that the Agent is the collateral assignee of all
servicing records, including but not limited to any and all servicing agreements, files, documents, records, data bases, computer
tapes, copies of computer tapes, proof of insurance coverage, insurance policies, appraisals, other closing documentation, payment
history records, and any other records relating to or evidencing the servicing of Mortgage Loans (the &ldquo;<U>Servicing Records</U>&rdquo;),
and (ii) the Loan Parties grant the Agent a security interest in all servicing fees and rights relating to the Mortgage Loans
and all Servicing Records to secure the obligation of the Loan Parties or their designee to service in conformity with this Section
and any other obligation of the Loan Parties to the Agent. The Loan Parties covenant to safeguard such Servicing Records and to
deliver them promptly to the Agent or its designee at the Agent&rsquo;s request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Mortgage Loans are serviced by a third party servicer (such third party servicer, the &ldquo;<U>Servicer</U>&rdquo;), the
Loan Parties (i) shall provide a copy of the servicing agreement to the Agent, which shall be in form and substance acceptable
to the Agent (the &ldquo;<U>Servicing Agreement</U>&rdquo;), and (ii) shall provide a Servicer Notice to the Servicer substantially
in the form of <U>Exhibit C</U> hereto (a &ldquo;<U>Servicer Notice</U>&rdquo;) and shall cause the Servicer to acknowledge and
agree to the same. Any successor or assignee of a Servicer shall be approved in writing by the Agent and shall acknowledge and
agree to a Servicer Notice prior to such successor&rsquo;s assumption of servicing obligations with respect to the Mortgage Loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the servicer of the Mortgage Loans is a Loan Party or the Servicer is an Affiliate of a Loan Party, such Loan Party shall provide
to the Agent a letter from such Loan Party or the Servicer, as the case may be, to the effect that upon the occurrence of an Event
of Default, the Agent may terminate any Servicing Agreement and in any event transfer servicing to the Agent&rsquo;s designee,
at no cost or expense to the Agent, it being agreed that the Loan Parties will pay any and all fees required to terminate the
Servicing Agreement and to effectuate the transfer of servicing to the designee of the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
the Funding Date, until the pledge of any Mortgage Loan is relinquished by the Agent, the Loan Parties will have no right to modify
or alter the terms of such Mortgage Loan and the Loan Parties will have no obligation or right to repossess such Mortgage Loan
or substitute another Mortgage Loan, except as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 44; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event the Loan Parties or their Affiliate are servicing the Mortgage Loans, the Loan Parties shall permit the Agent from time
to time to inspect the Loan Parties&rsquo; or their Affiliates&rsquo; servicing facilities, as the case may be, for the purpose
of satisfying the Agent that the Loan Parties or their Affiliates, as the case may be, has the ability to service the Mortgage
Loans as provided in this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
of Servicing Duties</U>. At any time following an Event of Default, Agent may elect to discontinue a Loan Party&rsquo;s duties
pursuant to <U>Section 6.13</U> of this Agreement. Following any such election by Agent, Agent shall designate and retain a subsidiary,
affiliate or agent of Agent (&ldquo;<U>Agent&rsquo;s Designee</U>&rdquo;) to perform said duties. Promptly after being discharged
of its duties in accordance with the terms of this <U>Section 6.14</U>, such Loan Party shall forward to Agent or Agent&rsquo;s
Designee any amounts then being held by any Loan Party in connection with the Mortgage Loan Collateral or the Mortgaged Property.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Agent
Communications</U>. As long as there is no Event of Default, (a) Agent shall permit Loan Parties to communicate with the Mortgagor
Customers on Agent&rsquo;s behalf on all matters concerning the Mortgage Loan Collateral and the Mortgaged Property, and (b) if
Agent requests or requires additional information or communication with any Mortgagor Customer, Agent shall forward a request
for same to Borrower Representative who shall then use its best efforts to obtain such information or forward such communication
to such Mortgagor Customer. Following an Event of Default, Agent, at its sole option, may communicate directly with any Mortgagor
Customer on any and all matters concerning the Mortgage Loan Collateral.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Periodic
Due Diligence Review</U>. The Loan Parties acknowledge that the Agent has the right to perform continuing due diligence reviews
with respect to the Mortgage Loans, for purposes of verifying compliance with the representations, warranties and specifications
made hereunder, or otherwise, and the Loan Parties agree that upon reasonable (but no less than one (1) Business Day&rsquo;s)
prior notice to the Borrower Representative, the Agent or its authorized representatives will be permitted during normal business
hours to examine, inspect, and make copies and extracts of, the Mortgage Files and any and all documents, records, agreements,
instruments or information relating to such Mortgage Loans in the possession or under the control of the Loan Parties. The Loan
Parties also shall make available to the Agent a knowledgeable financial or accounting officer for the purpose of answering questions
respecting the Mortgage Files and the Mortgage Loans. Without limiting the generality of the foregoing, the Loan Parties acknowledge
that the Agent may make Daily LIBOR Rate Loans to the Loan Parties based solely upon the information provided by the Loan Parties
to the Agent and the representations, warranties and covenants contained herein, and that the Agent, at its option, has the right
at any time to conduct a partial or complete due diligence review on some or all of the Mortgage Loans securing such Loan, including
without limitation ordering new credit reports and new desktop as complete appraisals on the related Mortgaged Properties and
otherwise re-generating the information used to originate such Mortgage Loan. The Agent may underwrite such Mortgage Loans itself
or engage a mutually agreed upon third party underwriter to perform such underwriting. The Loan Parties agree to cooperate with
the Agent and any third party underwriter in connection with such underwriting, including, but not limited to, providing the Agent
and any third party underwriter with access to any and all documents, records, agreements, instruments or information relating
to such Mortgage Loans in the possession, or under the control, of the Loan Parties. The Loan Parties further agree that the Loan
Parties shall reimburse the Agent for any and all reasonable out-of-pocket costs and expenses incurred by the Agent in connection
with the Agent&rsquo;s activities pursuant to this <U>Section 6.16</U>, provided that Loan Parties shall not be responsible to
reimburse Agent with respect to more than two (2) such inspections per calendar year unless a Default or Event of Default shall
have occurred.</P>

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


<!-- Field: Page; Sequence: 45; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in">6.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>REIT
Status</U>. Sachem shall at all times maintain its status as a REIT.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase">7.</FONT></TD><TD STYLE="text-align: justify"><U>NEGATIVE
                                         COVENANTS</U>.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subsequent to the
Signing Date, no Loan Party shall, nor shall any Loan Party permit any of its Subsidiaries to, until satisfaction in full of the
Obligations and termination of this Agreement:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Merger,
Consolidation and Acquisitions</U>. Enter into any merger, consolidation or other reorganization with or into any other Person
or acquire all or a substantial portion of the assets or Equity Interests of any Person or permit any other Person to consolidate
with or merge with it, except that, to the extent multiple Loan Parties exist at any time, so long as Borrower Representative
gives Agent at least thirty (30) days advance written notice to such effect, (i)&nbsp;any Loan Party may merge into, or consolidate
with, any other Loan Party, so long as a Loan Party is the survivor of such merger or consolidation, (ii)&nbsp;any Loan Party
may acquire all or any substantial portion of the assets or Equity Interests of any other Loan Party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sales
of Assets</U>. Sell, lease, transfer or otherwise dispose of any of its properties or assets, including any Collateral except
(i) in connection with a Permitted Commercial Loan Financing and (ii) as permitted in <U>Section 4.3</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Creation
of Liens</U>. Create or suffer to exist any Lien other than Permitted Encumbrances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Guarantees</U>.
Become liable upon the obligations of any Person, by assumption, endorsement or guaranty thereof or otherwise (other than to Agent,
Bank, or any other Lender Party in connection with this Agreement and the transactions contemplated herein), <U>except</U> (a)&nbsp;guarantees
made in the Ordinary Course of Business up to an aggregate amount not exceeding the Materiality Threshold; (b)&nbsp;the endorsement
of checks for collection in the Ordinary Course of Business; and (c)&nbsp;guarantees made by one Loan Party of the Obligations
of another Loan Party or Loan Parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Investments</U>.
Purchase or acquire obligations or Equity Interests of, or any other interest in, any Person, including, without limitation the
acquisition of all, or substantially all, or any material portion of the assets or Equity Interests of a Person or the assets
of (a) any division or line of business of a Person and (b) any partnership or joint venture; <U>provided</U>, <U>however</U>,
so long as there does not exist a Default or Event of Default, or a Default or Event of Default would not result therefrom, Borrowers
may invest in a Permitted Commercial Loan Subsidiary by way of transferring Commercial Loans to such Subsidiary in connection
with a Permitted Commercial Loan Financing.</P>

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


<!-- Field: Page; Sequence: 46; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in">7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Loans</U>.
Make advances, loans or extensions of credit to any Person, including particularly, but without limitation, to any Subsidiary
or any other Affiliate, except loans made to Mortgagor Customers of Eligible Mortgage Loans in the Ordinary Course of Business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends</U>.
Declare, pay or make any dividend or distribution on any shares of Equity Interests of any Loan Party (other than dividends or
distributions payable in its Equity Interests, or split-ups or reclassifications of its Equity Interests) or apply any of its
funds, property or assets to the purchase, redemption or other retirement of any Equity Interests, or of any options to purchase
or acquire any Equity Interests of any Loan Party; <U>provided</U>, <U>however</U>, so long as there does not exist a Default
or Event of Default, or a Default or Event of Default would not result therefrom, (a) any Subsidiary of Borrower or another Loan
Party may pay dividends or make other distributions to Borrower or such other Loan Party and (b) Borrower may make cash distributions
to its equity holders (including REIT Distributions) on a quarterly basis, so long as (i) Borrowers&rsquo; average Undrawn Availability
for the immediately preceding ninety (90) days is not less than $500,000, and (ii) after giving effect to such distribution and
any Revolving Advances funded in connection therewith, Borrowers shall have a minimum pro forma Undrawn Availability as of the
date of consummation of such distribution and on an average basis for the ninety (90) days immediately thereafter of not less
than $500,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reserved</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indebtedness</U>.
Create, incur, assume or suffer to exist any Indebtedness (exclusive of commercial trade debt incurred in the Ordinary Course
of Business) <U>except</U> in respect of (i)&nbsp;the Obligations; (ii)&nbsp;Permitted Subordinated Debt; (iii) the Bankwell Mortgage
Loan; (iv) the Existing Loans, pending their full payment on the Signing Date; (v) Permitted Hedge Contracts; (vi) purchase money
Indebtedness incurred for Capital Expenditures in an aggregate amount not to exceed the Materiality Threshold at any time outstanding;
(vii) a Permitted Commercial Loan Financing; and (viii) Indebtedness to fund the renovation of the 698 Main Street Property so
long as any Lien securing such Indebtedness (if any) is limited to a Mortgage upon the 698 Main Street Property.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nature
of Business</U>. Substantially change the nature of the business in which it is engaged, on the Signing Date, or, except as otherwise
specifically permitted hereby purchase or invest, directly or indirectly, in any assets or property other than in the Ordinary
Course of Business for assets or property which are useful in, necessary for and are to be used in its business as presently conducted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transactions
with Affiliates</U>. Except as set forth on <U>Schedule 7.11</U> hereto, directly or indirectly, purchase, acquire or lease any
property from, or sell, transfer or lease any property to, or otherwise deal with, any Affiliate, <U>except</U> (i) transactions
which do not exceed the Materiality Threshold, individually or collectively, (ii) other transactions, in excess of the Materiality
Threshold, individually or collectively, which occur in the Ordinary Course of Business, on an arm&rsquo;s length basis on terms
no less favorable than terms which would have been obtainable from a Person other than an Affiliate, and which have been fully
disclosed to Agent, (iii) transfers of Commercial Loans to a Permitted Commercial Loan Subsidiary in connection with a Permitted
Commercial Loan Financing, <U>provided</U> that (A) each such transfer shall be accounted for at book value, and (B) no Default
or Event of Default shall exist either before or after giving effect thereto, and (iv) transactions described in, and governed
by, <U>Section 7.5</U> or <U>7.7</U> hereof (as to which neither of clauses (i) or (ii) of this <U>Section 7.11</U> shall be applicable).</P>

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


<!-- Field: Page; Sequence: 47; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in">7.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Leases</U>.
Enter as lessee into any lease arrangement for real or personal property (unless capitalized and permitted under <U>Section&nbsp;8.5
</U>hereof) if after giving effect thereto, aggregate annual rental payments for all leased property would exceed the Materiality
Threshold in any one Fiscal Year of Loan Parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Subsidiaries</U>.
Either: (a)&nbsp;create or acquire any Subsidiary; (b)&nbsp;enter into any partnership, joint venture or similar arrangement,
<U>provided</U>, <U>however</U>, so long as no Default or Event of Default shall have occurred or would result therefrom, Borrowers
may create a Permitted Commercial Loan Subsidiary in connection with a Permitted Commercial Loan Financing; or (c)&nbsp;dispose
of any Equity Interests of any Subsidiary. Without limitation of the foregoing, if and to the extent any Subsidiary is created
or acquired hereafter with Agent&rsquo;s prior written consent, then, as a condition to such consent becoming effective, each
such Subsidiary must be joined as a Loan Party hereunder (either as a Borrower or a Corporate Guarantor, as determined by Agent),
on terms satisfactory to Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fiscal
Year and Accounting Changes</U>. Change its Fiscal Year from that in use on the Signing Date or make any significant change (i)&nbsp;in
accounting treatment and reporting practices except as required by GAAP or (ii)&nbsp;in tax reporting treatment except as required
by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Pledge
of Credit</U><FONT STYLE="font-size: 10pt"></FONT>. Pledge (or purport to pledge) Agent&rsquo;s credit on any purchases or
for any purpose whatsoever or use any portion of any Revolving Advance in or for any business other than such Loan Party&rsquo;s
business as conducted on the Signing Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment
of Documents</U>. Amend, modify or waive any term or provision of its Organic Documents or any Material Agreement, unless (i)
required by law to do so or (ii) such amendment, modification or waiver does not cause any contravention of, or conflict with,
any material term or condition of this Agreement and would not otherwise reasonably be expected to have a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with ERISA</U>. (i)&nbsp;(x) Maintain, or permit any member of the Controlled Group to maintain, or (y) become obligated to contribute,
or permit any member of the Controlled Group to become obligated to contribute, to any Plan, other than those Plans disclosed
on <U>Schedule&nbsp;5.11(d)</U>, (ii)&nbsp;engage, or permit any member of the Controlled Group to engage, in any non-exempt &ldquo;prohibited
transaction&rdquo;, as that term is defined in Section&nbsp;406 of ERISA and Section&nbsp;4975 of the Code, (iii)&nbsp;incur,
or permit any member of the Controlled Group to incur, any &ldquo;accumulated funding deficiency&rdquo;, as that term is defined
in Section&nbsp;302 of ERISA or Section&nbsp;412 of the Code, (iv)&nbsp;terminate, or permit any member of the Controlled Group
to terminate, any Plan where such event could result in any liability of any Loan Party or any member of the Controlled Group
or the imposition of a lien on the property of any Loan Party or any member of the Controlled Group pursuant to Section&nbsp;4068
of ERISA, (v)&nbsp;assume, or permit any member of the Controlled Group to assume, any obligation to contribute to any Multiemployer
Plan not disclosed on <U>Schedule&nbsp;5.11</U>, (vi)&nbsp;incur, or permit any member of the Controlled Group to incur, any withdrawal
liability to any Multiemployer Plan; (vii)&nbsp;fail promptly to notify Agent of the occurrence of any Termination Event, (viii)&nbsp;fail
to comply, or permit a member of the Controlled Group to fail to comply, with the requirements of ERISA or the Code or other applicable
laws in respect of any Plan, (ix) fail to meet, or permit any member of the Controlled Group to fail to meet, all minimum funding
requirements under ERISA or the Code or postpone or delay or allow any member of the Controlled Group to postpone or delay any
funding requirement with respect of any Plan.</P>

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


<!-- Field: Page; Sequence: 48; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in">7.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Prepayment
of Indebtedness</U>. Except as permitted in <U>Section 7.19</U> hereof, at any time, directly or indirectly, either (i) prepay
any Indebtedness (other than to Agent or Bank), or (ii) prior to its stated maturity, repurchase, redeem, retire or otherwise
acquire any Indebtedness of any Loan Party or any Subsidiary of any Loan Party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
of Subordinated Debt</U>. At any time, directly or indirectly pay the principal of, interest on or any other charge or fee in
respect of any Permitted Subordinated Debt then outstanding except as expressly permitted by the Subordination Agreement applicable
thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Deposit
Accounts</U>. Open any Deposit Account unless a Blocked Account Agreement or Pledged Account Agreement, as appropriate, is first
executed in respect thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.21&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>[Reserved]</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.22&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitations
on Release of Mortgagor Customers</U>. No Loan Party shall, without the prior written consent of Agent, which consent, in the
case of clauses (i) and (ii) below shall be subject to the Permitted Discretion of Agent, do any of the following: (i) release
any Mortgagor Customer, or any guarantor of a Mortgage Loan from any liability to such Loan Party under any Mortgage Loan Documents
other than in connection with a full repayment of such Mortgage Loan; (ii) release any collateral securing any Mortgage Loan other
than in connection with a full repayment of such Mortgage Loan; or (iii) subordinate any obligation owing to such Loan Party or
any Lien granted to such Loan Party, under any Mortgage Loan. Each Loan Party recognizes and agrees that any such release or subordination
by such Loan Party (even if not consented to by such Loan Party) shall automatically deem the subject Mortgage Loan ineligible
for borrowing purposes. Loan Parties shall provide Agent with at least five (5) Business Days prior written notice of any such
release or subordination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.23&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Underwriting
Guidelines</U>. Loan Parties shall not modify its Underwriting Guidelines without the prior written consent of Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.24&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Long
Term Mortgages</U>. Loan Parties shall not permit Mortgage Loans which are outstanding more than twenty-four (24) months after
their Origination Date to comprise more than twenty percent (20%) of Loan Parties&rsquo; total portfolio of Mortgage Loans at
any time; <U>provided</U>, <U>that</U> Long Term Mortgages existing on the Closing Date shall not be included in the foregoing
calculation unless and until such Long Term Mortgages are outstanding more than thirty-six (36) months after their Origination
Date.</P>

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


<!-- Field: Page; Sequence: 49; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase">8.</FONT></TD><TD STYLE="text-align: justify"><U>FINANCIAL
                                         COVENANTS</U>.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Loan Parties shall,
until payment in full of the Obligations and termination of this Agreement, comply with financial covenants set forth below:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Controlling
Definitions</U>. As used in this Article 8:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Capital Expenditures</U>&rdquo;
shall mean all expenditures (or commitments to make expenditures) of Borrowers on a consolidated basis for fixed or capital assets
(including any made or committed to be made pursuant to capitalized leases) which, in accordance with GAAP, constitute capital
expenditures in the period made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Capitalized
Lease Obligations</U>&rdquo; shall mean any Indebtedness of any Borrowers on a consolidated basis represented by obligations under
a lease that is required to be capitalized for financial reporting purposes in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>EBITDA</U>&rdquo;
shall mean, for any fiscal period the sum of (i)&nbsp;net income (or loss) of a Borrowers on a consolidated basis (as applicable)
for such period (excluding extraordinary gains and losses), <U>plus</U> (ii)&nbsp;to the extent deducted in determining such net
income (or loss) of Borrowers on a consolidated basis, the following: (A) all interest expense of Borrowers on a consolidated
basis for such period; and (B) all charges against income of Borrowers on a consolidated basis for such period for federal, state
and local income taxes actually paid; (C) depreciation expenses of Borrowers on a consolidated basis for such period; and (D)
amortization expenses of Borrowers on a consolidated basis for such period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Fixed Charge
Coverage Ratio</U>&rdquo; shall mean and include, with respect to any applicable Test Period of Borrowers on a consolidated basis,
the ratio of (a)&nbsp;EBITDA for such Test Period, <U>minus</U> any Unfinanced Capital Expenditures made during such period, <U>minus
</U>distributions and dividends (other than REIT Distributions) made during such period, <U>minus</U>, all charges against income
of Borrowers on a consolidated basis for such period for federal, state and local income taxes actually paid during such period
to (b) Fixed Charges for such Test Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Fixed Charges</U>&rdquo;
shall mean and include, with respect to any applicable fiscal period of Borrowers on a consolidated basis, the sum of (i)&nbsp;all
scheduled payments (excluding mandatory prepayments) of principal made on Funded Indebtedness of Borrowers on a consolidated basis
outstanding during such period (excluding Revolving Advances), <U>plus</U> (ii)&nbsp;all interest expense of Borrowers on a consolidated
basis (including Revolving Advances) during such period, <U>plus</U> (iii)&nbsp;all capitalized lease payments of Borrowers on
a consolidated basis made during such period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Funded Indebtedness</U>&rdquo;
shall mean (with duplication) all Indebtedness: (i) for money borrowed, including the Revolving Advances, (ii) which is evidenced
by notes, drafts, bonds, debentures, credit documents or similar instruments, (iii) for the deferred payment for a term of one
(1) year or more of the purchase price of any asset, (iv)&nbsp;consisting of Capitalized Lease Obligations, (v) consisting of
reimbursement obligations with respect to letters of credit or guaranties of letters of credit, and (vi) consisting of guaranties
of any Indebtedness described in clauses (i) through (vi) hereof owing by another Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 50; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">&ldquo;<U>Net Worth</U>&rdquo;
shall mean, at a particular date, (a)&nbsp;the aggregate amount of all assets of Borrowers on a consolidated basis as may properly
be classified as such in accordance with GAAP, <U>less</U> (b) the aggregate amount of all liabilities of the Borrowers on a consolidated
basis as may properly be classified as such in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Senior Funded
Debt</U>&rdquo; shall mean the Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Senior Funded
Debt to Tangible Net Worth Ratio</U>&rdquo; shall mean, as of any date of determination, the ratio of (a) the Senior Funded Debt
on such date, to (b) Tangible Net Worth of Borrowers on a consolidated basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Tangible Net
Worth</U>&rdquo; shall mean at a particular date, Net Worth less the sum of the following on such date: (i) all &ldquo;intangible
assets&rdquo; of the Borrowers on a consolidated basis as may be properly classified as such in accordance with GAAP, and (ii)
the aggregate amount of all Indebtedness owed to Borrowers (or any of them) by any of Borrowers&rsquo; Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Test Period</U>&rdquo;
shall mean each twelve (12) month period ending at the end of each Fiscal Month or such other period as specified in the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<U>Unfinanced
Capital Expenditures</U>&rdquo; shall mean Capital Expenditures not financed by the</FONT> incurrence of purchase money Indebtedness
permitted to be incurred pursuant to Section&nbsp;7.8.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Tangible
Net Worth</U>. Maintain at all times Tangible Net Worth in an amount not less than $52,000,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fixed
Charge Coverage Ratio</U>. Maintain a Fixed Charge Coverage Ratio as of the end of each Fiscal Quarter for the Test Period then
ended, beginning with the Fiscal Quarter ending March 31, 2018 of not less than 1.25 to 1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Senior
Funded Debt to Tangible Net Worth Ratio</U>. Maintain at the end of each Fiscal Quarter, beginning with the Fiscal Quarter ending
March 31, 2018, a Senior Funded Debt to Tangible Net Worth Ratio of not more than 2.0 to 1.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase">9.</FONT></TD><TD STYLE="text-align: justify"><U>CONDITIONS
                                         PRECEDENT</U>.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions
to the Initial Revolving Advance</U>. The agreement of Agent to make the Initial Revolving Advance requested to be made on the
Closing Date is subject to the satisfaction, or waiver by Agent, immediately prior to or concurrently with the making of such
Initial Revolving Advance, of the following conditions precedent (in addition to, and cumulative with, any such conditions precedent
set forth and described in the Commitment Letter relative hereto):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Loan
Documents</U>. Agent shall have received this Agreement (including all Schedules and Exhibits), the Notes and any Other Documents
to which Loan Parties, or a Loan Party are parties, duly executed and delivered by a Designated Officer of each applicable Loan
Party;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 51; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Filings,
Registrations, Recordings and Searches</U>. (i) Each document (including, without limitation, any Uniform Commercial Code financing
statement) required by this Agreement, any Other Document, under applicable law or otherwise as reasonably requested by the Agent
to be filed, registered or recorded in order to create, in favor of Agent, a perfected security interest in or lien upon the Collateral
shall have been properly filed, registered or recorded in each jurisdiction in which the filing, registration or recordation thereof
is so required or requested, and Agent shall have received an acknowledgment copy, or other evidence satisfactory to it, of each
such filing, registration or recordation and satisfactory evidence of the payment of any necessary fee, tax or expense relating
thereto; (ii) the Agent shall also have received UCC, tax and judgment lien searches with respect to each Loan Party in such jurisdictions
as Agent shall require, and the results of such searches shall be satisfactory to Agent; and (iii) Agent shall have received from
Borrower Representative, for each Loan Party, a perfection certificate, the form of which shall be supplied by Agent to Borrower
Representative prior to the Closing Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Secretary&rsquo;s
Certificates</U>. Agent shall have received a certificate of the Secretary (or Assistant Secretary or other appropriate officer)
of each Loan Party, dated the Signing Date, in form and substance acceptable to Agent, certifying as to (i) the incumbency and
signature of the officers (or other representatives) of each Loan Party executing this Agreement and any Other Documents, and
(ii) the authorizations by the board of directors (or other governing body) of such Loan Party to such officers or other representatives
to enter into and carry out such transactions as are contemplated pursuant to this Agreement and the Other Documents; and including
therewith copies of the Organic Documents of such Loan Party as in effect on the Signing Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Good
Standing Certificates</U>. Agent shall have received good standing certificates for each Loan Party dated not more than thirty
(30) days prior to the Signing Date, issued by the secretary of state or other appropriate official of each Loan Party&rsquo;s
jurisdiction of organization and each jurisdiction where the conduct of each Loan Party&rsquo;s business activities or the ownership
of its properties necessitates qualification;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Legal
Opinion</U>. Agent shall have received the executed legal opinion of legal counsel to the Loan Parties, in form and substance
satisfactory to Agent, which shall cover such matters incident to the transactions contemplated by this Agreement, the Notes and
all Other Documents such as Agent may reasonably require, and each Loan Party hereby authorizes and directs such counsel to deliver
such opinions to Agent;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Litigation</U>. (i)&nbsp;No litigation, investigation or proceeding before or by any arbitrator or Governmental Body shall be
continuing or threatened against any Loan Party or against the officers or directors of any Loan Party (A)&nbsp;in connection
with the Other Documents or any of the transactions contemplated thereby and which, in the reasonable opinion of Agent, is deemed
material or (B)&nbsp;which could, in the reasonable opinion of Agent, have a Material Adverse Effect; and (ii)&nbsp;no injunction,
writ, restraining order or other order of any nature materially adverse to any Loan Party or the conduct of its business or inconsistent
with the due consummation of the transactions contemplated hereunder shall have been issued by any Governmental Body;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 52; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Material
Agreements</U>. Agent shall have reviewed all Material Agreements and been satisfied therewith, in its sole credit judgment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Collateral
Examination</U>. Agent shall have completed examinations and received appraisals, the results of which shall be satisfactory in
form and substance to Agent, of the Collateral and all books and records in connection therewith;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fees</U>.
Agent shall have received all fees and expenses payable to Agent and/or Lenders on or prior to the Closing Date pursuant hereto
or under any Other Document, including, without limitation, the Fee Letter, provided that all fees and expenses payable on the
Closing Date shall have been paid on or prior to the Closing Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial
Statements</U>. Agent shall have received copies of the Projections and copies of the Historical Financial Statements, each of
which shall be satisfactory in all respects to Agent;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Insurance</U>.
Agent shall have received in form and substance satisfactory to Agent, (i) evidence that adequate insurance, including, without
limitation, casualty and liability insurance, required to be maintained under this Agreement is in full force and effect, (ii)
insurance certificates issued by Loan Parties&rsquo; insurance broker containing such information regarding Loan Parties&rsquo;
casualty and liability insurance policies as Agent shall request and naming Agent as an additional insured, lenders loss payee
and/or mortgagee, as applicable, and (iii) loss payable endorsements issued by Loan Parties&rsquo; insurer naming Agent as lenders
loss payee and mortgagee, as applicable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Blocked
Accounts</U>. Agent shall have received duly executed agreements establishing the Concentration Account and any Blocked Accounts
to the extent required under <U>Section 4.14</U> to be delivered on the Closing Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Consents</U>.
Agent shall have received any and all Consents necessary to permit the effectuation of the transactions contemplated by this Agreement
and the Other Documents; and, Agent shall have received such Consents and waivers of such third parties as might assert claims
with respect to the Collateral, as Agent and its counsel shall deem necessary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Adverse Material Change</U>. Since December 31, 2017 there shall not have occurred any event, condition or state of facts which
could reasonably be expected to have a Material Adverse Effect on any Loan Party or any Subsidiary and no representations made
or information supplied to Agent shall have been proven to be inaccurate or misleading in any material respect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Landlord&rsquo;s
Agreements, Mortgagee Waivers, Etc</U>. Unless Agent otherwise has agreed to waive such requirement in one or more instances (and
impose reserves with the Borrowing Base in regard thereto), Agent shall have received waivers or related agreements satisfactory
to Agent with respect to all premises owned by, leased by, licensed to or otherwise used by Loan Parties at which Collateral is
located, such waivers or related agreements to be in form and substance satisfactory to Agent;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 53; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Pledge
Agreements</U>. Agent shall have received a pledge agreement from Borrower in respect of the Equity Interests of each Subsidiary
owned by it (limited, in the case of Foreign Subsidiaries, to sixty-five percent (65%) of such Equity Interests), in form and
substance satisfactory to Agent (the &ldquo;<U>Subsidiary Pledge Agreement</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Intellectual
Property</U>. To the extent any Loan Party owns any trademarks or patents (or applications therefor) which are registered with
the United States Patent and Trademark Office, or any copyrights (or applications therefore) which are registered with the United
States Copyright Office, such Loan Party shall have executed in favor of Agent and Intellectual Property, Security Agreement,
in form and substance satisfactory to Agent;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Closing
Certificate</U>. Agent shall have received a closing certificate signed by a Designated Officer of each Loan Party dated the Closing
Date, in form and substance satisfactory to Agent, stating that (i)&nbsp;all representations and warranties set forth in this
Agreement and the Other Documents are true and correct on and as of such date, (ii)&nbsp;Loan Parties are on such date in compliance
with all the terms and provisions set forth in this Agreement and the Other Documents and (iii)&nbsp;on such date, no Default
or Event of Default has occurred or is continuing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Undrawn
Availability at Closing</U>. Agent shall have received evidence satisfactory to it to the effect that after giving effect to the
making of the Initial Revolving Advances hereunder, Borrowers shall have on the Closing Date Undrawn Availability of at least
Two Million Dollars ($2,000,000), it being agreed that such requirement shall only apply on the Closing Date and not thereafter;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Subordination
Agreement</U>. Agent shall have received a Subordination Agreement from each Affiliate to which any Borrower is indebted on the
Closing Date or is expected to become indebted thereafter, in form and substance satisfactory to Agent;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Validity
and Support Agreement</U>. Agent shall have received a Validity and Support Agreement, in form and substance satisfactory to Agent,
from each Principal (the &ldquo;<U>Validity Guaranty</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Corporate
and Legal Structure</U>. Agent shall be satisfied with the corporate and legal structure and capitalization of Borrowers and their
Subsidiaries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Long
Term Indebtedness</U>. Agent shall be reasonably satisfied with the terms and conditions of any existing long-term Indebtedness
of the Loan Parties and Guarantors to remain outstanding after the Signing Date, and to the extent requested by Lender, each holder
of such long-term Indebtedness shall have entered into a Subordination Agreement with Lender;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Computer
Information Systems</U>. Agent shall be satisfied with Loan Parties&rsquo; computer information systems and Loan Parties&rsquo;
ability to report information to Agent regarding the Collateral and Loan Parties&rsquo; financial condition; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>All
Other Matters</U>. Agent shall have received all Other Documents which Agent determines to be necessary to consummate the transactions
contemplated to occur on or after the Signing Date pursuant to this Agreement, and all corporate and other proceedings, and all
documents, instruments and other legal matters in connection with the transactions contemplated herein shall be satisfactory in
form and substance to Agent and its legal counsel.</P>

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


<!-- Field: Page; Sequence: 54; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions
to Each Revolving Advance</U>. The agreement of Agent or any Lender to make any Revolving Advance requested to be made on any
date (including, without limitation, the Initial Revolving Advance), is subject to the satisfaction of the following conditions
precedent as of the date such Revolving Advance is made (each, a &ldquo;<U>Revolving Advance Request Date</U>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties</U>. Each of the representations and warranties made by any Loan Party in or pursuant to this Agreement and any
Other Document (including without limitation those made in <U>Annex Two</U> hereto) to which it is a party, and each of the representations
and warranties contained in any certificate, document or financial or other statement furnished at any time under or in connection
with this Agreement or any related agreement shall be true and correct in all material respects on and as of such Revolving Advance
Request Date as if made on and as of such Revolving Advance Request Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Default</U>. No Event of Default or Default shall have occurred and be continuing on such date, or would exist after giving effect
to the Revolving Advances requested to be made, on such date and, in the case of the Initial Revolving Advance, after giving effect
to the consummation of the transactions contemplated hereby; <U>provided</U>, <U>however</U> that Agent and Lenders, in their
sole and absolute discretion, may continue to make Revolving Advances notwithstanding the existence of an Event of Default or
Default and that any Revolving Advances so made shall not be deemed a waiver of any such Event of Default or Default;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Maximum
Revolving Advances</U>. In the case of any Revolving Advance requested to be made, after giving effect thereto, the aggregate
amount of all Revolving Advances shall not exceed the maximum amount of Revolving Advances permitted under <U>Section&nbsp;2.1
</U>hereof; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Funding
Requirements</U>. As to each Revolving Advance made, the Funding Requirements shall have been completely fulfilled.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each request for a Revolving Advance by
any Loan Party hereunder shall constitute a representation and warranty by each Loan Party as of the date of such Revolving Advance
that the conditions contained in this subsection shall have been satisfied.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase">10.</FONT></TD><TD STYLE="text-align: justify"><U>INFORMATION
                                         AS TO LOAN PARTIES</U>.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Loan Party shall,
until satisfaction in full of the Obligations and the termination of this Agreement:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disclosure
of Material Matters</U>. Immediately upon learning thereof, report to Agent all matters materially affecting the value, enforceability
or collectibility of any portion of the Collateral including, without limitation, any Loan Party&rsquo;s reclamation or repossession
of, or the return to any Loan Party of, a material amount of goods or claims or disputes asserted by any Mortgagor Customer or
other obligor.</P>

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


<!-- Field: Page; Sequence: 55; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Schedules</U>.
Deliver to Agent on or before the fifteenth (15th) day of each calendar month as and for the prior month (a)&nbsp;Receivables
agings, and (b)&nbsp;accounts payable agings. In addition, each Loan Party will deliver to Agent at such intervals as Agent may
require: (i)&nbsp;confirmatory assignment schedules, (ii)&nbsp;copies of each Mortgagor Customer&rsquo;s invoices, and (iii)&nbsp;such
further schedules, documents and/or information regarding the Collateral as Agent, in its sole credit judgment, may require including,
without limitation, trial balances and test verifications. Agent shall also have the right to confirm and verify all Receivables
by any manner and through any medium it considers commercially advisable and do whatever it may deem commercially necessary to
protect its interests hereunder. The items to be provided under this Section shall be in form satisfactory to Agent and executed
by the Borrower Representative and delivered to Agent from time to time solely for Agent&rsquo;s convenience in maintaining records
of the Collateral, and any failure to deliver any of such items to Agent shall not affect, terminate, modify or otherwise limit
Agent&rsquo;s Lien with respect to the Collateral.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Environmental
Compliance Certificate</U>. Furnish Agent, at its request from time to time, with a certificate signed by a Designated Officer
of Borrower Representative stating, to the best of his knowledge, that each Loan Party is in compliance in all material respects
with Environmental Laws. To the extent any Loan Party is not in compliance with the foregoing laws, the certificate shall set
forth with specificity all areas of non-compliance and the proposed action Loan Party will implement in order to achieve full
compliance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Litigation</U>.
Promptly notify Agent in writing of (i) any Commercial Tort Claim arising in a Loan Party&rsquo;s favor subsequent to the Signing
Date or (ii) any litigation, suit or administrative proceeding affecting any Loan Party, whether or not the claim is covered by
insurance, and of any suit or administrative proceeding, which in any such case could reasonably be expected to have a Material
Adverse Effect on any Loan Party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Material
Occurrences</U>. Promptly notify Agent in writing upon the occurrence of (a)&nbsp;any Event of Default or Default; (b)&nbsp;any
event, development or circumstance whereby any financial statements or other reports furnished to Agent fail in any material respect
to present fairly, in accordance with GAAP consistently applied, the financial condition or operating results of any Loan Party
as of the date of such statements; (c)&nbsp;any accumulated retirement plan funding deficiency which, if such deficiency continued
for two plan years and was not corrected as provided in Section&nbsp;4971 of the Code, could subject any Loan Party to a tax imposed
by Section&nbsp;4971 of the Code; (d)&nbsp;each and every default by any Loan Party in respect of any Indebtedness which, individually
or when aggregated, exceeds the Materiality Threshold and that could reasonably be expected to result in the acceleration of the
maturity of any Indebtedness, including the names and addresses of the holders of such Indebtedness with respect to which there
is a default existing or with respect to which the maturity has been or could be accelerated, and the amount of such Indebtedness;
(e) the termination (or receipt of notice of pending termination) of any Material Agreement; and (f) any other development in
the business or affairs of any Loan Party which could reasonably be expected to have a Material Adverse Effect; in each case describing
the nature thereof and the action that Loan Parties propose to take with respect thereto.</P>

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

<!-- Field: Page; Sequence: 56; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in">10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<U>Reserved</U>].</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Annual
Financial Statements</U>. Furnish Agent within ninety (90) days after the end of each Fiscal Year of Borrowers, audited financial
statements of Borrowers on a consolidating and consolidated basis including statements of income and stockholders&rsquo; equity
and cash flow from the beginning of the current Fiscal Year to the end of such Fiscal Year and the balance sheet as at the end
of such Fiscal Year, all prepared in accordance with GAAP applied on a basis consistent with prior practices, and in reasonable
detail and reported upon without qualification by an independent certified public accounting firm selected by Borrowers and satisfactory
to Agent (the &ldquo;<U>Accountants</U>&rdquo;). The report of the Accountants shall, if requested by the Agent, be accompanied
by a statement of the Accountants certifying that (i)&nbsp;they have caused this Agreement to be reviewed, (ii)&nbsp;in making
the examination upon which such report was based, either no information came to their attention which to their knowledge constituted
an Event of Default or a Default under this Agreement or any Other Document or, if such information came to their attention, specifying
any such Default or Event of Default, its nature, when it occurred and whether it is continuing, and such report shall contain
or have appended thereto calculations which set forth Borrowers&rsquo; compliance with the requirements or restrictions imposed
by the Financial Covenants. In addition, the reports shall be accompanied by a certificate of a Designated Officer of the Borrower
Representative which shall state that, based on an examination sufficient to permit him to make an informed statement, no Default
or Event of Default exists, or, if such is not the case, specifying such Default or Event of Default, its nature, when it occurred,
whether it is continuing and the steps being taken by Borrowers with respect to such event, and such certificate shall have appended
thereto calculations which set forth Borrowers&rsquo; compliance with the requirements or restrictions imposed by the Financial
Covenants. Agent hereby acknowledges that Hoberman &amp; Lesser, LLP is currently Sachem&rsquo;s Accountants and deems such firm
is satisfactory.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Quarterly
Financial Statements</U>. Furnish Agent within forty five (45) days after the end of each Fiscal Quarter of Borrowers, financial
statements of Borrowers on a consolidated and consolidating basis including unaudited statements of income and stockholders&rsquo;
equity and cash flow of Sachem reflecting results of operations from the beginning of the Fiscal Year to the end of such Fiscal
Quarter and for such Fiscal Quarter, prepared on a basis consistent with prior practices but in accordance with GAAP and complete
and correct in all material respects, subject to normal year-end adjustments (together with comparative reports for the corresponding
period(s) in the prior Fiscal Year and for the projected reports for the current Fiscal Year required under <U>Section 10.13</U>).
The reports shall be accompanied by a certificate signed by a Designated Officer of the Borrower Representative, substantially
in the form of <U>Exhibit 10.8</U> (a &ldquo;<U>Compliance Certificate</U>&rdquo;), which shall state that, based on an examination
sufficient to permit him to make an informed statement, no Default or Event of Default exists, or, if such is not the case, specifying
such Default or Event of Default, its nature, when it occurred, whether it is continuing and the steps being taken by Borrowers
with respect to such default and, such certificate shall have appended thereto calculations which set forth Borrowers&rsquo; compliance
with the requirements or restrictions imposed by the Financial Covenants.</P>

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

<!-- Field: Page; Sequence: 57; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in">10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>[Reserved]</U>.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Borrowing
Base Certificate</U>. Deliver to Agent a certificate of a Designated Officer of Borrower Representative (a &ldquo;<U>Borrowing
Base Certificate</U>&rdquo;) in the form of <U>Exhibit&nbsp;10.10</U> hereto or in such other form as maybe required or approved
by Agent from time to time, which shall state the Borrowing Base as of the date thereof (including a calculation of such Borrowing
Base). This Borrowing Base Certificate shall be delivered monthly, by the second Business Day of each calendar month, as of the
last Business Day of the preceding calendar month, which shall include a reconciliation and &ldquo;roll forward&rdquo; from the
prior month&rsquo;s reporting thereof pursuant to <U>Section&nbsp;10.2</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Reports</U>. Furnish Agent as soon as available, but in any event within ten (10) Business Days after the issuance thereof, with
copies of such financial statements, reports and returns as each Loan Party shall send to the owners of its Equity Interests generally
or filed with the U.S. Securities and Exchange Commission or any other Governmental Body.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional
Information</U>. Furnish Agent with such additional information as Agent shall reasonably request in order to enable Agent to
determine whether the terms, covenants, provisions and conditions of this Agreement and the Notes have been complied with by Loan
Parties including, without limitation and without the necessity of any request by Agent, (a)&nbsp;copies of all environmental
audits and reviews, (b)&nbsp;at least thirty (30) days prior thereto, notice of any Loan Party&rsquo;s opening or establishing
of any new Collateral Location or any Loan Party&rsquo;s closing of any existing Collateral Location, and (c)&nbsp;promptly upon
any Loan Party&rsquo;s learning thereof, notice of any labor dispute to which any Loan Party may become a party, any strikes or
walkouts relating to any of its plants or other facilities, and the expiration of any labor contract to which any Loan Party is
a party or by which any Loan Party is bound.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Projected
Operating Budget</U>. Furnish Agent, no later than March 31 of each Borrower&rsquo;s Fiscal Years, commencing with its first Fiscal
Year ending after the Signing Date, the following projections, on a month-to-month basis for such Fiscal Year, for Borrower and
its Subsidiaries, on a consolidated and consolidating basis, to-wit operating budget, balance sheet, income statement, statement
of cash flow, Financial Covenant compliance (including projected amounts of all financial components used in determining compliance)
and borrowing availability, such projections to be accompanied by a certificate signed by a Designated Officer of the Borrower
Representative to the effect that such projections have been prepared on the basis of sound financial planning practice consistent
with past budgets and financial statements and that such officer has no reason to question the reasonableness of any material
assumptions on which such projections were prepared.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>[Reserved]</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
of Suits, Adverse Events</U>. Furnish Agent with prompt notice of (i)&nbsp;any lapse or other termination of any Consent issued
to any Loan Party by any Governmental Body or any other Person that is material to the operation of any Loan Party&rsquo;s business,
(ii)&nbsp;any refusal by any Governmental Body or any other Person to renew or extend any such Consent; and (iii)&nbsp;copies
of any periodic or special reports filed by any Loan Party with any Governmental Body or Person, if such reports indicate any
material change in the business, operations, affairs or condition of any Loan Party, or if copies thereof are requested by Agent,
and (iv)&nbsp;copies of any material notices and other communications from any Governmental Body or Person which specifically
relate to any Loan Party.</P>

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


<!-- Field: Page; Sequence: 58; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ERISA
Notices and Requests</U>. Furnish Agent with immediate written notice in the event that (i)&nbsp;any Loan Party or any member
of the Controlled Group knows or has reason to know that a Termination Event has occurred, together with a written statement describing
such Termination Event and the action, if any, which such Loan Party or member of the Controlled Group has taken, is taking, or
proposes to take with respect thereto and, when known, any action taken or threatened by the IRS, Department of Labor or PBGC
with respect thereto, (ii)&nbsp;any Loan Party or any member of the Controlled Group knows or has reason to know that a prohibited
transaction (as defined in Sections 406 of ERISA and 4975 of the Code) has occurred together with a written statement describing
such transaction and the action which such Loan Party or any member of the Controlled Group has taken, is taking or proposes to
take with respect thereto, (iii)&nbsp;a funding waiver request has been filed with respect to any Plan together with all communications
received by any Loan Party or any member of the Controlled Group with respect to such request, (iv)&nbsp;any increase in the benefits
of any existing Plan or the establishment of any new Plan or the commencement of contributions to any Plan to which any Loan Party
or any member of the Controlled Group was not previously contributing shall occur, (v)&nbsp;any Loan Party or any member of the
Controlled Group shall receive from the PBGC a notice of intention to terminate a Plan or to have a trustee appointed to administer
a Plan, together with copies of each such notice, (vi)&nbsp;any Loan Party or any member of the Controlled Group shall receive
any favorable or unfavorable determination letter from the IRS regarding the qualification of a Plan under Section&nbsp;401(a)
of the Code, together with copies of each such letter; (vii)&nbsp;any Loan Party or any member of the Controlled Group shall receive
a notice regarding the imposition of withdrawal liability, together with copies of each such notice; (viii)&nbsp;any Loan Party
or any member of the Controlled Group shall fail to make a required installment or any other required payment under Section&nbsp;412
of the Code on or before the due date for such installment or payment; (ix) any Loan Party or any member of the Controlled Group
knows that (a)&nbsp;a Multiemployer Plan has been terminated, (b)&nbsp;the administrator or plan sponsor of a Multiemployer Plan
intends to terminate a Multiemployer Plan, or (c)&nbsp;the PBGC has instituted or will institute proceedings under Section&nbsp;4042
of ERISA to terminate a Multiemployer Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Intellectual
Property</U>. Notify Agent promptly if, subsequent to the Signing Date, any Loan Party applies for, or acquires, any patent, trademark
or copyright registered (or registrable) under the federal law, and execute and deliver to Agent, upon request, such documents
and agreements as Agent may request to evidence, confirm or perfect Agent&rsquo;s Lien on and security interest in such Collateral.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional
Documents</U>. Execute and deliver to Agent, upon request, such documents and agreements as Agent may, from time to time, reasonably
request to carry out the purposes, terms or conditions of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mortgage
File Reports</U>. On the fifteenth (15<SUP>th</SUP>) day of each calendar month, the Loan Parties shall provide the Agent with
a report with respect to each Mortgage File, which report shall include, among other items, (a) a summary of each Loan Party's
delinquency and loss experience and payment history with respect to all Mortgage Loans pledged to Agent, plus any such additional
reports as the Agent may reasonably request with respect to each Loan Party&rsquo;s or any servicer's servicing portfolio or pending
originations of Mortgage Loans and (b) any other information reasonably requested by Agent with respect to the Mortgage Loans.</P>

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


<!-- Field: Page; Sequence: 59; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase">11.</FONT></TD><TD STYLE="text-align: justify"><U>EVENTS
                                         OF DEFAULT</U>.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The occurrence of
any one or more of the following events shall constitute an &ldquo;Event of Default&rdquo;:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Obligations</U>.
Failure by any Loan Party to pay any Obligations when due, whether at maturity or by reason of acceleration pursuant to the terms
of this Agreement or by notice of intention to prepay, or by required prepayment or failure to pay any other liabilities or make
any other payment, fee or charge provided for herein when due or in any Other Document;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Misrepresentations</U>.
Any representation or warranty of any material fact, circumstance or condition made or deemed made by any Loan Party in this Agreement,
any Other Document or any related agreement or in any certificate, document or financial or other statement furnished at any time
in connection herewith or therewith shall prove to have been misleading in any material respect on the date when made or deemed
to have been made;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial
Information</U>. Failure by any Loan Party to (i)&nbsp;furnish financial information required by <U>Sections 10.2</U>, <U>10.7</U>,
<U>10.8</U>, and <U>10.10</U> when due, (ii) any other information when requested pursuant hereto which is unremedied for a period
of five (5) Business Days, or (iii)&nbsp;permit the inspection of its books or records by Agent when requested pursuant hereto;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liens</U>.
Issuance of a notice of Lien, levy, assessment, injunction or attachment against a material portion of any Loan Party&rsquo;s
property which is not stayed or lifted within sixty (60) days (but not later than its being executed, however);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants</U>.
Either (i)&nbsp;except as otherwise provided in <U>Section&nbsp;11.3(i)</U> above or clause&nbsp;(ii) below of this <U>Section&nbsp;11.5</U>,
failure or neglect of any Loan Party to perform, keep or observe any term, provision, condition, covenant herein contained, or
contained in any Other Document, now or hereafter entered into between any Loan Party and Agent or any Lender (without any cure
or grace period); or (ii)&nbsp;a failure or neglect of Loan Parties to perform, keep or observe any term, provision, condition
or covenant, contained in <U>Sections 4.6</U>, <U>4.7</U>, <U>4.9</U>, <U>4.11</U>, <U>6.3</U>, <U>6.4</U>, <U>10.4</U> or <U>10.6
</U>hereof which is not cured within fifteen (15) days from the occurrence of such failure or neglect;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Judgments</U>.
Any judgment or judgments are rendered or judgment liens filed against any Loan Party for an aggregate amount in excess of the
Materiality Threshold which within thirty (30) days of such rendering or filing (but not later than its being executed, however)
is not satisfied, stayed, bonded or discharged of record;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voluntary
Bankruptcy</U>. Any Loan Party, any Subsidiary of any Loan Party or any Guarantor shall (i)&nbsp;apply for, consent to or suffer
the appointment of, or the taking of possession by, a receiver, custodian, trustee, liquidator or similar fiduciary of itself
or of all or a substantial part of its property, (ii)&nbsp;make a general assignment for the benefit of creditors, (iii)&nbsp;commence
a voluntary case under any state or federal bankruptcy laws (as now or hereafter in effect), (iv)&nbsp;be adjudicated a bankrupt
or insolvent, (v) apply for, consent to or suffer the appointment of, or the taking of possession by, a receiver, custodian, trustee,
liquidator or similar fiduciary of itself or of all or a substantial part of its property, (vi) admit in writing its inability,
or be generally unable, to pay its debts as they become due or cease operations of its present business, (vii)&nbsp;file a petition
seeking to take advantage of any other law providing for the relief of debtors, or (viii)&nbsp;take any action for the purpose
of effecting any of the foregoing;</P>

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


<!-- Field: Page; Sequence: 60; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Insolvency</U>.
Any Loan Party shall admit in writing its inability, or be generally unable, to pay its Indebtedness as it becomes due or shall
cease operations of its present business;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Involuntary
Bankruptcy</U>. Any Loan Party, any Subsidiary of a Loan Party or any Guarantor shall&nbsp;acquiesce in, or fail to have dismissed,
within sixty (60) days, any petition filed against it in any involuntary case under any state or federal bankruptcy laws (as now
or hereafter in effect), or take any action for the purpose of effecting any of the foregoing;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Material
Adverse Changes</U>. Any change in any Loan Party&rsquo;s condition or affairs (financial or otherwise) which has a Material Adverse
Effect;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Agent&rsquo;s
Liens</U>. Any Lien created hereunder or provided for hereby or under any related agreement for any reason ceases to be or is
not a valid and perfected Lien having a first priority interest;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Subordinated
Debt</U>. A default or event of default shall occur under or in respect of any Subordinated Debt, which default shall not have
been cured or waived within any applicable grace period, or if any Person party to a Subordination Agreement breaches or violates,
or attempts to terminate or challenge the validity of, such agreement, or any payment is made or received in respect of any Subordinated
Debt in violation of the Subordination Agreement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Cross
Default</U>. Either (x) any specified &ldquo;event of default&rdquo; under any Indebtedness (other than the Obligations) of any
Loan Party, any of its Subsidiaries or any Guarantor with a then-outstanding principal balance (or, in the case of any Indebtedness
not so denominated, with a then-outstanding total obligation amount) of $250,000 or more, or any other event or circumstance which
would permit the holder of any such Indebtedness of any Loan Party, any of its Subsidiaries or any Guarantor to accelerate such
Indebtedness (and/or the obligations of Loan Party thereunder) prior to the scheduled maturity or termination thereof, shall occur
(regardless of whether the holder of such Indebtedness shall actually accelerate, terminate or otherwise exercise any rights or
remedies with respect to such Indebtedness), or (y) a default of the obligations of any Loan Party, any of its Subsidiaries or
any Guarantor under any Material Agreement to which it is a party shall occur which has or is reasonably likely to have a Material
Adverse Effect;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Guaranty</U>.
Termination or breach of any Guaranty, security agreement, Pledge Agreement or similar agreement executed and delivered to Agent
in connection with the Obligations of any Loan Party, or if any Guarantor attempts to terminate, challenges the validity of, or
its liability under, any such Guaranty, security agreement, Pledge Agreement or similar agreement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Change
of Control</U>. Any Change of Control shall occur;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Change
of Management</U>. Any Change of Management shall occur;</P>

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


<!-- Field: Page; Sequence: 61; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in">11.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Invalidity</U>.
Any material provision of this Agreement or any Other Document shall, for any reason, cease to be valid and binding on any Loan
Party, or any Loan Party shall so claim in writing to Agent;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Takings</U>.
(i)&nbsp;Any Governmental Body shall (A)&nbsp;revoke, terminate, suspend or adversely modify any license, permit, patent trademark
or trade name of any Loan Party, the continuation of which is material to the continuation of any Loan Party&rsquo;s business,
or (B)&nbsp;commence proceedings to suspend, revoke, terminate or adversely modify any such license, permit, trademark, trade
name or patent and such proceedings shall not be dismissed or discharged within sixty (60) days or (ii)&nbsp;any Material Agreement
shall be revoked or terminated and not replaced by a substitute acceptable to Agent within thirty (30) days after the date of
such revocation or termination, and such revocation or termination and non-replacement would reasonably be expected to have a
Material Adverse Effect on any Loan Party;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Seizures</U>.
Any material portion of the Collateral shall be seized or taken by a Governmental Body, or any Loan Party or the title and rights
of any Loan Party shall have become the subject matter of litigation which could reasonably be expected, in the opinion of Agent,
upon final determination, to result in impairment or loss of the security provided by this Agreement or the Other Documents;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Plans</U>.
An event or condition specified in <U>Sections 7.16</U> or <U>10.15</U> hereof shall occur or exist with respect to any Plan and,
as a result of such event or condition, together with all other such events or conditions, any Loan Party or any member of the
Controlled Group shall incur, or in the opinion of Agent be reasonably likely to incur, a liability to a Plan or the PBGC (or
both) which, in the reasonable judgment of Agent, would have a Material Adverse Effect on any Loan Party; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.21&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Criminal
Charges</U>. Any Loan Party, or any Principal shall become the subject of a criminal indictment in respect of or pertaining to,
the operation or conduct of a Loan Party&rsquo;s business, its reporting of any financial data, its application for, or receipt
of, any credit, its &ldquo;laundering&rdquo; of any funds or its non-payment (or underpayment) of any taxes or any other Charges,
or shall admit its guilt or complicity in respect of any of the foregoing, or shall pay any fine or suffer any penalty in respect
thereof (including as part of any plea bargain or arrangement).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.22&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>REIT
Status</U>. Sachem shall fail to maintain its status as a REIT.</P>

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


<!-- Field: Page; Sequence: 62; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase">12.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>LENDERS&rsquo;
                                         RIGHTS AND REMEDIES AFTER DEFAULT</U>.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rights
and Remedies</U>. Upon and after the occurrence of an Event of Default pursuant to Sections <U>11.7</U>, <U>11.8</U> or <U>11.9</U>,
all Obligations shall be immediately due and payable and this Agreement and all Commitments of Lenders shall be deemed terminated.
Upon the occurrence of any other Event of Default not specified in the preceding sentence, and at any time thereafter during the
continuation of such Event of Default, Agent may, and at the direction of the Required Lenders shall, declare all Obligations
to be immediately due and payable and Agent or the Required Lenders shall have the right to terminate this Agreement and to terminate
the Commitments of Lenders to make Revolving Advances. Upon and after the occurrence of any Event of Default, and during its continuation,
Agent shall have the right to exercise any and all other rights and remedies provided for herein, the Other Documents, under the
Uniform Commercial Code and at law or equity generally, including, without limitation, the right to (i) foreclose the security
interests granted herein and to realize upon any Collateral by any available judicial procedure and/or to take possession of and
sell any or all of the Collateral with or without judicial process and (ii) exercise all rights and powers with respect to the
Collateral as Loan Party might exercise (including, without limitation, taking any action permitted under any power of attorney
received by Agent with respect to any collateral securing any Mortgage Loan, except as may be limited by applicable Law). Agent
may enter any Loan Party&rsquo;s premises or other premises without legal process and without incurring liability to any Loan
Party therefor, and Agent may thereupon, or at any time thereafter, in its discretion without notice or demand, take the Collateral
and remove the same to such place as Agent may deem advisable and Agent may require Loan Parties to make the Collateral available
to Agent at a convenient place. With or without having the Collateral at the time or place of sale, Agent may sell the Collateral,
or any part thereof, at public or private sale, at any time or place, in one or more sales, at such price or prices, and upon
such terms, either for cash, credit or future delivery, as Agent may elect. Except as to that part of the Collateral which is
perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, Agent shall give
Loan Parties reasonable notification of such sale or sales, it being agreed that in all events written notice mailed to Loan Parties
at least ten (10) Business Days prior to such sale or sales is reasonable notification. At any public sale Agent or any Lender
may bid for and become the purchaser, and Agent or any Lender, or any other purchaser at any such sale thereafter shall hold the
Collateral sold absolutely free from any claim or right of whatsoever kind, including any equity of redemption and such right
and equity are hereby expressly waived and released by each Loan Party. In connection with the exercise of the foregoing remedies,
Agent is granted permission to use all of each Loan Party&rsquo;s trademarks, trade styles, trade names, patents, patent applications,
licenses, franchises and other proprietary rights which are used in connection with any Collateral.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Allocation
of Payments after Event of Default</U>. Notwithstanding any other provisions of this Agreement to the contrary, after the occurrence
and during the continuance of an Event of Default, all amounts collected or received by Agent on account of the Obligations, or
in respect of the Collateral may, at Agent&rsquo;s discretion, be paid over or delivered as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>FIRST</U>, to the
payment of all reasonable out-of-pocket costs and expenses (including reasonable attorneys&rsquo; fees) of Agent in connection
with enforcing its rights and the rights of Lenders under this Agreement and the Other Documents, and any Out-of-Formula Loans
and Protective Advances funded by Agent with respect to the Collateral under or pursuant to the terms of this Agreement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>SECOND</U>, to
payment of any fees owed to Agent (including, without limitation, fees owed to Agent pursuant to the Fee Letter);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>THIRD</U>, to the
payment of all reasonable out-of-pocket costs and expenses (including reasonable attorneys&rsquo; fees) of each of the Lenders
to the extent owing to such Lender pursuant to the terms of this Agreement;</P>

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


<!-- Field: Page; Sequence: 63; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in"><U>FOURTH</U>, to
the payment of all Obligations arising under this Agreement and the Other Documents consisting of accrued fees and interest (other
than Obligations in respect of Bank Products and Agent&rsquo;s fees as set forth above);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>FIFTH</U>, to the
payment of the outstanding principal amount of the Obligations arising under this Agreement (other than Obligations in respect
of Bank Products);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>SIXTH</U>, to the
payment of liabilities owing under any Agent Provided Bank Products to the extent not paid under &ldquo;FIRST&rdquo; through &ldquo;FIFTH&rdquo;
above;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>SEVENTH</U>, to
the payment of liabilities owing under any Bank Products other than Agent Provided Bank Products to the extent not paid under
&ldquo;FIRST&rdquo; through &ldquo;SIXTH&rdquo; above;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>EIGHTH</U>, to
the payment of all other Obligations arising under this Agreement which shall have become due and payable (hereunder, under the
Other Documents or otherwise) and not repaid pursuant to clauses &ldquo;FIRST&rdquo; through &ldquo;SEVENTH&rdquo; above; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>NINTH</U>, to the
payment of the surplus, if any, to whoever may be lawfully entitled to receive such surplus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In carrying out the
foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next
succeeding category; and (ii) each of the Lenders shall receive (so long as it is not a Defaulting Lender) an amount equal to
its pro rata share (based on the proportion that the then outstanding Revolving Advances held by such Lender bears to the aggregate
then outstanding Revolving Advances) of amounts available to be applied pursuant to clauses &ldquo;FOURTH&rdquo;, &ldquo;FIFTH&rdquo;,
&ldquo;SEVENTH&rdquo; and &ldquo;EIGHTH&rdquo; above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Agent&rsquo;s
Discretion</U>. Agent and Required Lenders shall have the right in their sole discretion to determine which rights, Liens, security
interests or remedies Agent may at any time pursue, relinquish, subordinate, or modify, which procedures, timing and methodologies
to employ, or to take any other action with respect thereto and such determination will not in any way modify or affect Agent&rsquo;s
or any Lender&rsquo;s rights hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Setoff</U>.
In addition to any other rights which any Lender Party may have under applicable law, upon the occurrence of an Event of Default
hereunder, each Lender Party shall have a right to apply any Loan Party&rsquo;s property held by it to reduce the Obligations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rights
and Remedies not Exclusive</U>. The enumeration of the foregoing rights and remedies is not intended to be exhaustive and the
exercise of any right or remedy shall not preclude the exercise of any other right or remedies provided for herein or in any Other
Document or otherwise provided by law, all of which shall be cumulative and not alternative.</P>

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


<!-- Field: Page; Sequence: 64; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase">13.</FONT></TD><TD STYLE="text-align: justify"><U>WAIVERS
                                         AND JUDICIAL PROCEEDINGS</U>.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver
of Notice</U>. Each Loan Party hereby waives notice of non-payment of any of the Receivables, demand, presentment, protest and
notice thereof with respect to any and all instruments, notice of acceptance hereof, notice of loans or advances made, credit
extended, Collateral received or delivered, or any other action taken in reliance hereon, and all other demands and notices of
any description, except such as are expressly provided for herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delay</U>.
No delay or omission on Agent or any Lender&rsquo;s part in exercising any right, remedy or option shall operate as a waiver of
such or any other right, remedy or option or of any default.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Jury
Waiver</U>. EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE
OF ACTION (A)&nbsp;ARISING UNDER THIS AGREEMENT OR ANY OTHER DOCUMENT, OR (B)&nbsp;IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL
TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT OR ANY OTHER DOCUMENT OR THE RELATED TRANSACTIONS,
IN EACH CASE, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE AND EACH PARTY
HEREBY CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT
ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE
CONSENTS OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase">14.</FONT></TD><TD STYLE="text-align: justify"><U>EFFECTIVE
                                         DATE AND TERMINATION</U>.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term;
Early Termination Fee</U>. This Agreement, which shall inure to the benefit of and shall be binding upon, the respective successors
and permitted assigns of each Loan Party, Agent and Lenders, shall become effective on the Closing Date and shall continue in
full force and effect until that date which is the fourth (4<SUP>th</SUP>) anniversary of the Closing Date (the &ldquo;<U>Term</U>&rdquo;)
unless sooner terminated as herein provided. Borrower may terminate this Agreement at any time upon ninety (90) days&rsquo; prior
written notice upon payment in full of the Obligations. In the event the Obligations are prepaid in full prior to the last day
of the Term (the date of such prepayment hereinafter referred to as the &ldquo;<U>Early Termination Date</U>&rdquo;), Borrower
shall pay to Agent, for the ratable benefit of the Lenders, an early termination fee (the &ldquo;<U>Early Termination Fee</U>&rdquo;),
for the loss of its bargain (and not as a penalty) in an amount equal to (i) one percent&nbsp;(1%) of the Maximum Revolving Amount,
if the Early Termination Date occurs during the first Loan Year, (ii) three quarters of one percent (0.75%) of the Maximum Revolving
Amount if the Early Termination Date occurs during the second Loan Year, (iii) one half of one percent (0.50%) of the Maximum
Revolving Amount if the Early Termination Date occurs during the third Loan Year and (iv) zero percent (0%) if the early termination
occurs during the fourth year of the but before the stated expiration of the Term.</P>

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


<!-- Field: Page; Sequence: 65; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in">14.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>.
The termination of the Agreement shall not affect any Loan Party&rsquo;s, Agent&rsquo;s, any Lender&rsquo;s, the Bank&rsquo;s,
or any other Lender Party&rsquo;s rights, or any of the Obligations having their inception prior to the effective date of such
termination, and the provisions hereof shall continue to be fully operative until all transactions entered into, rights or interests
created or Obligations have been fully disposed of, concluded or liquidated. The security interests, Liens and rights granted
to Agent, the Lenders, the Bank, and the other Lender Parties hereunder and the financing statements filed hereunder shall continue
in full force and effect, notwithstanding the termination of this Agreement or the fact that Borrowers&rsquo; Account may from
time to time be temporarily in a zero or credit position, until all of the Obligations of each Loan Party have been paid or performed
in full after the termination of this Agreement or each Loan Party has furnished Agent, Lenders, the Bank, and the other Lender
Parties with an indemnification satisfactory to such parties with respect thereto and an unconditional release from any liabilities
hereunder. Accordingly, each Loan Party waives any rights which it may have under the applicable provisions of the Uniform Commercial
Code to demand the filing of termination statements with respect to the Collateral, and neither Agent nor any Lender shall be
required to send such termination statements to each Loan Party, or to file them with any filing office, unless and until this
Agreement shall have been terminated in accordance with its terms and all Obligations paid in full in immediately available funds.
All representations, warranties, covenants, waivers and agreements contained herein shall survive termination hereof until all
Obligations are paid or performed in full.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase">15.</FONT></TD><TD STYLE="text-align: justify"><U>MULTIPLE
                                         LOAN PARTIES</U>.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Borrowing
Agency Provisions</U>. If and to the extent that at any time or from time to time there are multiple Loan Parties, then:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Loan Party acknowledges that it, together with each other Loan Party, make up a related organization of various entities constituting
a single economic and business enterprise and sharing a substantial identity of interests such that, without limitation, Loan
Parties render services to or for the benefit of each other, purchase or sell and supply goods to or from or for the benefit of
each other, make loans, advances and provide other financial accommodations to or for the benefit of each other (including the
payment of creditors and guarantees of Indebtedness), provide administrative, marketing, payroll and management services to or
for the benefit of each other; have centralized accounting, common officers and directors; and are in certain circumstances are
identified to creditors as a single economic and business enterprise. Accordingly, and without limitation, any credit or other
financial accommodation extended to anyone Loan Party pursuant hereto will result in direct and substantial economic benefit to
each other Loan Party, and each Loan Party will likewise benefit from the economies of scale associated with the Loan Parties,
as a group, applying for credit or other financial accommodations pursuant hereto on a collective basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Loan Party hereby irrevocably designates Borrower Representative to be its attorney and agent and in such capacity to borrow,
sign and endorse notes, and execute and deliver all instruments, documents, writings and further assurances now or hereafter required
hereunder, on behalf of such Loan Party or Loan Parties, and hereby authorizes Agent and Lenders to pay over or credit all loan
proceeds hereunder in accordance with the request of Borrower Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 66; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
handling of this credit facility as a co-borrowing facility with a Borrower Representative in the manner set forth in this Agreement
is solely as an accommodation to Loan Parties and at their request. None of the Lender Parties shall incur any liability to Loan
Parties as a result thereof. To induce the Lender Parties to do so and in consideration thereof, each Loan Party hereby indemnifies
the Lender Parties and holds the Lender Parties harmless from and against any and all liabilities, expenses, losses, damages and
claims of damage or injury asserted against the Lender Parties by any Person arising from or incurred by reason of the handling
of the financing arrangements of Loan Parties as provided herein, reliance by any of the Lender Parties on any request or instruction
from Borrower Representative or any other action taken by any of the Lender Parties with respect to this Section except due to
willful misconduct or gross (not mere) negligence by the indemnified party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Obligations shall be joint and several, and each Loan Party shall make payment upon the maturity of the Obligations by acceleration
or otherwise, and such obligation and liability on the part of each Loan Party shall in no way be affected by any extensions,
renewals and forbearance granted by Agent or any Lender to any Loan Party, failure of Agent or Lenders to give any Loan Party
notice of borrowing or any other notice, any failure of Agent or Lenders to pursue or preserve its rights against any Loan Party,
the release by Agent of any Collateral now or thereafter acquired from any Loan Party, and such agreement by each Loan Party to
pay upon any notice issued pursuant thereto is unconditional and unaffected by prior recourse by Agent to the other Loan Parties
or any Collateral for such Loan Party&rsquo;s Obligations or the lack thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver
of Subrogation</U>. Each Loan Party expressly waives any and all rights of subrogation, reimbursement, indemnity, exoneration,
contribution of any other claim which such Loan Party may now or hereafter have against the other Loan Parties or other Person
directly or contingently liable for the Obligations hereunder, or against or with respect to the other Loan Parties&rsquo; property
(including, without limitation, any property which is Collateral for the Obligations), arising from the existence or performance
of this Agreement, until termination of this Agreement and repayment in full of the Obligations.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase">16.</FONT></TD><TD STYLE="text-align: justify"><U>REGARDING
                                         AGENT</U>.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Appointment</U>.
Each Lender hereby designates WBCC to act as Agent for such Lender under this Agreement and the Other Documents. Each Lender hereby
irrevocably authorizes Agent to take such action on its behalf under the provisions of this Agreement and the Other Documents
and to exercise such powers and to perform such duties hereunder and thereunder as are specifically delegated to or required of
Agent by the terms hereof and thereof and such other powers as are reasonably incidental thereto and Agent shall hold all Collateral,
payments of principal and interest (except as otherwise set forth herein), fees (except the fees set forth in any Fee Letter),
charges and collections received pursuant to this Agreement, for the ratable benefit of Lenders. Agent may perform any of its
duties hereunder by or through its agents or employees. As to any matters not expressly provided for by this Agreement (including
collection of the Note) Agent shall not be required to exercise any discretion or take any action, but shall be required to act
or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of Required
Lenders, and such instructions shall be binding; <U>provided</U>, <U>however</U>, that Agent shall not be required to take any
action which, in Agent&rsquo;s discretion, exposes Agent to liability or which is contrary to this Agreement or the Other Documents
or any applicable law unless Agent is furnished with an indemnification reasonably satisfactory to Agent with respect thereto.</P>

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


<!-- Field: Page; Sequence: 67; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in">16.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nature
of Duties</U>. Agent shall have no duties or responsibilities except those expressly set forth in this Agreement and the Other
Documents. Neither Agent nor any of its officers, directors, employees or agents shall be (i) liable for any action taken or omitted
by them as such hereunder or in connection herewith, unless caused by their gross (not mere) negligence or willful misconduct
(as determined by a court of competent jurisdiction in a final non-appealable judgment), or (ii) responsible in any manner for
any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement,
or in any of the Other Documents or in any certificate, report, statement or other document referred to or provided for in, or
received by Agent under or in connection with, this Agreement or any of the Other Documents or for the value, validity, effectiveness,
genuineness, due execution, enforceability or sufficiency of this Agreement, or any of the Other Documents or for any failure
of any Loan Party to perform its obligations hereunder. Agent shall not be under any obligation to any Lender to ascertain or
to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any
of the Other Documents, or to inspect the properties, books or records of any Loan Party. The duties of Agent as respects the
Revolving Advances to Borrowers shall be mechanical and administrative in nature; Agent shall not have by reason of this Agreement
a fiduciary relationship in respect of any Lender; and nothing in this Agreement, expressed or implied, is intended to or shall
be so construed as to impose upon Agent any obligations in respect of this Agreement or the transactions described herein except
as expressly set forth herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Lack
of Reliance on Agent</U>. Independently and without reliance upon Agent or any other Lender, each Lender has made and shall continue
to make (i) its own independent investigation of the financial condition and affairs of each Loan Party in connection with the
making and the continuance of the Revolving Advances hereunder and the taking or not taking of any action in connection herewith,
and (ii) its own appraisal of the creditworthiness of each Loan Party. Agent shall have no duty or responsibility, either initially
or on a continuing basis, to provide any Lender with any credit or other information with respect thereto, whether coming into
its possession before making of the Revolving Advances or at any time or times thereafter except as shall be provided by any Loan
Party pursuant to the terms hereof. Agent shall not be responsible to any Lender for any recitals, statements, information, representations
or warranties herein or in any agreement, document, certificate or a statement delivered in connection with or for the execution,
effectiveness, genuineness, validity, enforceability, collectability or sufficiency of this Agreement or any Other Document, or
of the financial condition of any Loan Party, or be required to make any inquiry concerning either the performance or observance
of any of the terms, provisions or conditions of this Agreement, the Note, the Other Documents or the financial condition or prospects
of any Loan Party, or the existence of any Event of Default or any Default.</P>

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


<!-- Field: Page; Sequence: 68; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in">16.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Resignation
of Agent; Successor Agent</U>. Agent may resign on sixty (60) days written notice to each Lender and Borrower Representative and
upon such resignation, Required Lenders will promptly designate a successor Agent reasonably satisfactory to Loan Parties (provided
that no such approval by Loan Parties shall be required (i) in any case where the successor Agent is one of the Lenders or (ii)
after the occurrence and during the continuance of any Event of Default). Any such successor Agent shall succeed to the rights,
powers and duties of Agent, and shall in particular succeed to all of Agent&rsquo;s right, title and interest in and to all of
the Liens in the Collateral securing the Obligations created hereunder or any Other Document (including any Mortgages and all
account control agreements), and the term &ldquo;Agent&rdquo; shall mean such successor agent effective upon its appointment,
and the former Agent&rsquo;s rights, powers and duties as Agent shall be terminated, without any other or further act or deed
on the part of such former Agent. However, notwithstanding the foregoing, if at the time of the effectiveness of the new Agent&rsquo;s
appointment, any further actions need to be taken in order to provide for the legally binding and valid transfer of any Liens
in the Collateral from former Agent to new Agent and/or for the perfection of any Liens in the Collateral as held by new Agent
or it is otherwise not then possible for new Agent to become the holder of a fully valid, enforceable and perfected Lien as to
any of the Collateral, former Agent shall continue to hold such Liens solely as agent for perfection of such Liens on behalf of
new Agent until such time as new Agent can obtain a fully valid, enforceable and perfected Lien on all Collateral, provided that
Agent shall not be required to or have any liability or responsibility to take any further actions after such date as such agent
for perfection to continue the perfection of any such Liens (other than to forego from taking any affirmative action to release
any such Liens). After Agent&rsquo;s resignation as Agent, the provisions of this Article 16, and any indemnification rights under
this Agreement, including without limitation, rights arising under <U>Section 16.5</U> hereof, shall inure to its benefit as to
any actions taken or omitted to be taken by it while it was Agent under this Agreement (and in the event resigning Agent continues
to hold any Liens pursuant to the provisions of the immediately preceding sentence, the provisions of this Article 16 and any
indemnification rights under this Agreement, including without limitation, rights arising under <U>Section 16.5</U> hereof, shall
inure to its benefit as to any actions taken or omitted to be taken by it in connection with such Liens).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain
Rights of Agent</U>. If Agent shall request instructions from Lenders with respect to any act or action (including failure to
act) in connection with this Agreement or any Other Document, Agent shall be entitled to refrain from such act or taking such
action unless and until Agent shall have received instructions from Required Lenders; and Agent shall not incur liability to any
Person by reason of so refraining. Without limiting the foregoing, Lenders shall not have any right of action whatsoever against
Agent as a result of its acting or refraining from acting hereunder in accordance with the instructions of Required Lenders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reliance</U>.
Agent shall be entitled to rely, and shall be fully protected in relying, upon any note, writing, resolution, notice, statement,
certificate, email, facsimile, telex, teletype or telecopier message, cablegram, order or other document or telephone message
believed by it to be genuine and correct and to have been signed, sent or made by the proper person or entity, and, with respect
to all legal matters pertaining to this Agreement and the Other Documents and its duties hereunder, upon advice of counsel selected
by it. Agent may employ agents and attorneys-in-fact and shall not be liable for the default or misconduct of any such agents
or attorneys-in-fact selected by Agent with reasonable care.</P>

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


<!-- Field: Page; Sequence: 69; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
of Default</U>. Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder
or under the Other Documents, unless Agent has received notice from a Lender or Borrower Representative referring to this Agreement
or the Other Documents, describing such Default or Event of Default and stating that such notice is a &ldquo;notice of default&rdquo;.
In the event that Agent receives such a notice, Agent shall give notice thereof to Lenders. Agent shall take such action with
respect to such Default or Event of Default as shall be reasonably directed by Required Lenders; provided, that, unless and until
Agent shall have received such directions, Agent may (but shall not be obligated to) take such action, or refrain from taking
such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of Lenders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification</U>.
To the extent Agent is not reimbursed and indemnified by Loan Parties, each Lender severally agrees to reimburse and indemnify
Agent in proportion to its respective portion of the outstanding Revolving Advances (or, if no Revolving Advances are outstanding,
pro rata according to the percentage that its Revolving Commitment Amount constitutes of the total aggregate Revolving Commitment),
from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses
or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against Agent in performing
its duties hereunder, or in any way relating to or arising out of this Agreement or any Other Document; provided that Lenders
shall not be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements resulting from Agent&rsquo;s gross (not mere) negligence or willful misconduct (as determined by a court
of competent jurisdiction in a final non-appealable judgment).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Agent
in its Individual Capacity</U>. With respect to the obligation of Agent to lend under this Agreement, the Revolving Advances made
by it shall have the same rights and powers hereunder as any other Lender and as if it were not performing the duties as Agent
specified herein; and the term &ldquo;Lender&rdquo; or any similar term shall, unless the context clearly otherwise indicates,
include Agent in its individual capacity as a Lender. Agent may engage in business with any Loan Party as if it were not performing
the duties specified herein, and may accept fees and other consideration from any Loan Party for services in connection with this
Agreement or otherwise without having to account for the same to Lenders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery
of Documents</U>. To the extent Agent (i) receives schedules, financial statements, projections or reports required under <U>Sections
10.2</U>, <U>10.7</U>, <U>10.8</U>, <U>10.13</U>, <U>10.19</U> or Borrowing Base Certificates from any Loan Party pursuant to
the terms of this Agreement or (ii) prepares or receives any report or document showing the results of appraisals (other than
appraisals included in any Mortgage File, which shall be available to Lenders upon request) or environmental reports or field
examinations conducted pursuant to the terms of this Agreement (each, a &ldquo;<U>Report</U>&rdquo; and collectively with the
items in clause (i) above, the &ldquo;<U>Borrower Materials</U>&rdquo;), Agent will promptly furnish such documents and information
to Lenders to the extent Borrower is not obligated to deliver such documents and information to each Lender under this Agreement.
Each Lender agrees (a) that Reports are not intended to be comprehensive audits or examinations, and that Agent or any other Person
performing an audit or examination will inspect only limited information and will rely significantly upon Loan Parties&rsquo;
books, records and representations; (b) that Agent makes no representation or warranty as to the accuracy or completeness of any
Borrower Materials and shall not be liable for any information contained in or omitted from any Borrower Materials, including
any Report; and (c) to keep all Borrower Materials confidential and strictly for such Lender&rsquo;s internal use, not to distribute
any Report or other Borrower Materials (or the contents thereof) to any Person (except to such Lender&rsquo;s Participants, attorneys
and accountants), and to use all Borrower Materials solely for administration of the Obligations. Each Lender shall indemnify
and hold harmless Agent and any other Person preparing a Report from any action such Lender may take as a result of or any conclusion
it may draw from any Borrower Materials, as well as from any claims, liabilities, obligations, losses, damages, penalties, judgments,
proceedings, interest, costs and expenses of any kind arising as a direct or indirect result of Agent furnishing same to such
Lender.</P>

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


<!-- Field: Page; Sequence: 70; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Loan
Parties Undertaking to Agent</U>. Without prejudice to their respective obligations to Lenders under the other provisions of this
Agreement, each Loan Party hereby undertakes with Agent to pay to Agent from time to time on demand all amounts from time to time
due and payable by it for the account of Agent or Lenders or any of them pursuant to this Agreement to the extent not already
paid. Any payment made pursuant to any such demand shall <U>pro tanto</U> satisfy the relevant Loan Party&rsquo;s obligations
to make payments for the account of Lenders or the relevant one or more of them pursuant to this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Reliance on Agent&rsquo;s Customer Identification Program</U>. To the extent the Revolving Advances or this Agreement is, or becomes,
syndicated in cooperation with other Lenders, each Lender acknowledges and agrees that neither such Lender, nor any of its Affiliates,
participants or assignees, may rely on Agent to carry out such Lender's, Affiliate's, participant's or assignee's customer identification
program, or other obligations required or imposed under or pursuant to the USA PATRIOT Act or the regulations thereunder, including
the regulations contained in 31 CFR 103.121 (as hereafter amended or replaced, the &ldquo;CIP Regulations&rdquo;), or any other
Anti-Terrorism Law, including any programs involving any of the following items relating to or in connection with any of Loan
Parties, their Affiliates or their agents, the Other Documents or the transactions hereunder or contemplated hereby: (i) any identity
verification procedures, (ii) any recordkeeping, (iii) comparisons with government lists, (iv) customer notices or (v) other procedures
required under the CIP Regulations or such Anti-Terrorism Laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Agreements</U>. Each of the Lenders agrees that it shall not, without the express consent of Agent, and that it shall, to the
extent it is lawfully entitled to do so, upon the request of Agent, set off against the Obligations, any amounts owing by such
Lender to any Loan Party or any deposit accounts of any Loan Party now or hereafter maintained with such Lender. Anything in this
Agreement to the contrary notwithstanding, each of the Lenders further agrees that it shall not, unless specifically requested
to do so by Agent, take any action to protect or enforce its rights arising out of this Agreement or the Other Documents, it being
the intent of Lenders that any such action to protect or enforce rights under this Agreement and the Other Documents shall be
taken in concert and at the direction or with the consent of Agent or Required Lenders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Agents.</U> The designation of any Lender as &ldquo;Co-Syndication Agent&rdquo; shall not confer upon it any right, power, obligation,
liability, responsibility or duty under this Agreement. Without limiting the foregoing, none of the Lenders, or Affiliates thereof,
so identified as &ldquo;Co-Syndication Agent&rdquo; shall have or be deemed to have any fiduciary relationship with any Lender.
Each Lender acknowledges that it has not relied, and will not rely, on any of the parties so identified in deciding to enter into
this Agreement or in taking or not taking action hereunder.</P>

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


<!-- Field: Page; Sequence: 71; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase">17.</FONT></TD><TD STYLE="text-align: justify"><U>MISCELLANEOUS</U>.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>GOVERNING
LAW</U>. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLIED TO CONTRACTS
TO BE PERFORMED WHOLLY WITHIN THE STATE OF NEW YORK. ANY JUDICIAL PROCEEDING BROUGHT BY OR AGAINST ANY LOAN PARTY WITH RESPECT
TO ANY OF THE OBLIGATIONS, THIS AGREEMENT OR ANY OTHER DOCUMENT MAY BE BROUGHT IN ANY COURT OF COMPETENT JURISDICTION IN THE STATE
OF NEW YORK, UNITED STATES OF AMERICA, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH LOAN PARTY ACCEPTS FOR ITSELF AND
IN CONNECTION WITH ITS PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS, AND
IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER DOCUMENT. EACH
LOAN PARTY HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON IT AND CONSENTS THAT ALL SUCH SERVICE OF PROCESS MAY BE
MADE BY REGISTERED MAIL (RETURN RECEIPT REQUESTED) DIRECTED TO BORROWING REPRESENTATIVE AT ITS ADDRESS SET FORTH IN <U>SECTION&nbsp;17.6
</U>AND SERVICE SO MADE SHALL BE DEEMED COMPLETED FIVE (5) DAYS AFTER THE SAME SHALL HAVE BEEN SO DEPOSITED IN THE MAILS OF THE
UNITED STATES OF AMERICA, OR, AT THE AGENT&rsquo;S AND/OR ANY LENDER&rsquo;S OPTION, BY SERVICE UPON THE SECRETARY OF STATE OF
THE STATE OF NEW YORK, WHICH EACH LOAN PARTY IRREVOCABLY APPOINTS AS SUCH LOAN PARTY&rsquo;S AGENT FOR THE PURPOSE OF ACCEPTING
SERVICE WITHIN THE STATE OF NEW YORK. NOTHING HEREIN SHALL AFFECT THE RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW OR
SHALL LIMIT THE RIGHT OF AGENT TO BRING PROCEEDINGS AGAINST ANY LOAN PARTY IN THE COURTS OF ANY OTHER JURISDICTION. EACH LOAN
PARTY WAIVES ANY OBJECTION TO JURISDICTION AND VENUE OF ANY ACTION INSTITUTED HEREUNDER AND SHALL NOT ASSERT ANY DEFENSE BASED
ON LACK OF JURISDICTION OR VENUE OR BASED UPON <U>FORUM NON CONVENIENS</U>. ANY JUDICIAL PROCEEDING BY ANY LOAN PARTY AGAINST
AGENT OR ANY LENDER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER OR CLAIM IN ANY WAY ARISING OUT OF, RELATED TO OR CONNECTED
WITH THIS AGREEMENT OR ANY OTHER DOCUMENT, SHALL BE BROUGHT ONLY IN A FEDERAL OR STATE COURT LOCATED IN THE CITY OF NEW YORK,
STATE OF NEW YORK.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Understanding</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement and the Other Documents executed concurrently herewith contain the entire understanding between and among each Loan
Party, Agent and each Lender and supersedes all prior agreements and understandings, if any, relating to the subject matter hereof.
Any promises, representations, warranties or guarantees not herein contained and hereinafter made shall have no force and effect
unless in writing, signed by the respective officers of the party making such promises, representations, warranties, or guarantees.
Neither this Agreement nor any Other Document nor any portion or provisions hereof or thereof may be changed, modified, amended,
waived, supplemented, discharged, cancelled or terminated orally or by any course of dealing, or in any manner other than by an
agreement in writing, signed by the party to be charged. Each Loan Party acknowledges that it has been advised by counsel in connection
with the execution of this Agreement and the Other Documents and is not relying upon oral representations or statements inconsistent
with the terms and provisions of this Agreement or any Other Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 72; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Required
Lenders, Agent with the consent in writing of Required Lenders, and Loan Parties may, subject to the provisions of this <U>Section
17.2(b)</U>, from time to time enter into written supplemental agreements to this Agreement or the Other Documents executed by
Loan Parties, for the purpose of adding or deleting any provisions or otherwise changing, varying or waiving in any manner the
rights of Lenders, Agent or Loan Parties thereunder or the conditions, provisions or terms thereof or waiving any Event of Default
thereunder, but only to the extent specified in such written agreements; <U>provided</U>, <U>however</U>, that no such supplemental
agreement shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 103.5pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;increase
the Revolving Commitment Percentage or the maximum dollar amount of the Revolving Commitment Amount of any Lender without the
consent of such Lender directly affected thereby;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 103.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether
or not any Revolving Advances are outstanding, extend the Term or the time for payment of principal or interest of any Revolving
Advance (excluding the due date of any mandatory prepayment of an Revolving Advance), or any fee payable to any Lender, or reduce
the principal amount of or the rate of interest borne by any Revolving Advances or reduce any fee payable to any Lender, without
the consent of each Lender directly affected thereby (except that Required Lenders may elect to waive or rescind any imposition
of the Default Rate under <U>Section 3.1</U> hereof or of default rates of letter of credit fees (unless imposed by Agent));</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;increase
the Maximum Revolving Amount without the consent of all Lenders;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;alter
the definition of the term &ldquo;Required Lenders&rdquo; or alter, amend or modify this <U>Section 17.2(b)</U> without the consent
of all Lenders;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;alter,
amend or modify the provisions of <U>Section 12.2</U> hereof without the consent of all Lenders;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;release
and/or subordinate Agent&rsquo;s Liens on any Collateral during any calendar year (other than in accordance with the provisions
of this Agreement) having an aggregate value in excess of the Materiality Threshold without the consent of all Lenders;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;change
the rights and duties of Agent without the consent of all Lenders;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subject
to clause (e) below, permit any Revolving Advance to be made if after giving effect thereto the total of Revolving Advances outstanding
hereunder would exceed the Borrowing Base for more than sixty (60) consecutive Business Days or exceed one hundred and ten percent
(110%) of the Borrowing Base without the consent of each Lender directly affected thereby;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 73; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1.5in">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;increase
the Applicable Advance Rate above the Applicable Advance Rate in effect on the Closing Date or alter the definition of &ldquo;Eligible
Mortgage Loans&rdquo; (or adjust the applicability of the criteria therein, including, without limitation, any part of <U>Annex
Two, Part I</U> hereof, the definition of Funding Cap, or the definition of Funding Requirements) in a manner that has the effect
of increasing the Borrowing Base or the availability of Revolving Advances, in any case, without the consent of all Lenders;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;release
any Loan Party without the consent of all Lenders; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;permit
Borrower to assign or transfer any of its rights or obligations under this Agreement without the prior written consent of Agent
and each Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
such supplemental agreement shall apply equally to each Lender and shall be binding upon Loan Parties, Lenders and Agent and all
future holders of the Obligations. In the case of any waiver, Loan Parties, Agent and Lenders shall be restored to their former
positions and rights, and any Event of Default waived shall be deemed to be cured and not continuing, but no waiver of a specific
Event of Default shall extend to any subsequent Event of Default (whether or not the subsequent Event of Default is the same as
the Event of Default which was waived), or impair any right consequent thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that Agent requests the consent of a Lender pursuant to this <U>Section 17.2</U> and such consent is denied, then Agent
may, at its option, require such Lender to assign its interest in the Revolving Advances to Agent or to another Lender or to any
other Person designated by Agent (the &ldquo;<U>Designated Lender</U>&rdquo;), for a price equal to (i) the then outstanding principal
amount thereof plus (ii) accrued and unpaid interest and fees due such Lender, which interest and fees shall be paid when collected
from Loan Parties. In the event Agent elects to require any Lender to assign its interest to Agent or to the Designated Lender,
Agent will so notify such Lender in writing within forty five (45) days following such Lender&rsquo;s denial, and such Lender
will assign its interest to Agent or the Designated Lender no later than five (5) days following receipt of such notice pursuant
to a Commitment Transfer Supplement executed by such Lender, Agent or the Designated Lender, as appropriate, and Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 74; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
(i) the existence of a Default or an Event of Default, (ii)&nbsp;that any of the other applicable conditions precedent set forth
in <U>Section 9.2</U> hereof have not been satisfied or the commitments of Lenders to make Revolving Advances hereunder have been
terminated for any reason, or (iii) any other contrary provision of this Agreement, Agent may at its discretion and without the
consent of any Lender, voluntarily permit the outstanding Revolving Advances at any time to exceed the Borrowing Base by up to
ten percent (10%) of the Borrowing Base for up to thirty (30) consecutive days (the &ldquo;<U>Out-of-Formula Loans</U>&rdquo;);
provided, that, Required Lenders may at any time revoke Agent&rsquo;s authorization to make or permit Out-of-Formula Loans under
this <U>Section 17.2(e)</U> and any such revocation must be in writing and shall become effective prospectively upon the Agent&rsquo;s
receipt thereof. If Agent is willing in its sole and absolute discretion to permit such Out-of-Formula Loans, Lenders holding
the Revolving Commitments shall be obligated to fund such Out-of-Formula Loans in accordance with their respective Revolving Commitment
Percentages, and such Out-of-Formula Loans shall be payable on demand and shall bear interest at the Default Rate for Revolving
Advances; provided that, if Agent does permit Out-of-Formula Loans, neither Agent nor Lenders shall be deemed thereby to have
changed the limits of <U>Section 2.1(a)</U> nor shall any Lender be obligated to fund Revolving Advances in excess of its Revolving
Commitment. For purposes of this paragraph, the discretion granted to Agent hereunder shall not preclude involuntary Overadvances
that may result from time to time due to the fact that the Borrowing Base was unintentionally exceeded for any reason, including,
but not limited to, Collateral previously deemed to be &ldquo;Eligible Mortgage Loans&rdquo;, becomes ineligible, collections
of Receivables applied to reduce outstanding Revolving Advances are thereafter returned for insufficient funds or Overadvances
are made to protect or preserve the Collateral. In the event Agent involuntarily permits the outstanding Revolving Advances to
exceed the Borrowing Base by more than ten percent (10%), Agent shall use its efforts to have Loan Parties decrease such excess
in as expeditious a manner as is practicable under the circumstances and not inconsistent with the reason for such excess. Revolving
Advances made after Agent has determined the existence of involuntary Overadvances shall be deemed to be involuntary Overadvances
and shall be decreased in accordance with the preceding sentence. To the extent any Out-of-Formula Loans are not actually funded
by the other Lenders as provided for in this <U>Section 17.2(e)</U>, Agent may elect in its discretion to fund such Out-of-Formula
Loans and any such Out-of-Formula Loans so funded by Agent shall be deemed to be Revolving Advances made by and owing to Agent,
and Agent shall be entitled to all rights (including accrual of interest) and remedies of a Lender holding a Revolving Commitment
under this Agreement and the Other Documents with respect to such Revolving Advances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to (and not in substitution of) the discretionary Revolving Advances permitted above in this <U>Section 17.2</U>, Agent
is hereby authorized by Loan Parties and Lenders, at any time in Agent&rsquo;s sole discretion, regardless of (i) the existence
of a Default or an Event of Default, (ii) whether any of the other applicable conditions precedent set forth in <U>Section 9.2
</U>hereof have not been satisfied or the commitments of Lenders to make Revolving Advances hereunder have been terminated for
any reason, or (iii) any other contrary provision of this Agreement, to make Revolving Advances (&ldquo;<U>Protective Advances</U>&rdquo;)
to Loan Parties on behalf of Lenders which Agent, in its reasonable business judgment, deems necessary or desirable (a) to preserve
or protect the Collateral, or any portion thereof, (b) to enhance the likelihood of, or maximize the amount of, repayment of the
Revolving Advances and other Obligations, or (c) to pay any other amount chargeable to Loan Parties pursuant to the terms of this
Agreement; <U>provided</U>, <U>that</U> the aggregate amount of all Protective Advances and Out-of-Formula Loans shall not exceed
ten percent (10%) of the Maximum Revolving Amount and, <U>provided</U>, <U>further</U>, <U>that</U> at any time after giving effect
to any such Protective Advances and any outstanding Out-of-Formula Loans, the outstanding Revolving Advances do not exceed the
Maximum Revolving Amount. Lenders holding the Revolving Commitments shall be obligated to fund such Protective Advances (to the
extent permitted above) and effect a settlement with Agent therefor upon demand of Agent in accordance with their respective Revolving
Commitment Percentages. To the extent any Protective Advances are not actually funded by the other Lenders as provided for in
this <U>Section 17.2(f)</U>, any such Protective Advances funded by Agent shall be deemed to be Revolving Advances made by and
owing to Agent, and Agent shall be entitled to all rights (including accrual of interest) and remedies of a Lender holding a Revolving
Commitment under this Agreement and the Other Documents with respect to such Revolving Advances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 75; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Successors
and Assigns; Participations; New Lender</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall be binding upon and inure to the benefit of Loan Parties, Agent and Lenders, the Bank, each other Lender Party
and all future holders of the Obligations and their respective successors and assigns, <U>except</U> that no Loan Party may assign
or transfer any of its rights or obligations under this Agreement without the prior written consent of each Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Loan Party acknowledges that in the regular course of commercial banking business any Lender may at any time and from time to
time sell participating interests in the Revolving Advances to other financial institutions (each such transferee or purchaser
of a participating interest, a &ldquo;<U>Transferee</U>&rdquo;). Each Transferee may exercise all rights of payment (including
without limitation rights of set-off) with respect to the portion of such Revolving Advances held by it or other Obligations payable
hereunder as fully as if such Transferee were the direct holder thereof provided that Loan Parties shall not be required to pay
to any Transferee more than the amount which it would have been required to pay to the Lender which granted an interest in its
Revolving Advances or other Obligations payable hereunder to such Transferee had such Lender retained such interest in the Revolving
Advances hereunder or other Obligations payable hereunder and in no event shall Loan Parties be required to pay any such amount
arising from the same circumstances and with respect to the same Revolving Advances or other Obligations payable hereunder to
both such Lender and such Transferee. Each Loan Party hereby grants to any Transferee a continuing security interest in any deposits,
moneys or other property actually or constructively held by such Transferee as security for the Transferee&rsquo;s interest in
the Revolving Advances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
Lender, with the consent of Agent (not to be unreasonably withheld or delayed) may sell, assign or transfer all or any part of
its rights under this Agreement and the Other Documents to one or more additional banks or financial institutions and one or more
additional banks or financial institutions may commit to make Revolving Advances hereunder (each a &ldquo;<U>Purchasing Lender</U>&rdquo;),
pursuant to a Commitment Transfer Supplement, executed by a Purchasing Lender, the transferor Lender, and Agent delivered to Agent
for recording. Upon such execution, delivery, acceptance and recording, from and after the transfer effective date determined
pursuant to such Commitment Transfer Supplement, (i) Purchasing Lender thereunder shall be a party hereto and, to the extent provided
in such Commitment Transfer Supplement, have the rights and obligations of a Lender thereunder with a Revolving Commitment Percentages
set forth therein, and (ii) the transferor Lender thereunder shall, to the extent provided in such Commitment Transfer Supplement,
be released from its obligations under this Agreement, the Commitment Transfer Supplement creating a novation for that purpose.
Such Commitment Transfer Supplement shall be deemed to amend this Agreement to the extent, and only to the extent, necessary to
reflect the addition of such Purchasing Lender and the resulting adjustment of the Revolving Commitment Percentages arising from
the purchase by such Purchasing Lender of all or a portion of the rights and obligations of such transferor Lender under this
Agreement and the Other Documents. Each Loan Party hereby consents to the addition of such Purchasing Lender and the resulting
adjustment of the Revolving Commitment Percentages arising from the purchase by such Purchasing Lender of all or a portion of
the rights and obligations of such transferor Lender under this Agreement and the Other Documents. Loan Parties shall execute
and deliver such further documents and do such further acts and things in order to effectuate the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 76; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
Lender, with the consent of Agent (not to be unreasonably withheld or delayed) may directly or indirectly sell, assign or transfer
all or any portion of its rights and obligations under or relating to Revolving Advances under this Agreement and the Other Documents
to an entity, whether a corporation, partnership, trust, limited liability company or other entity that (i) is engaged in making,
purchasing, holding or otherwise investing in bank loans and similar extensions of credit in the ordinary course of its business
and (ii) is administered, serviced or managed by the assigning Lender or an Affiliate of such Lender (a &ldquo;<U>Purchasing CLO</U>&rdquo;
and together with each Participant and Purchasing Lender, each a &ldquo;<U>Transferee</U>&rdquo; and collectively the &ldquo;<U>Transferees</U>&rdquo;),
pursuant to a Commitment Transfer Supplement modified as appropriate to reflect the interest being assigned (&ldquo;<U>Modified
Commitment Transfer Supplement</U>&rdquo;), executed by any intermediate purchaser, the Purchasing CLO, the transferor Lender,
and Agent as appropriate and delivered to Agent for recording. Upon such execution and delivery, from and after the transfer effective
date determined pursuant to such Modified Commitment Transfer Supplement, (i) Purchasing CLO thereunder shall be a party hereto
and, to the extent provided in such Modified Commitment Transfer Supplement, have the rights and obligations of a Lender thereunder
and (ii) the transferor Lender thereunder shall, to the extent provided in such Modified Commitment Transfer Supplement, be released
from its obligations under this Agreement, the Modified Commitment Transfer Supplement creating a novation for that purpose. Such
Modified Commitment Transfer Supplement shall be deemed to amend this Agreement to the extent, and only to the extent, necessary
to reflect the addition of such Purchasing CLO. Each Loan Party hereby consents to the addition of such Purchasing CLO. Loan Parties
shall execute and deliver such further documents and do such further acts and things in order to effectuate the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agent
shall maintain at its address a copy of each Commitment Transfer Supplement and Modified Commitment Transfer Supplement delivered
to it and a register (the &ldquo;<U>Register</U>&rdquo;) for the recordation of the names and addresses of each Lender and the
outstanding principal, accrued and unpaid interest and other fees due hereunder. The entries in the Register shall be conclusive,
in the absence of manifest error, and each Loan Party, Agent and Lenders may treat each Person whose name is recorded in the Register
as the owner of the Revolving Advance recorded therein for the purposes of this Agreement. The Register shall be available for
inspection by Borrower Representative or any Lender at any reasonable time and from time to time upon reasonable prior notice.
Agent shall receive a fee in the amount of $3,500 payable by the applicable Purchasing Lender and/or Purchasing CLO upon the effective
date of each transfer or assignment (other than to an intermediate purchaser) to such Purchasing Lender and/or Purchasing CLO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
contained herein, however, shall limit in any way the right of any Lender to assign all or a portion of the Revolving Advances
owing to it from time to time to any Federal Reserve Bank or the United States Treasury as collateral security pursuant to Regulation
A of the Board of Governors of the Federal Reserve System any Operating Circular issued by such Federal Reserve Bank, but no such
assignment shall release the assigning Lender from its obligations hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Loan Party authorizes each Lender to disclose to any Transferee and any prospective Transferee any and all financial information
in such Lender&rsquo;s possession concerning Loan Parties which has been delivered to such Lender by or on behalf of such Loan
Party pursuant to this Agreement or any Other Document or in connection with such Lender&rsquo;s credit evaluation of such Loan
Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 77; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
a Loan Party's reasonable request, each Lender Party that is a &ldquo;United States person&rdquo; as defined under Section 7701(a)(30)
of the Code shall deliver to Agent and such Loan Party two properly completed and executed IRS Form W-9 (or applicable successor
form) to establish that such Lender Party is not subject to United States federal backup withholding tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agent
shall maintain at one of its offices in the United States a register for the recordation of the names and addresses of each Lender
Party, and the Obligations of, and principal amount of the Daily LIBOR Rate Loans owing to, such Lender Party pursuant to the
terms hereof. The entries in such register shall be conclusive, and Loan Parties and Lender Parties may treat each Person whose
name is recorded therein pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding
notice to the contrary. Such register shall be available for inspection by Loan Parties and any Lender Party, at any reasonable
time upon reasonable prior notice to Agent. The requirement for a register set forth in this Section 17.3(g) shall be construed
so that the Daily LIBOR Rate Loans are at all times maintained in &ldquo;registered form&rdquo; within the meaning of Sections
163(f), 871(h)(2), 881(c)(2) and 4701 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Application
of Payments</U>. Agent shall have the continuing and exclusive right to apply or reverse and re-apply any payment and any and
all proceeds of Collateral to any portion of the Obligations. To the extent that any Loan Party makes a payment or Agent receives
any payment or proceeds of the Collateral for any Loan Party&rsquo;s benefit, which are subsequently invalidated, declared to
be fraudulent or preferential, set aside or required to be repaid to a trustee, debtor in possession, receiver, custodian or any
other party under any bankruptcy law, common law or equitable cause, then, to such extent, the Obligations or part thereof intended
to be satisfied shall be revived and continue as if such payment or proceeds had not been received by Agent or such Lender.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnity</U>.
Each Loan Party shall indemnify each Lender Party, and each of its respective officers, directors, Affiliates, employees from
and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses and disbursements
of any kind or nature whatsoever (including, without limitation, fees and disbursements of counsel) which may be imposed on, incurred
by, or asserted against such Lender Party in any litigation, proceeding or investigation instituted or conducted by any governmental
agency or instrumentality or any other Person specifically with respect to any aspect of, or any transaction contemplated by or
any matter related to, this Agreement or the Other Documents, except to the extent that any of the foregoing arises out of the
willful misconduct or gross negligence of the party being indemnified.</P>

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


<!-- Field: Page; Sequence: 78; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in">17.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice</U>.
Any notice or request hereunder may be given to any Loan Party or to Agent at their respective addresses set forth below or at
such other address as may hereafter be specified in a notice designated as a notice of change of address under this Section. Any
notice or request hereunder shall be given by (a)&nbsp;hand delivery, (b)&nbsp;overnight courier, (c)&nbsp;registered or certified
mail, return receipt requested, or (d) Electronic Transmission subsequently confirmed by registered or certified mail or (e) telecopy
to the number set out below (or such other number as may hereafter be specified in a notice designated as a notice of change of
address) with electronic confirmation of its receipt. Any notice or other communication required or permitted pursuant to this
Agreement shall be deemed given (a)&nbsp;when personally delivered to any officer of the party to whom it is addressed, (b)&nbsp;on
the earlier of actual receipt thereof or three (3) days following posting thereof by certified or registered mail, postage prepaid,
or (c)&nbsp;upon actual receipt thereof when sent by a recognized overnight delivery service or (d)&nbsp;upon actual receipt thereof
when sent by Electronic Transmission or by telecopier to the address or number set forth below with electronic confirmation of
its receipt, in each case addressed to each party at its address set forth below or at such other address as has been furnished
in writing by a party to the other by like notice:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 1in">
<TR STYLE="vertical-align: top">
    <TD>(A)</TD>
    <TD>If to Agent at:</TD>
    <TD COLSPAN="2">Webster Business Credit Corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">360 Lexington Avenue</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">New York, New York 10017</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 10%">Attention:</TD>
    <TD STYLE="width: 52%">Account Executive &ndash; Sachem Capital Corp.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Fax:</TD>
    <TD>(212) 806-4530</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Email:</TD>
    <TD>mmurphy@websterbcc.com</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>with a copy to:</TD>
    <TD COLSPAN="2">Hahn &amp; Hessen LLP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">488 Madison Avenue</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">New York, New York 10022</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Attention:</TD>
    <TD>Daniel D. Batterman, Esq.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Fax:</TD>
    <TD>(212) 478-7400</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Email:</TD>
    <TD>dbatterman@hahnhessen.com</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: -2.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(B)</TD><TD STYLE="text-align: justify">If to any Lender
                                         other than Agent, as specified on Schedule 1.1</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: -2.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(C)</TD><TD STYLE="text-align: justify">If to Borrower
                                         Representative</TD>
</TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 1in">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>or any Loan Party, at:</TD>
    <TD COLSPAN="2">Sachem Capital Corp.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">23 Laurel Street</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Branford, CT 06405</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 10%">Attention:</TD>
    <TD STYLE="width: 52%">John L. Villano,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Co Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Fax:</TD>
    <TD>(203) 483-0082</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Email:</TD>
    <TD>jlv@sachemcapitalcorp.com</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>with a copy to:</TD>
    <TD COLSPAN="2">Morse, Zelnick, Rose &amp; Lander, LLP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">825 Third Avenue, 16<SUP>th</SUP> Floor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">New York, NY 10022</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Attention:</TD>
    <TD>Joel J. Goldschmidt, Esq.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Fax:</TD>
    <TD>(212) 208-6809</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Email:</TD>
    <TD>jgoldschmidt@mzrl.com</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 79; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in">17.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Survival</U>.
The obligations of Loan Parties under <U>Sections 3.10</U>, <U>4.18(h)</U>, <U>17.5</U> and <U>17.9</U> together with any Section,
terms or provisions hereof which by its terms so provides shall survive any termination of this Agreement and the Other Documents
and payment in full of the Obligations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.
If any part of this Agreement is contrary to, prohibited by, or deemed invalid under applicable laws or regulations, such provision
shall be inapplicable and deemed omitted to the extent so contrary, prohibited or invalid, but the remainder hereof shall not
be invalidated thereby and shall be given effect so far as possible.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses</U>.
Loan Parties shall pay (i) all out-of-pocket expenses incurred by Agent and its Affiliates (including the reasonable fees, charges
and disbursements of counsel for Agent), and shall pay all fees and time charges and disbursements for attorneys who may be employees
of Agent, in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution,
delivery and administration of this Agreement and the Other Documents or any amendments, modifications or waivers of the provisions
hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated) and (ii) all out-of-pocket
expenses incurred by Agent or any Lender (including the fees, charges and disbursements of any counsel for Agent or any Lender),
and shall pay all fees and time charges for attorneys who may be employees of Agent or any Lender, in connection with the enforcement
or protection of its rights (A) in connection with this Agreement and the Other Documents, including its rights under this Section,
or (B) in connection with the Revolving Advances made hereunder, including all such out-of-pocket expenses incurred during any
workout, restructuring or negotiations in respect of such Daily LIBOR Rate Loans.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rights
to Cure</U>. Agent may, in its reasonable credit judgment, with written notice to Borrower Representative (a) cure any default
by any Loan Party under any Material Agreement that affects the Collateral, its value or the ability of Agent to collect, sell
or otherwise dispose of any Collateral or the rights and remedies of Agent therein or the ability of any Loan Party to perform
its obligations hereunder or under any of the Other Documents, (b) pay or bond on appeal any judgment entered against any Loan
Party, (c) discharge any Charges, Liens, security interests or other encumbrances at any time levied on or existing with respect
to the Collateral and (d) pay any amount, incur any expense or perform any act which Agent, in its Permitted Discretion, determines
is necessary or appropriate to preserve, protect, insure or maintain the Collateral and the rights of Agent with respect thereto.
Agent may add any amounts so expended to the Obligations and charge Borrowers&rsquo; Account therefor, such amounts to be repayable
by Loan Parties on demand, shall bear interest at the Default Rate until paid in full, shall be part of the Obligations, and shall
be secured by the Collateral. Agent shall be under no obligation to effect such cure, payment or bonding and shall not, by doing
so, be deemed to have assumed any obligation or liability of any Loan Party. Any payment made or other action taken by Agent under
this Section shall be without prejudice to any right to assert an Event of Default and to proceed accordingly.</P>

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


<!-- Field: Page; Sequence: 80; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Injunctive
Relief</U>. Each Loan Party recognizes that, in the event any Loan Party fails to perform, observe or discharge any of its obligations
or liabilities under this Agreement, any remedy at law may prove to be inadequate relief to Lenders and/or Agent and; therefor,
Agent, if Agent so requests, shall be entitled to temporary and permanent injunctive relief in any such case without the necessity
of proving that actual damages are not an adequate remedy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Consequential
Damages</U>. NO LENDER PARTY, NOR ANY AGENT OR ATTORNEY FOR ANY OF THEM, SHALL BE LIABLE TO ANY LOAN PARTY FOR CONSEQUENTIAL DAMAGES
ARISING FROM ANY BREACH OF CONTRACT, TORT OR OTHER WRONG RELATING TO THE ESTABLISHMENT, ADMINISTRATION OR COLLECTION OF THE OBLIGATIONS
OR ANY RELATED TRANSACTION.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Third
Party Beneficiaries</U>. Except for the Loan Parties, no Person is intended to be, or shall be permitted, presumed or construed
to be, a third party beneficiary of this Agreement or any Other Document.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Captions</U>.
The captions at various places in this Agreement and any Other Document are intended for convenience only and do not constitute
and shall not be interpreted as part of this Agreement or any Other Document.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts;
Telecopied Signatures; Seal</U>. This Agreement and the Other Documents may be executed in any number of separate counterparts
and by different parties hereto on separate counterparts, each of which, when so executed, shall be deemed an original, but all
such counterparts shall constitute one and the same agreement. Delivery of a counterpart hereto by facsimile transmission or by
Electronic Transmission of an Adobe portable document format file (also known as a &ldquo;PDF file&rdquo;) shall be as effective
as delivery of an original counterpart hereto. If this Agreement or any Other Document provides for imposition of a seal by any
party thereto, the word &ldquo;seal&rdquo; placed adjacent to the party&rsquo;s name shall be a sufficient indication thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Construction</U>.
The parties acknowledge that each party and its counsel have reviewed this Agreement and each Other Document and that the normal
rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in
the interpretation of this Agreement and each Other Document or any amendments, schedules or exhibits thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidentiality</U>.
Agent, each Lender Party and each Transferee shall hold all non-public information obtained by Agent, or any Lender Party pursuant
to the requirements of this Agreement and each Other Document in accordance with each Lender Party&rsquo;s customary procedures
for handling confidential information of this nature; <U>provided</U>, <U>however</U>, each Lender Party may disclose such confidential
information (a) to its examiners, affiliates, outside auditors, counsel and other professional advisors, (b) to any other prospective
Transferees or Purchasing Lender, if, but only if, such prospective Transferee or Purchasing Lender shall agree in writing to
be bound by the provisions of this <U>Section 17.17</U>, and (c) as required or requested by any Governmental Body or representative
thereof or pursuant to legal process, including, without limitation, in the course of any regulatory examination of such Person;
<U>provided</U>, <U>further</U>, that (i) unless specifically prohibited by applicable law or court order, each Lender Party shall
use its best efforts prior to disclosure thereof, to notify the Borrower Representative of the applicable request for disclosure
of such non-public information (A) by a Governmental Body or representative thereof (other than any such request in connection
with an examination of the financial condition of such Lender Party by such Governmental Body) or (B) pursuant to legal process
and (ii) in no event shall any Lender Party be obligated to return any materials furnished by any Loan Party other than those
documents and instruments in possession of such Lender Party in order to perfect its Lien on the Collateral once the Obligations
have been paid in full and this Agreement has been terminated.</P>

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


<!-- Field: Page; Sequence: 81; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Publicity</U>.
Each Loan Party hereby authorizes each Lender Party to make appropriate announcements of the financial arrangement contemplated
hereunder, including, without limitation, announcements which are commonly known as &ldquo;tombstones,&rdquo; in such publications
and to such selected parties as each Lender Party shall in its sole and absolute discretion deem appropriate. Without limiting
the foregoing Loan Parties authorize each Lender Party to utilize any logo or other distinctive symbol associated with the Loan
Parties in connection with any such announcement or any other promotion, advertising or marketing undertaken by each Lender Party.
In no event, however, shall any Loan Party use the name of any Lender Party, or any logo or distinctive symbol associated with
any of them, unless, as appropriate, such Lender Party has given its prior written consent thereto. Notwithstanding the foregoing,
Lenders acknowledge that the transactions contemplated hereby may be required to be disclosed from time to time by Sachem in a
current report on Form 8-K to be filed with the U.S. Securities and Exchange Commission and that this Agreement and certain Other
Documents may need to be filed as exhibits to such reports.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Survival
of Representations and Warranties</U>. All representations and warranties of each Loan Party contained in this Agreement and the
Other Documents shall be true at the time of such Loan Party&rsquo;s execution of this Agreement and the Other Documents, and
shall survive the execution, delivery and acceptance thereof by the parties thereto and the closing of the transactions described
therein or related thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain
Matters of Construction</U>. Unless the context otherwise requires, (a) the terms &ldquo;herein&rdquo;, &ldquo;hereof&rdquo; and
&ldquo;hereunder&rdquo; and other words of similar import refer to this Agreement as a whole and not to any particular section,
paragraph or subdivision; (b) terms used herein in the singular also include the plural and vice versa; (c) all references to
statutes and related regulations shall include any amendments of same and any successor statutes and regulations; (d) all references
to any instruments or agreements to which Agent or any Lender is a party, including, without limitation, references to any of
the Other Documents, shall include any and all modifications or amendments thereto and any and all extensions or renewals thereof;
(e) references herein or in any Other Document to any actions being taken (or omitted to be taken) by any Lender Party after a
Default shall be presumed to mean, unless otherwise expressly provided, while such Default or Event of Default is continuing;
(f) any pronoun shall include the corresponding masculine, feminine and neuter forms; (g) the words &ldquo;include,&rdquo; &ldquo;includes&rdquo;
and &ldquo;including&rdquo; shall be deemed to be followed by the phrase &ldquo;without limitation&rdquo;; (h) the word &ldquo;will&rdquo;
shall be construed to have the same meaning and effect as the word &ldquo;shall&rdquo;; (i) any definition of or reference to
any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document
as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements
or modifications set forth herein); (j) any reference herein to any Person shall be construed to include such Person&rsquo;s successors
and assigns (subject to any restrictions on such assignments set forth herein); (k) the words &ldquo;herein&rdquo;, &ldquo;hereof&rdquo;
and &ldquo;hereunder&rdquo;, and words of similar import, shall be construed to refer to this Agreement in its entirety and not
to any particular provision hereof; (l) all references herein to Articles, Sections, Exhibits and Schedules shall be construed
to refer to Articles and Section of, and Exhibits and Schedules to, this Agreement; and (m) the words &ldquo;asset&rdquo; and
&ldquo;property&rdquo; shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible
assets and properties, including cash, securities, accounts and contract rights.</P>

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


<!-- Field: Page; Sequence: 82; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.21&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Destruction
of Invoices</U>. Borrower Representative hereby authorizes and directs Agent and each Lender in accordance with its standard document
retention policies in such regards to destroy all invoices, agings, inventory reports, financial statements and other data provided
from time to time by Loan Parties to Agent or any Lender pursuant hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.22&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Time</U>.
Time is of the essence in this Agreement and each Other Document. Unless otherwise expressly provided, all references herein and
in any Other Documents to time shall mean and refer to New York time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.23&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Patriot
Act</U>. Federal law requires Agent and each Lender to obtain, verify and record information that identifies each Person that
opens an account or applies for a loan or lease. Loan Parties agree to cooperate with Agent and each Lender in maintaining compliance
with such law on an ongoing basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.24&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Tax Advice</U>. Each Loan Party hereby acknowledges and agrees that, with respect to all tax and accounting matters relating to
this Agreement, the Other Documents, or the transactions contemplated herein and therein, it has not relied on any representations
made, consultation provided by, or advice given or rendered by any Lender Party or any of its representatives, agents, or employees;
and, instead, each Loan Party has sought, and relied upon, the advice of its own tax and accounting professionals with respect
to all such matters</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.25&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Completion
of Blanks</U>. If this Agreement or any Other Document contains any blank spaces, such as for dates or amounts, Loan Parties hereby
authorize Agent, in good faith, with written notice to Borrower Representative, to complete any such blank spaces according to
the terms upon which the transactions contemplated hereby or thereby were contemplated, <U>provided</U>, <U>however</U>, that
the doing thereof shall not increase Loan Parties&rsquo; obligations or diminish Loan Parties&rsquo; rights in any manner which
is contrary to those set forth in this Agreement or any Other Documents, unless and except to the extent that any Event of Default
which is then continuing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.26&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exculpation
of Lenders</U>. Nothing herein contained shall be construed to constitute any Lender Party as any Loan Party&rsquo;s agent for
any purpose whatsoever, nor shall any Lender Party be responsible or liable for any shortage, discrepancy, damage, loss or destruction
of any part of the Collateral wherever the same may be located and regardless of the cause thereof. No Lender Party shall, whether
by anything herein or in any assignment or otherwise, assume any Loan Party&rsquo;s obligations under any contract or agreement
assigned to such Lender Party, and no Lender Party shall be responsible in any way for the performance by any Loan Party of any
of the terms and conditions thereof.</P>

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


<!-- Field: Page; Sequence: 83; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in">17.27&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Electronic
Transmissions</U>. Subject to the provisions of this <U>Section 17.27</U>, each of the Loan Parties, the Agent and the other Lender
Parties is authorized (but not required) to transmit, post or otherwise make or communicate, in its sole discretion, Electronic
Transmissions in connection herewith and the transactions contemplated herein. Each of the Loan Parties hereby acknowledges and
agrees that the use of Electronic Transmissions is not necessarily secure and that there are risks associated with such use, including
risks of interception, disclosure and abuse and each indicates it assumes and accepts such risks by hereby authorizing the transmission
of Electronic Transmissions. All uses of an E-System shall be governed by and subject to, in addition to the terms and conditions
of this Agreement, separate terms and conditions posted or referenced in such E-System and related contractual obligations executed
by the Loan Parties or Agent in connection with the use of such E-System. All E-Systems and Electronic Transmissions shall be
provided &ldquo;as is&rdquo; and &ldquo;as available.&rdquo; Neither Agent nor any other Lender Party warrants the accuracy, adequacy
or completeness of any E-Systems or Electronic Transmission, and each disclaims all liability for errors or omissions therein.
No warranty of any kind is made by Agent or any Lender Party in connection with any E-systems or Electronic Transmission, including
any warranty or merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses
or other code defects. Each of the Loan Parties agrees that neither Agent nor any Lender Party has no responsibility for maintaining
or providing any equipment, software, services or any testing required in connection with any Electronic Transmission or otherwise
required for any E-System.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase">18.</FONT></TD><TD STYLE="text-align: justify"><U>GUARANTY</U>.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Guaranty</U>.
Each Corporate Guarantor hereby unconditionally guarantees, as a primary obligor and not merely as a surety, jointly and severally
with each other Corporate Guarantor when and as due, whether at maturity, by acceleration, by notice of prepayment or otherwise,
the due and punctual performance of all Obligations. Each payment made by any Corporate Guarantor pursuant to this Guaranty shall
be made in lawful money of the United States in immediately available funds.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waivers</U>.
Each Corporate Guarantor hereby absolutely, unconditionally and irrevocably waives (i) promptness, diligence, notice of acceptance,
notice of presentment of payment and any other notice hereunder, (ii) demand of payment, protest, notice of dishonor or nonpayment,
notice of the present and future amount of the Obligations and any other notice with respect to the Obligations, (iii) any requirement
that Agent or any Lender protect, secure, perfect or insure any security interest or Lien on any property subject thereto or exhaust
any right or take any action against any other Loan Party, or any Person or any Collateral, (iv) any other action, event or precondition
to the enforcement hereof or the performance by each such Corporate Guarantor of the Obligations, and (v) any defense arising
by any lack of capacity or authority or any other defense of any Loan Party or any notice, demand or defense by reason of cessation
from any cause of Obligations other than payment and performance in full of the Obligations by the Loan Parties and any defense
that any other guarantee or security was or was to be obtained by Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Defense</U>. No invalidity, irregularity, voidableness, voidness or unenforceability of this Agreement or any Other Document or
any other agreement or instrument relating thereto, or of all or any part of the Obligations or of any collateral security therefor
shall affect, impair or be a defense hereunder.</P>

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


<!-- Field: Page; Sequence: 84; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Guaranty
of Payment</U>. The Guaranty hereunder is one of payment and performance, not collection, and the obligations of each Corporate
Guarantor hereunder are independent of the Obligations of the other Loan Parties, and a separate action or actions may be brought
and prosecuted against any Corporate Guarantor to enforce the terms and conditions of this Article 18, irrespective of whether
any action is brought against any other Loan Party or other Persons or whether any other Loan Party or other Persons are joined
in any such action or actions. Each Corporate Guarantor waives any right to require that any resort be had by Agent or any Lender
to any security held for payment of the Obligations or to any balance of any deposit account or credit on the books of Agent or
any Lender in favor of any Loan Party or any other Person. No election to proceed in one form of action or proceedings, or against
any Person, or on any Obligations, shall constitute a waiver of Agent&rsquo;s right to proceed in any other form of action or
proceeding or against any other Person unless Agent has expressed any such right in writing. Without limiting the generality of
the foregoing, no action or proceeding by Agent against any Loan Party under any document evidencing or securing indebtedness
of any Loan Party to Agent shall diminish the liability of any Corporate Guarantor hereunder, except to the extent Agent receives
actual payment on account of Obligations by such action or proceeding, notwithstanding the effect of any such election, action
or proceeding upon the right of subrogation of any Corporate Guarantor in respect of any Loan Party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liabilities
Absolute</U>. The liability of each Corporate Guarantor hereunder shall be absolute, unlimited and unconditional and shall not
be subject to any reduction, limitation, impairment, discharge or termination for any reason, including, without limitation, any
claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any claim, defense or setoff, counterclaim,
recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of any other Obligation or otherwise.
Without limiting the generality of the foregoing, the obligations of each Corporate Guarantor shall not be discharged or impaired,
released, limited or otherwise affected by:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
change in the manner, place or terms of payment or performance, and/or any change or extension of the time of payment or performance
of, release, renewal or alteration of, or any new agreements relating to any Obligation, any security therefor, or any liability
incurred directly or indirectly in respect thereof, or any rescission of, or amendment, waiver or other modification of, or any
consent to departure from, this Agreement or any Other Document, including any increase in the Obligations resulting from the
extension of additional credit to any Loan Party or otherwise;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
sale, exchange, release, surrender, loss, abandonment, realization upon any property by whomsoever at any time pledged or mortgaged
to secure, or howsoever securing, all or any of the Obligations, and/or any offset there against, or failure to perfect, or continue
the perfection of, any Lien in any such property, or delay in the perfection of any such Lien, or any amendment or waiver of or
consent to departure from any other guaranty for all or any of the Obligations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 85; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
failure of Agent or any Lender to assert any claim or demand or to enforce any right or remedy against any Loan Party or any other
Loan Party or any other Person under the provisions of this Agreement or any Other Document or any other document or instrument
executed and delivered in connection herewith or therewith;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
settlement or compromise of any Obligation, any security therefor or any liability (including any of those hereunder) incurred
directly or indirectly in respect thereof or hereof, and any subordination of the payment of all or any part thereof to the payment
of any obligation (whether due or not) of any Loan Party to creditors of any Loan Party other than any other Loan Party;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
manner of application of Collateral, or proceeds thereof, to all or any of the Obligations, or any manner of sale or other disposition
of any Collateral for all or any of the Obligations or any other assets of any Loan Party; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other agreements or circumstance of any nature whatsoever that may or might in any manner or to any extent vary the risk of any
Corporate Guarantor, or that might otherwise at law or in equity constitute a defense available to, or a discharge of, the Guaranty
hereunder and/or the obligations of any Corporate Guarantor, or a defense to, or discharge of, any Loan Party or any other Person
or party hereto or the Obligations or otherwise with respect to the Revolving Advances or other financial accommodations to Loan
Parties pursuant to this Agreement and/or the Other Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver
of Notice</U>. Agent, any Lender and any other Lender Party shall have the right to do any of the above without notice to or the
consent of any Corporate Guarantor and each Corporate Guarantor expressly waives any right to notice of, consent to, knowledge
of and participation in any agreements relating to any of the above or any other present or future event relating to Obligations
whether under this Agreement or otherwise or any right to challenge or question any of the above and waives any defenses of such
Corporate Guarantor which might arise as a result of such actions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Agent&rsquo;s
Discretion</U>. Agent may at any time and from time to time (whether prior to or after the revocation or termination of this Agreement)
without the consent of, or notice to, any Corporate Guarantor, and without incurring responsibility to any Corporate Guarantor
or impairing or releasing the Obligations, apply any sums by whomsoever paid or howsoever realized to any Obligations regardless
of what Obligations remain unpaid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reinstatement</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Guaranty provisions herein contained shall continue to be effective or be reinstated, as the case may be, if claim is ever made
upon Agent or any Lender for repayment or recovery of any amount or amounts received by such Person in payment or on account of
any of the Obligations and such Person repays all or part of said amount for any reason whatsoever, including, without limitation,
by reason of any judgment, decree or order of any court or administrative body having jurisdiction over such Person or the respective
property of each, or any settlement or compromise of any claim effected by such Person with any such claimant (including any Loan
Party); and in such event each Corporate Guarantor hereby agrees that any such judgment, decree, order, settlement or compromise
or other circumstances shall be binding upon such Corporate Guarantor, notwithstanding any revocation hereof or the cancellation
of any note or other instrument evidencing any Obligation, and each Corporate Guarantor shall be and remain liable to Agent and/or
Lenders for the amount so repaid or recovered to the same extent as if such amount had never originally been received by such
Person(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 86; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agent
shall not be required to marshal any assets in favor of any Corporate Guarantor, or against or in payment of Obligations, unless
so ordered by a court of competent jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Corporate Guarantor shall be entitled to claim against any present or future security held by Agent from any Person for Obligations
in priority to or equally with any claim of Agent, or assert any claim for any liability of any Loan Party to any Corporate Guarantor
in priority to or equally with claims of Agent for Obligations, and no Corporate Guarantor shall be entitled to compete with Agent
with respect to, or to advance any equal or prior claim to any security held by Agent for Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any Loan Party makes any payment to Agent, which payment is wholly or partly subsequently invalidated, declared to be fraudulent
or preferential, set aside or required to be repaid to any Person under any federal or provincial statute or at common law or
under equitable principles, then to the extent of such payment, the Obligation intended to be paid shall be revived and continued
in full force and effect as if the payment had not been made, and the resulting revived Obligation shall continue to be guaranteed,
uninterrupted, by each Corporate Guarantor hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
present and future monies payable by any Loan Party to any Corporate Guarantor, whether arising out of a right of subrogation
or otherwise, are assigned to Agent as security for such Corporate Guarantor&rsquo;s liability to Agent hereunder and are postponed
and subordinated to Agent&rsquo;s prior right to payment in full of Obligations. Except to the extent prohibited otherwise by
this Agreement, all monies received by any Corporate Guarantor from any Loan Party shall be held by such Corporate Guarantor as
agent and trustee for Agent. This assignment, postponement and subordination shall only terminate when the Obligations are paid
in full in cash and this Agreement is irrevocably terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Loan Party acknowledges this assignment, postponement and subordination and, except as otherwise set forth herein, agrees to make
no payments to any Corporate Guarantor without the prior written consent of Agent. Each Loan Party agrees to give full effect
to the provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature pages follow]</P>

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


<!-- Field: Page; Sequence: 87; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the parties
has signed this Agreement as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</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>&nbsp;</TD>
    <TD COLSPAN="2">&ldquo;BORROWERS&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">SACHEM CAPITAL CORP.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ John Villano</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>John Villano, CPA</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Co - CEO</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; text-align: center">[Signature Page to Credit and Security
Agreement]</P>

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


<!-- Field: Page; Sequence: 88 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</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>&nbsp;</TD>
    <TD COLSPAN="2">&ldquo;CORPORATE GUARANTORS&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">SACHEM CAPITAL REALTY, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ John Villano</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>John Villano</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Manager</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">SACHEM CAPITAL PARTNERS, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ John Villano</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>John Villano</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Manager</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; text-align: center">[Signature Page to Credit and Security
Agreement]</P>

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


<!-- Field: Page; Sequence: 89 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</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>&nbsp;</TD>
    <TD COLSPAN="2">WEBSTER BUSINESS CREDIT CORPORATION, as Agent and a Lender</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Matthew Murphy</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Matthew Murphy</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Senior Vice President</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; text-align: center">[Signature Page to Credit and Security
Agreement]</P>

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


<!-- Field: Page; Sequence: 90 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</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>&nbsp;</TD>
    <TD COLSPAN="2">BANKWELL BANK, as Co-Syndication Agent and a Lender</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Paul Larsen</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Paul Larsen</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Senior Vice President</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; text-align: center">[Signature Page to Credit and Security
Agreement]</P>

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


<!-- Field: Page; Sequence: 91 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</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>&nbsp;</TD>
    <TD COLSPAN="2">BERKSHIRE BANK, as a Lender</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Diane Williams</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Diane Williams&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Vice President</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to Credit and Security
Agreement]</P>

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


<!-- Field: Page; Sequence: 92 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ANNEX ONE &mdash; GENERAL DEFINITIONS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This <U>Annex One
</U>is incorporated by reference into, and constitutes an integral part of, the Credit and Security Agreement, dated as of May
11, 2018 (as it may be amended or modified from time to time, the &ldquo;<U>Credit Agreement</U>&rdquo;), made by and among (i)
SACHEM CAPITAL CORP., a New York corporation (&ldquo;<U>Sachem</U>&rdquo;; and together with each Person joined hereto as a Borrower
from time to time, collectively the &ldquo;<U>Borrowers</U>&rdquo;, and each, a &ldquo;<U>Borrower</U>&rdquo;), (ii) the Corporate
Guarantors signatory hereto (collectively with Borrowers, each, a &ldquo;<U>Loan Party</U>&rdquo; and collectively, the &ldquo;<U>Loan
Parties</U>&rdquo;); (iii) the financial institutions who are now or hereafter become parties thereto as lenders (collectively,
the &ldquo;<U>Lenders</U>&rdquo; and each individually, a &ldquo;<U>Lender</U>&rdquo;) and (iv) WEBSTER BUSINESS CREDIT CORPORATION,
a New York corporation (&ldquo;<U>WBCC</U>&rdquo;), individually, as a Lender thereunder and as agent for itself and each other
Lender Party (as hereinafter defined) (WBCC, acting in such agency capacity, the &ldquo;<U>Agent</U>&rdquo;); and (v) BANKWELL
BANK, a Connecticut state non-member bank, individually, as a Lender thereunder and as co-syndication agent (&ldquo;<U>Co-Syndication
Agent</U>&rdquo;). The following terms shall have the following meanings as and when used in the Credit Agreement and the Other
Documents. References in such defined terms to &ldquo;this Agreement,&rdquo; &ldquo;hereof,&rdquo; &ldquo;hereto&rdquo; or the
like, shall mean and refer to the Credit Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>698 Main Street
Property</U>&rdquo; shall mean the real property owned by Sachem Capital Partners, LLC located at 698 Main Street, Branford, CT
06405.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Accepted Servicing
Practices</U>&rdquo; shall mean, with respect to any Mortgage Loan, those mortgage servicing practices of prudent mortgage lending
institutions which service mortgage loans of the same type as such Mortgage Loans in the jurisdiction where the related Mortgaged
Property is located.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Accountants</U>&rdquo;
shall have the meaning set forth in <U>Section&nbsp;10.7</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Affiliate</U>&rdquo;
of any Person shall mean (a) any Person which, directly or indirectly, is in Control of, is Controlled by, or is under common
Control with such Person, or (b) any Person who is a shareholder, director, officer or employee (or relative of any shareholder,
director, officer or employee) (i) of such Person, (ii) of any Subsidiary of such Person or (iii) of any Person described in clause
(a) above. Solely for purposes of determining Affiliate status, &ldquo;Control&rdquo; of a Person shall mean the power, direct
or indirect, (x) to vote ten percent (10%) or more of the Equity Interests having ordinary voting power for the election of the
directors, partners or managers of such Person, or (y) to direct or cause the direction of the management and policies of such
Person whether by contract or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Agent</U>&rdquo;
shall have the meaning set forth in the preamble to this Agreement and shall include its successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Agent Fee
Letter</U>&rdquo; shall mean that certain Fee Letter, dated as of the Closing Date, among the Loan Parties and Agent executed
in connection with this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Agent Provided
Bank Products</U>&rdquo; shall mean Bank Products provided by Agent, Bank or any Affiliate of Agent or Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 93; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex One - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">&ldquo;<U>Agreement</U>&rdquo;
shall have the meaning set forth in the preamble to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Annex One</U>&rdquo;
shall mean this <U>Annex One</U> attached to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Annex Two</U>&rdquo;
shall mean <U>Annex Two</U> attached to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Anti-Terrorism
Laws</U>&rdquo; shall mean any Laws relating to terrorism, trade sanctions programs and embargoes, import/export licensing, money
laundering or bribery, and any regulation, order, or directive promulgated, issued or enforced pursuant to such Laws, all as amended,
supplemented or replaced from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Applicable
Advance Rate</U>&rdquo; shall mean seventy five percent (75%).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Applicable
Margin</U>&rdquo; shall mean four percent (4%).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Application
Date</U>&rdquo; shall have the meaning given to such term in <U>Section 4.14(g)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Assignment
of Mortgage</U>&rdquo; shall mean an assignment executed by Loan Parties for the benefit of Agent, for the ratable benefit of
the Lender Parties, which assigns to Agent, for the ratable benefit of the Lender Parties, all of Loan Party&rsquo;s rights in
a mortgage or deed of trust that secures a Mortgage Loan, such assignment (a) to be in recordable form and otherwise satisfactory
to Agent and (b) to be held by Agent, subject to the provisions of <U>Section 4.2(a) (ix)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Availability
Reserves</U>&rdquo; shall mean such reserves as Agent, in its Permitted Discretion, may elect to impose from time to time in respect
of borrowing availability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Bank</U>&rdquo;
shall mean Webster Bank, National Association, together with its successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Bank Products</U>&rdquo;
shall mean, collectively, (i) any cash management service, including through the use of any Blocked Account, (ii) any Hedge Contract,
(iii) any derivative product or (iv) any, similar (or dissimilar) bank product or service offered by the Bank, any Lender or any
Affiliate of the Bank (including Agent) to any Loan Party from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Bankwell Mortgage</U>&rdquo;
shall mean that certain mortgage in favor of Bankwell Bank on the 698 Main Street Property, which mortgage secures the Bankwell
Mortgage Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Bankwell Mortgage
Loan</U>&rdquo; shall mean the mortgage term loan made by Bankwell Bank to Sachem Capital Partners, LLC evidenced by that certain
$310,000 Promissory Note, dated as of December 29, 2016, of which approximately $297,769 remains outstanding as of the Closing
Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Blocked Account</U>&rdquo;
shall have the meaning given to such term in <U>Section 4.14(e)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 94; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex One - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">&ldquo;<U>Blocked Account
Agreement</U>&rdquo; shall have the meaning given to such term in <U>Section 4.14(e)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Blocked Account
Bank</U>&rdquo; shall have the meaning given to such term in <U>Section&nbsp;4.14(e)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Borrower</U>&rdquo;
or &ldquo;<U>Borrowers</U>&rdquo; shall have the meaning set forth in the preamble to this Agreement; and shall extend to all
permitted successors and assigns of such Persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Borrower Representative</U>&rdquo;
shall mean Sachem or such other Person among the Loan Parties as the Loan Parties may elect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Borrower Reports</U>&rdquo;
shall man any reports (whether financial, with respect to Collateral, as to operating condition or otherwise) required to be delivered
to Agent pursuant hereto or to any Other Document, including, particularly, pursuant to <U>Article 10</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Borrowers
on a consolidated basis</U>&rdquo; shall mean, as appropriate, the consolidation in accordance with GAAP of the accounts or other
items of Borrowers and their respective Subsidiaries (if any).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Borrowers&rsquo;
Account</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;2.7</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Borrowing
Base</U>&rdquo; shall mean the sum of the following: (i) the product of the Applicable Advance Rate <U>times</U> the lesser of
(x) the Collateral Value of Eligible Mortgage Loans or (y) the Funding Cap applicable to such Eligible Mortgage Loans; <U>minus
</U>(ii) the Availability Reserves. It is understood and agreed by Borrowers in connection with the foregoing that any imposition
(or increase) in any Availability Reserves or any change in the composition of Eligible Mortgage Loans instituted by Agent pursuant
hereto from time to time may limit or restrict the amount of Revolving Advances available to Borrowers hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Borrowing
Base Certificate</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;10.10</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Business Day</U>&rdquo;
shall mean any day other than a day on which commercial banks in New York and Connecticut are authorized or required by law to
close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Capital Expenditures</U>&rdquo;
shall have the meaning set forth in <U>Section 8.1</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Capitalized
Lease Obligations</U>&rdquo; shall have the meaning set forth in <U>Section 8.1</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>CERCLA</U>&rdquo;
shall mean the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, 42 U.S.C. &sect;&sect;9601
<U>et seq</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 95; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex One - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">&ldquo;<U>Change in
Law</U>&rdquo; means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect
of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation
or application thereof by any Governmental Body or (c) the making or issuance of any guideline or directive (whether or not having
the force of law) by any Governmental Body; <U>provided</U>, <U>however</U>, for the purposes of this Agreement: (x) the Dodd-Frank
Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection
therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel
Committee on Banking Supervision (or any successor or similar authority) or the United States regulatory authorities, in each
case pursuant to Basel III, shall in each case be deemed to be a &ldquo;Change in Law&rdquo;, regardless of the date enacted,
adopted or issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Change of
Management</U>&rdquo; shall mean that if neither Principal is actively involved in the day-to-day executive management of Loan
Parties, either by death, disability, retirement, termination of employment or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Change of
Control</U>&rdquo; shall mean: (a) any person or group of persons (within the meaning of Section 13(d) or 14(a) of the Exchange
Act) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the SEC under the Exchange Act)
of twenty percent (20%) or more of the voting Equity Interests of Sachem; <U>provided</U>, <U>however</U>, that any increase in
the beneficial ownership of voting Equity Interests of Sachem held by either or both the Principals shall not constitute a Change
of Control; or (b) during any period of twelve (12) consecutive months, a majority of the members of the board of directors of
Sachem ceases to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of
such period, (ii) whose election or nomination to that board was approved by individuals referred to in clause (i) above constituting
at the time of such election or nomination at least a majority of that board, or (iii) whose election or nomination to that board
was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination
at least a majority of that board; or (c) any merger, consolidation or sale of substantially all of the property or assets of
any Loan Party, except to another Loan Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Charges</U>&rdquo;
shall mean all taxes, charges, fees, imposts, levies or other assessments, including, without limitation, all net income, gross
income, gross receipts, sales, use, <U>ad valorem</U>, value added, transfer, franchise, profits, inventory, license, withholding,
payroll, employment, social security, unemployment, excise, severance, stamp, occupation and property taxes, custom duties, fees,
assessments, liens, claims and charges of any kind whatsoever, together with any interest and any penalties, additions to tax
or additional amounts, imposed by any taxing or other authority, domestic or foreign (including, without limitation, the PBGC
or any environmental agency or superfund), upon any Collateral, any Loan Party or any of its Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Closing Date</U>&rdquo;
shall mean the date on which the Initial Revolving Advance is made, which date may be on the Signing Date but, unless otherwise
approved by Agent, in its credit judgment, shall not be later than ten (10) days after the Signing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Code</U>&rdquo;
shall mean the Internal Revenue Code of 1986, as amended from time to time and the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 96; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex One - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Collateral</U>&rdquo;
shall mean and include all assets of each Loan Party (subject to the limitation on Equity Interests set forth in subsection&nbsp;(f)
below), including, without limitation, all of the following assets:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
Receivables;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
Equipment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
General Intangibles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
Inventory;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
Contract Rights;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
Equity Interests of each Domestic Subsidiary, and sixty-five percent (65%) of the Equity Interests of each Foreign Subsidiary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
Leasehold Interests;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
commercial Tort Claims (including, particularly any described in Schedule 5.8);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
of each Loan Party&rsquo;s right, title and interest in and to (i)&nbsp;its respective goods and other property including, but
not limited to, all merchandise returned or rejected by Mortgagor Customers, relating to or securing any of the Receivables; (ii)&nbsp;all
of each Loan Party&rsquo;s rights as a consignor, a consignee, an unpaid vendor, mechanic, artisan, or other lienor, including
stoppage in transit, setoff, detinue, replevin, reclamation and repurchase; (iii)&nbsp;all additional amounts due to any Loan
Party from any Mortgagor Customer relating to the Receivables; (iv)&nbsp;other property, including warranty claims, relating to
any goods securing this Agreement; (v)&nbsp;all of each Loan Party&rsquo;s contract rights, rights of payment which have been
earned under a contract right, instruments, investment property, documents, chattel paper, warehouse receipts, deposit accounts,
money and securities; (vi)&nbsp;if and when obtained by any Loan Party, all real and personal property of third parties in which
such Loan Party has been granted a lien or security interest as security for the payment or enforcement of Receivables; (vii)&nbsp;all
supporting obligations that secure payment or performance of any account, chattel paper, document, general intangible, instrument
or investment property; (viii) all Extraordinary Receipts and (ix)&nbsp;any other goods, personal property or real property now
owned or hereafter acquired in which any Loan Party has expressly granted a security interest or may in the future grant a security
interest to Agent hereunder, or in any amendment or supplement hereto or thereto, or under any Other Document between Agent and
any Loan Party and (x) any and all indebtedness owing to a Loan Party and any and all Collateral securing such indebtedness;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
Mortgage Loan Collateral;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
of each Loan Party&rsquo;s ledger sheets, ledger cards, files, correspondence, records, books of account, business papers, computers,
computer software (owned by any Loan Party or in which it has an interest), computer programs, tapes, disks and documents relating
to clauses&nbsp;(a) through (l)&nbsp;of this definition; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 97; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex One - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
proceeds and products of clauses&nbsp;(a) through (m) of this definition, in whatever form, including, but not limited to: cash,
Deposit Accounts (whether or not comprised solely of proceeds), certificates of deposit, insurance proceeds (including hazard,
flood and credit insurance), negotiable instruments and other instruments for the payment of money, chattel paper, security agreements,
documents, eminent domain proceeds, condemnation proceeds and tort claim proceeds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, upon the
consummation of a Permitted Commercial Loan Financing and until the repayment in full thereof, Collateral shall not include any
Commercial Loans.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Collateral
Assignment</U>&rdquo; shall mean a collateral assignment by a Mortgagor Customer to Loan Party of all rents, issues and profits
of Mortgaged Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Collateral
Locations</U>&rdquo; shall have the meaning assigned to such term in <U>Section&nbsp;4.5</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Collateral
Value</U>&rdquo; shall mean, with respect to each Eligible Mortgage Loan, an amount determined by Agent in its Permitted Discretion
equal to the lesser of (a) the outstanding principal balance of such Mortgage Loan and (b) the Market Value of such Mortgage Loan;
<U>provided</U>, <U>however</U>, the Collateral Value shall be deemed to be zero with respect to each Mortgage Loan (i) in respect
of which there is a breach of a representation and warranty set forth on Annex Two (assuming each representation and warranty
is made as of the date Collateral Value is determined) or (ii) in respect of which there is a delinquency in the payment of principal
and/or interest which continues for a period in excess of thirty (30) days (without regard to any applicable grace periods).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Commercial
Loan Files</U>&rdquo; shall have the meaning set forth in Section 4.3(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Commercial
Loans</U>&rdquo; shall mean Mortgage Loans secured by Commercial Mortgaged Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Commercial
Mortgaged Property</U>&rdquo; shall mean Mortgaged Property used primarily for non-residential purposes, existing on and after
the date a Permitted Commercial Loan Financing is consummated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Commitment</U>&rdquo;
or &ldquo;<U>Commitments</U>&rdquo; shall mean the aggregate amount of the total commitments of each Lender or all Lenders (as
the case may be) to make Revolving Advances under this Agreement as in effect on the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Commitment
Letter</U>&rdquo; shall mean any Commitment Letter heretofore issued by Agent or any Lender to Loan Parties, or Borrower Representative
on their behalf relative to the undertakings contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Commitment
Transfer Supplement</U>&rdquo; shall mean a document in the form of <U>Exhibit&nbsp;17.3</U> hereto, properly completed and otherwise
in form and substance satisfactory to Agent, by which the Purchasing Lender purchases and assumes a portion of the obligation
of a Lender to make Revolving Advances under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 98; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex One - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">&ldquo;<U>Compliance
Certificate</U>&rdquo; shall have the meaning set forth in <U>Section 10.8</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Concentration
Account</U>&rdquo; shall mean a Blocked Account into which collections from all other Blocked Accounts are concentrated. If there
is only one Blocked Account, it shall also be the Concentration Account and must be a Deposit Account with the Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Concentration
Bank</U>&rdquo; shall mean the Blocked Account Bank selected by Agent at which the Concentration Account is to be opened and maintained
pursuant to a Blocked Agreement. If there is only one Blocked Account Bank, it shall be the Concentration Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Consents</U>&rdquo;
shall mean all filings and all licenses, permits, consents, approvals, authorizations, qualifications and orders of governmental
authorities and other third parties, domestic or foreign, (i) necessary to carry on any Loan Party&rsquo;s business, including,
without limitation, any consents required under all applicable federal, state or other applicable law, and (ii) required to effectuate
the transactions and agreements contemplated in this Agreement and the Other Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Contract Rights</U>&rdquo;
shall mean all rights of each Loan Party arising under or in connection with any contract, to the extent that such Loan Party
may grant a security interest in such rights under such contract. &ldquo;<U>Contract Rights</U>&rdquo; shall include, without
limitation, all rights of each Loan Party under all license agreements to which it is party as licensor or licensee and all letter
of credit rights of each Loan Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Control</U>&rdquo;
has the meaning set forth in the definition of Affiliate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Controlled
Group</U>&rdquo; shall mean all members of a controlled group of corporations and all trades or businesses (whether or not incorporated)
under common control which, together with any Loan Party, are treated as a single employer under Section&nbsp;414 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Corporate
Guarantor</U>&rdquo; or &ldquo;<U>Corporate Guarantors</U>&rdquo; shall mean any Persons (other than individuals), including their
permitted successors and assigns, who may hereafter become a signatory hereto as a guarantor of the payment and performance of
all the Obligations pursuant to <U>Article 18</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Co-Syndication
Agent</U>&rdquo; shall have the meaning set forth in the preamble to this Agreement and shall include its successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Co-Syndication
Agent Fee Letter</U>&rdquo; shall mean that certain Fee Letter, dated as of the Closing Date, among the Loan Parties and Co-Syndication
Agent executed in connection with this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Covered Entity</U>&rdquo;
shall mean (a) each Loan Party, each of Loan Party&rsquo;s Subsidiaries, all Guarantors and all pledgors of Collateral and (b)
each Person that, directly or indirectly, is in control of a Person described in clause (a) above. For purposes of this definition,
control of a Person shall mean the direct or indirect (x) ownership of, or power to vote, 25% or more of the issued and outstanding
Equity Interests having ordinary voting power for the election of directors of such Person or other Persons performing similar
functions for such Person, or (y) power to direct or cause the direction of the management and policies of such Person whether
by ownership of Equity Interests, contract or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 99; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex One - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">&ldquo;<U>Customer Group</U>&rdquo;
shall mean, collectively a Mortgagor Customer, each Affiliate of a Mortgagor Customer and each of its common guarantors and/or
related entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Customer Guaranty</U>&rdquo;
shall mean the joint and several guaranty of payment of an Eligible Mortgage Loan, executed by all principals of a Mortgagor Customer,
substantially in form and content set forth as <U>Exhibit E</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Daily LIBOR
Rate</U>&rdquo; shall mean, for any day, the rate per annum determined by the Agent by dividing (x) the Published Rate by (y)
a number, expressed as a decimal, equal to 1.00 minus the Reserve Percentage. Such rate is not necessarily the best or lowest
rate of interest charged by Agent in connection with extensions of credit to borrowers and shall be subject to increase or decrease
as the case may be effective as of the day any such change occurs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Daily LIBOR
Rate Loan</U>&rdquo; shall mean any Revolving Advance that bears interest based upon the Daily LIBOR Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Default</U>&rdquo;
shall mean an event which, with the giving of notice or passage of time or both, would constitute an Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Default Rate</U>&rdquo;
shall have the meaning set forth in <U>Section&nbsp;3.1</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Defaulting
Lender</U>&rdquo; shall mean any Lender that: (a) has failed, within two (2) Business Days of the date required to be funded or
paid, to (i) fund any portion of its applicable Revolving Commitment Percentage of Revolving Advances, (ii) if applicable, fund
any portion of its participation in letters of credit issued pursuant to this agreement or (iii) pay over to Agent, any Lender
or any other Lender Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such
Lender notifies Agent in writing that such failure is the result of such Lender&rsquo;s good faith determination that a condition
precedent to funding (specifically identified and including a particular Default or Event of Default, if any) has not been satisfied;
(b) has notified Loan Parties or Agent in writing, or has made a public statement to the effect, that it does not intend or expect
to comply with any of its funding obligations under this Agreement or generally under any other agreements in which it commits
to extend credit; (c) has failed, within two (2) Business Days after request by Agent, acting in good faith, to provide a certification
in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet
such obligations) to fund prospective Revolving Advances and, if applicable, participations in then outstanding letters of credit
under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon Agent&rsquo;s
receipt of such certification in form and substance satisfactory to the Agent; (d) has become the subject of an Insolvency Event;
or (e) has failed at any time to comply with the provisions of <U>Section 2.13(b)</U> with respect to purchasing participations
from the other Lenders, whereby such Lender&rsquo;s share of any payment received, whether by setoff or otherwise, is in excess
of its pro rata share of such payments due and payable to all of the Lenders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 100; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex One - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">&ldquo;<U>Deposit Account</U>&rdquo;
shall mean any checking account, savings account, time deposit account, certificate of deposit, investment account or other account
(howsoever denominated), in which from time to time any cash of any Loan Party is or may be deposited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Designated
Lender</U>&rdquo; shall have the meaning set forth in <U>Section 17.2(d)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Designated
Officer</U>&rdquo; shall mean the chief executive officer, chief financial officer or chief operating officer of a Loan Party
(regardless of title), or such other officer, lender or representative of a Loan Party which Agent may, at such Loan Party&rsquo;s
request, permit to be a &ldquo;Designated Officer&rdquo; from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Dollars</U>&rdquo;
and the sign &ldquo;<U>$</U>&rdquo; shall mean lawful money of the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Domestic Subsidiary</U>&rdquo;
shall mean a Subsidiary organized under the laws of the United States or any political subsidiary thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Early Termination
Date</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;14.1</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Early Termination
Fee</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;14.1</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>EBITDA</U>&rdquo;
shall have the meaning set forth in <U>Section 8.1</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Electronic
Transmission</U>&rdquo; means each document, notice, demand, instruction, authorization, file, information and any other communication
transmitted, posted or otherwise made or communicated by e-mail or E-Fax, or otherwise to or from an E-System or other equivalent
service (agreed to by Agent).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Eligible Mortgage
Loans</U>&rdquo; shall mean Mortgage Loans secured by a first mortgage lien on real property, (a) as to which the representations
and warranties in <U>Section 4.2</U> and <U>Annex Two</U>, <U>Part I</U> hereof are correct, (b) as to which the LTV is not greater
than seventy percent (70%), (c) as to which the principal amount of such Mortgage Loans do not exceed the applicable Funding Caps,
(d) (i) with respect to Mortgage Loans made prior to the Closing Date, as to which the Mortgage Note has a stated maturity that
does not exceed thirty-six (36) months and does not provide for, or have, any extension beyond thirty-six (36) months from the
original due date of such Mortgage Note (ii) with respect to Mortgage Loans made after the Closing Date, as to which the Mortgage
Note has a stated maturity that does not exceed twenty-four (24) months and does not provide for, or have, any extension beyond
twenty-four (24) months from the original due date of such Mortgage Note, (e) as to which the Mortgage File has been delivered
to Agent and the Funding Requirements have been satisfied, and (f) that were approved by Agent in its Permitted Discretion for
inclusion as Collateral; provided that, in no event shall any Eligible Mortgage Loan be (i) a security for purposes of any securities
or blue-sky laws or (ii) a mortgage lien on real property used primarily for commercial purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Environmental
Complaint</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;4.19(d)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 101; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex One - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">&ldquo;<U>Environmental
Laws</U>&rdquo; shall mean all federal, state and local environmental, land use, zoning, health, chemical use, safety and sanitation
laws, statutes, ordinances and codes relating to the protection of the environment and/or governing the use, storage, treatment,
generation, transportation, processing, handling, production or disposal of Hazardous Substances and the rules, regulations, policies,
guidelines, interpretations, decisions, orders and directives of federal, state and local governmental agencies and authorities
with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Equity Interests</U>&rdquo;
shall mean: (i)&nbsp;in the case of a corporation, its capital stock, including its common stock and any preferred stock; (ii)&nbsp;in
the case of a partnership, all partnership interests therein, including special, limited and general interests; (iii)&nbsp;in
the case of a limited liability company, all membership interests therein; and (iv)&nbsp;in the case of any other entity, all
interests evidencing equity ownership therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>ERISA</U>&rdquo;
shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time and the rules and regulations promulgated
thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>E-System</U>&rdquo;
means any electronic system, including Intralinks&reg;, Syndtrak and any other internet or extranet-based site, whether such electronic
system is owned, operated or hosted by Agent, any Lender Party or any other Person, providing for access to data protected by
passcodes or other security system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Event of Default</U>&rdquo;
shall mean the occurrence and continuance of any of the events set forth in <U>Article 11</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Existing Loans</U>&rdquo;
shall mean all Indebtedness owing by Loan Parties on the Closing Date under one or more loan facilities with Bankwell Bank (other
than the Bankwell Mortgage Loan).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Extraordinary
Receipts</U>&rdquo; shall mean any cash proceeds received by a Loan Party or any of its Subsidiaries not in the Ordinary Course
of Business, including, without limitation, (i) foreign, United States, state or local tax refunds, (ii) pension plan reversions,
(iii) judgments, proceeds of settlements or other consideration of any kind in connection with any cause of action, (v) condemnation
awards (and payments in lieu thereof), (vi) indemnity payments and (vii) any adjustment received in connection with any purchase
price in respect of an acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Federal Funds
Rate</U>&rdquo; shall mean, for any day, the weighted average of the rates on overnight Federal funds transactions with members
of the Federal Reserve System arranged by Federal funds brokers, as published for such day (or if such day is not a Business Day,
for the next preceding Business Day) by the Federal Reserve Bank of New York, or if such rate is not so published for any day
which is a Business Day, the average of quotations for such day on such transactions received by the Bank from three Federal funds
brokers of recognized standing selected by the Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Financial
Covenants</U>&rdquo; shall mean the financial covenants set forth in <U>Article 8</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Fiscal Year</U>&rdquo;
shall mean Loan Parties&rsquo; Fiscal Year as in effect on the Signing Date; and the terms &ldquo;<U>Fiscal Quarter</U>&rdquo;
and &ldquo;<U>Fiscal Month</U>&rdquo; shall have correlative meanings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 102; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex One - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">&ldquo;<U>Fixed Charge
Coverage Ratio</U>&rdquo; shall have the meaning set forth in <U>Section 8.1</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Fixed Charges</U>&rdquo;
shall have the meaning set forth <U>Section 8.1</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Foreign Subsidiary</U>&rdquo;
shall mean any Subsidiary which is not a Domestic Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Funding Caps</U>&rdquo;
shall mean (i) with respect to any single Mortgage Loan, the principal amount of One Million Five Hundred Thousand Dollars ($1,500,000)
and (ii) with respect to Mortgage Loans owing at any one time by any Customer Group to Borrowers, an aggregate principal amount
of Four Million Dollars ($4,000,000).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Funded Indebtedness</U>&rdquo;
shall have the meaning set forth in <U>Section 8.1</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Funding Date</U>&rdquo;
shall mean the date upon which a Revolving Advance is made hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Funding Requirements</U>&rdquo;
shall mean, (a) with respect to each Revolving Advance other than Table Funding Advances, the following requirements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowers
shall submit to Agent a Notice of Borrowing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowers
shall provide to Agent the executed original Eligible Mortgage Loan duly endorsed to Agent or, in lieu of such endorsement, an
allonge executed by Borrowers with respect thereto in form and substance satisfactory to Agent, together with all related Mortgage
Loan Documents which in the case of Mortgage Loan Documents to be filed or recorded, shall be the non-recorded, executed, duplicate
originals thereof provided that all such recorded related Mortgage Loan Documents shall be forwarded directly to Agent to the
address set forth in <U>Section 17.6</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowers
shall provide to Agent a Related Title Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
payments required to be made on such Eligible Mortgage Loan shall have been made and credited. No default, breach, violation or
other event shall have occurred under the terms of such Eligible Mortgage Loan or any related Mortgage Loan Document. There shall
have been no amendment, modification or waiver to such Eligible Mortgage Loan or any of such related Mortgage Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within
two (2) Business Days after Agent&rsquo;s receipt of such Notice of Borrowing, Eligible Mortgage Loan, related Mortgage Loan Documents
and Related Title Policy, Agent shall either (x) provide such funding as is so requested, but, in any event, not in excess of
the Applicable Advance Rate, and provided that, after giving effect to such requested Revolving Advance, the aggregate amount
of all outstanding Revolving Advances is not in excess of the lesser of (i) the Borrowing Base, or (ii) the Maximum Revolving
Amount, or (y) advise Borrowers that Agent, in its sole discretion, will not make such requested Revolving Advance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 103; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex One - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Table
Funding Advances</U>. With respect to Revolving Advances which are requested by Borrowers prior to the funding by Borrowers of
the Eligible Mortgage Loan to which such requested Revolving Advance relates (&ldquo;<U>Table Funding Advances</U>&rdquo;), an
independent attorney or title insurance company, in all respects acceptable to Agent in its sole and absolute discretion shall
act as Escrow Agent (the &ldquo;<U>Escrow Agent</U>&rdquo;) pursuant to the Escrow Agreement attached hereto as <U>Exhibit A</U>
with respect to each such Revolving Advance, which Escrow Agreement shall be subject to such additional changes or requirement
as Agent may determine form time to time. The procedure respecting each such Table Funding Advance shall be as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
least one (1) Business Day prior to the date such Revolving Advance is requested to be made, Borrowers shall provide written notification
of such request by forwarding to Agent the Notice of Borrowing form together with the term sheet substantially in the form of
<U>Exhibit D</U> (or equivalent document) and related materials; provided that in lieu of an appraisal as set forth in section
(g) of the definition of Mortgage File, Borrowers shall provide an internal valuation of the Mortgaged Property described in the
Mortgage which secures such Mortgage Note, which valuation shall be acceptable to Agent in form and content.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event Agent, in its sole discretion, shall elect to make such Revolving Advance, such Revolving Advance shall be made to the
Escrow Agent to an account at the Agent designated by the Escrow Agent and existing solely for the purpose of receiving such Revolving
Advances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Escrow Agent shall hold such Revolving Advance pending receipt by the Escrow Agent of (i) a fully executed Mortgage Note endorsed
to Agent as follows: &ldquo;Pay to the order of Webster Business Credit Corporation as Agent&rdquo; or, in lieu of such endorsement,
an allonge executed by Borrowers with respect thereto in form and substance satisfactory to Agent, (ii) fully executed related
Mortgage Loan Documents and (iii) fully executed assignments of all related Mortgage Loan Documents to Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the issuance by or caused by the Escrow Agent of a Related Title Policy duly endorsed to Agent as first mortgagee, the Escrow
Agent may release such Revolving Advance to Borrowers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within
two (2) Business Days after the Escrow Agent has released such Revolving Advance, the Escrow Agent shall send to Agent by a nationally
recognized receipted overnight delivery service the following: (i) such endorsed Eligible Mortgage Loan, (ii) all related Mortgage
Loan Documents and assignments thereof, which in the case of related Mortgage Loan Documents to be filed or recorded, shall be
the non-recorded executed duplicate originals thereof (provided that such recorded Mortgage Loan Documents shall be forwarded
directly to Agent) and (iii) such title insurance policy and endorsement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Table Funding Advances shall be made if after giving effect thereto the outstanding balance of all Table Funding Advances (i.e.,
before all documentation required to be received by Agent is in fact in Agent&rsquo;s possession) would exceed Two Million Dollars
($2,000,000) in the aggregate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 104; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex One - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1.5in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Escrow Agent shall mark the Mortgage and other recorded Mortgage Loan Documents to be returned directly to Agent to the address
set forth in the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>GAAP</U>&rdquo;
shall mean generally accepted accounting principles in the United States of America in effect from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>General Intangibles</U>&rdquo;
shall mean and include as to each Loan Party all of such Loan Party&rsquo;s general intangibles, whether now owned or hereafter
acquired including, without limitation, all payment intangibles, choses in action, causes of action, corporate or other business
records, inventions, designs, patents, patent applications, equipment formulations, manufacturing procedures, quality control
procedures, trademarks, trade names, service marks, trade secrets, goodwill, copyrights, design rights, registrations, licenses,
license fees, franchises, customer lists, tax refunds, tax refund claims, pension fund refunds, pension fund refund claims, overpayments,
overpayment claims, reclamation rights, computer programs, software, all claims under guaranties, security interests or other
security held by or granted to such Loan Party to secure payment of any of the Receivables by a Mortgagor Customer, all rights
of indemnification and all other intangible property of every kind and nature (other than Receivables).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Governmental
Body</U>&rdquo; shall mean any nation or government, any state or other political subdivision thereof or any entity exercising
the legislative, judicial, regulatory or administrative functions of or pertaining to a government.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Guarantor</U>&rdquo;
shall mean any Person (other than a Loan Party) who may hereafter guarantee payment or performance of the whole or any part of
the Obligations. &ldquo;<U>Guarantors</U>&rdquo; means collectively all such Persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Guaranty</U>&rdquo;
shall mean any guaranty of the payment or performance of the whole or any part of the Obligations, in whole or in part, executed
at any time by a Guarantor in favor of Agent for the ratable benefit of Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Hazardous
Discharge</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;4.18(d)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Hazardous
Substance</U>&rdquo; shall mean, without limitation, any flammable explosives, radon, radioactive materials, asbestos, urea formaldehyde
foam insulation, polychlorinated biphenyls, petroleum and petroleum products, methane, hazardous materials, Hazardous Wastes,
hazardous or Toxic Substances or related materials as defined in CERCLA, the Hazardous Materials Transportation Act, as amended
(49 U.S.C. Section 1801, <U>et seq</U>.), RCRA, Articles 15 and 27 of the New York State Environmental Conservation Law or any
other applicable Environmental Law and in the regulations adopted pursuant thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Hazardous
Wastes</U>&rdquo; shall mean all waste materials subject to regulation under CERCLA, RCRA or applicable state law, and any other
applicable Federal and state laws now in force or hereafter enacted relating to hazardous waste disposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 105; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex One - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">&ldquo;<U>Hedge Contract</U>&rdquo;
shall mean any &ldquo;hedge,&rdquo; &ldquo;swap,&rdquo; &ldquo;collar,&rdquo; &ldquo;cap&rdquo; or similar agreement between a
Loan Party and any other financial institution, including, but not limited to, WBCC, Bank, any Lender or any other Affiliate thereof,
intended to fix the relative amount of such Loan Party&rsquo;s risk in respect of changes in interest rates and foreign currency
exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Historical
Financial Statements</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;5.4(a)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Initial Revolving
Advance</U>&rdquo; shall mean the initial Revolving Advance (or series of initial Revolving Advances) to be made on the Closing
Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Indebtedness</U>&rdquo;
of a Person at a particular date shall mean all obligations of such Person which in accordance with GAAP would be classified upon
a balance sheet as liabilities (except trade payable incurred in the Ordinary Course of Business, Equity Interests and surplus
earned or otherwise) and in any event, without limitation by reason of enumeration, shall include all indebtedness, debt and other
similar monetary obligations of such Person whether direct or guaranteed, and all premiums, if any, due at the required prepayment
dates of such indebtedness, and all indebtedness secured by a Lien on assets owned by such Person, whether or not such indebtedness
actually shall have been created, assumed or incurred by such Person. Any indebtedness of such Person resulting from the acquisition
by such Person of any assets subject to any Lien shall be deemed, for the purposes hereof, to be the equivalent of the creation,
assumption and incurring of the indebtedness secured thereby, whether or not actually so created, assumed or incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Insolvency
Event</U>&rdquo; shall mean, with respect to any Person, including without limitation any Lender, such Person or such Person&rsquo;s
direct or indirect parent company (a) becomes the subject of a bankruptcy or insolvency proceeding (including any proceeding under
Title 11 of the United States Code), or regulatory restrictions, (b) has had a receiver, conservator, trustee, administrator,
custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business
appointed for it or has called a meeting of its creditors, (c) admits in writing its inability, or be generally unable, to pay
its debts as they become due or cease operations of its present business, (d) with respect to a Lender, such Lender is unable
to perform hereunder due to the application of applicable Law, or (e) in the good faith determination of Agent, has taken any
action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment of
a type described in clauses (a) or (b), provided that an Insolvency Event shall not result solely by virtue of any ownership interest,
or the acquisition of any ownership interest, in such Person or such Person&rsquo;s direct or indirect parent company by a Governmental
Body or instrumentality thereof if, and only if, such ownership interest does not result in or provide such Person with immunity
from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets
or permit such Person (or such Governmental Body or instrumentality) to reject, repudiate, disavow or disaffirm any contracts
or agreements made by such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Intellectual
Property</U>&rdquo; shall mean property constituting a patent, copyright, trademark (or any application in respect of the foregoing),
service mark, copyright, copyright application, trade name, mask work, trade secrets, design right, assumed name or license or
other right to use any of the foregoing under applicable Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 106; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex One - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">&ldquo;<U>IRS</U>&rdquo;
shall mean the Internal Revenue Service of the United States Treasury, and any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Law</U>&rdquo;
shall mean any law(s) (including common law), constitution, statute, treaty, regulation, rule, ordinance, opinion, issued guidance,
release, ruling, order, executive order, injunction, writ, decree, bond, judgment, authorization or approval, lien or award of
or any settlement arrangement, by agreement, consent or otherwise, with any Governmental Body, foreign or domestic, including
all disclosure and other requirements of ERISA, the requirements of Environmental Laws and environmental permits, the requirements
of OSHA and the requirements of the Department of Labor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Leasehold
Interests</U>&rdquo; shall mean all of each Loan Party&rsquo;s right, title and interest in and to any Real Property owned by
a Person other than Loan Party, whether as tenant, lessee, licensee, operator or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Lender</U>&rdquo;
or &ldquo;<U>Lenders</U>&rdquo; shall have the meaning ascribed to such term in the preamble to this Agreement and shall include
each Person which becomes a transferee, successor or assign of such Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Lender Party</U>&rdquo;
shall mean Agent, Lenders, the Bank, any Purchasing Lender and any Participant, together with each other holder from time to time
of any interest in any of the Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Lien</U>&rdquo;
shall mean any mortgage, deed of trust, pledge, hypothecation, assignment, security interest, lien (whether statutory or otherwise),
Charge, claim or encumbrance, or preference, priority or other security agreement or preferential arrangement held or asserted
in respect of any asset of any kind or nature whatsoever including, without limitation, any conditional sale or other title retention
agreement, any lease having substantially the same economic effect as any of the foregoing, and the filing of, or agreement to
give, any financing statement under the Uniform Commercial Code or comparable law of any jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Loan Party</U>&rdquo;
or &ldquo;<U>Loan Parties</U>&rdquo; shall have the meaning set forth in the preamble to this Agreement; and shall extend to all
permitted successors and assigns of such Persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Loan Year</U>&rdquo;
means each 12 month period commencing on the Closing Date and on each anniversary of the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Lock-Box Account</U>&rdquo;
shall have the meaning set forth in <U>Section&nbsp;4.14(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Lock-Box Agreement</U>&rdquo;
shall have the meaning set forth in <U>Section&nbsp;4.14(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Lock-Box Bank</U>&rdquo;
shall have the meaning set forth in <U>Section&nbsp;4.14(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Market Value</U>&rdquo;
shall mean, as of any date in respect of an Eligible Mortgage Loan, the price at which such Eligible Mortgage Loan could readily
be sold as determined in good faith by the Agent, which price may be determined to be zero. The Agent's determination of Market
Value shall be conclusive upon the parties absent manifest error on the part of the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 107; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex One - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">&ldquo;<U>Material Adverse
Effect</U>&rdquo; shall mean a material adverse effect on (a)&nbsp;the condition, operations, assets, business or prospects of
the applicable Person or Persons, (b) Loan Parties&rsquo; ability to pay the Obligations in accordance with the terms thereof,
(c)&nbsp;the value of the Collateral, or Agent&rsquo;s Liens on the Collateral or the priority of any such Lien or (d)&nbsp;the
practical realization of the benefits of Agent&rsquo;s and each Agent&rsquo;s rights and remedies under this Agreement and the
Other Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Material Agreements</U>&rdquo;
shall mean and include, in the case of each Loan Party, any Subsidiary of any Loan Party or any Guarantor the following: (i) any
lease of Real Property, (ii) any lease of personal property having aggregate annual rentals in excess of the Materiality Threshold,
(iii) any license agreement for the use of any intellectual property necessary for, or material to, to the operation of its business,
(iv) any agreement evidencing, pertaining to or securing the payment of, any Indebtedness, (v) any labor or union contract, (vi)
any employment contracts with executive officers of Loan Parties, (vii) any long-term purchase or supply contracts, and (viii)
any other contract or agreement the termination of which (without its contemporaneous replacement) would reasonably be expected
to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Materiality
Threshold</U>&rdquo; shall mean Two Hundred Fifty Thousand Dollars ($250,000.00).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Maximum Revolving
Amount</U>&rdquo; shall mean the maximum amount of Revolving Advances which may be outstanding at any one time, determined without
regard to the Borrowing Base, which as of the Closing Date equals Thirty Five Million Dollars ($35,000,000.00).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Modified Commitment
Transfer Supplement</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;17.3(d)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Monthly Advances</U>&rdquo;
shall have the meaning set forth in <U>Section&nbsp;3.1</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Mortgage</U>&rdquo;
shall mean the mortgage, deed of trust or other instrument securing a Mortgage Note which creates a first lien on the fee in real
property securing such Mortgage Note executed to secure a Mortgage Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 108; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex One - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">&ldquo;<U>Mortgage File</U>&rdquo;
shall mean, for any Mortgage Loan, (a) the original Mortgage Note bearing all intervening endorsements, duly endorsed to Agent,
(b) the original Mortgage(s) securing each Mortgage Note with evidence of recording thereon or copies certified by the related
recording office, (c) the original Customer Guaranties (if any) which guaranty the payment and/or performance of each Mortgage
Note, (d) the Assignment of Mortgage conveying the related Mortgage to the Agent, (e) the Collateral Assignment executed in connection
with such Mortgage(s) and Customer Guaranties, (f) any original stock certificates (accompanied by applicable stock powers), instruments,
chattel paper or other collateral securing any Mortgage Loan in which the perfection of Loan Party&rsquo;s Lien is based upon
Loan Party&rsquo;s possession thereof, (g) the valuation or desktop as complete appraisal of the subject Mortgaged Property prepared
by a third party valuation or appraisal service, (h) the Related Title Policy, (i) the personal covenants relating to such Mortgage
Note and the evidence of liability and property/casualty coverage relating to the Mortgaged Property, (j) the credit report and
credit application respecting the Mortgagor Customer of each Mortgage Note, (k) any and all instruments and documents necessary
to comply with the United States Patriot Act, the rules and regulations of the Office of Foreign Asset Control respecting each
Mortgage Note, (l) an opinion of independent counsel in all respects acceptable to Agent, addressed to Agent that the Mortgage
Note, the Mortgage(s), the Assignment of Mortgage, the Collateral Assignment and Customer Guaranties are the valid and binding
obligations of the parties thereto enforceable in accordance with their terms and have been duly and validly endorsed or assigned
to Agent, (m) any internal review write-up, (n) the contract of sale (if applicable), (o) environmental reports (if applicable),
(p) closing letter, (q) engineer&rsquo;s report (if applicable), (r) original or copy of assignment of rents (if applicable),
(s) original Loan Party&rsquo;s and guarantors certificate, (t) consent of shareholders, (u) marked title commitment/title policy,
assigned to Agent and including Patriot Act and OFAC searches, (v) deed, (w) certificate of incorporation, (x)&nbsp;proof of identification,
and (y) to the extent not listed herein, each of the documents listed on <U>Annex Two</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Mortgage Loan</U>&rdquo;
shall mean a mortgage loan provided by Loan Party to a Mortgagor Customer and which mortgage loan includes, without limitation,
(i) a Mortgage Note, the related Mortgage and all other Mortgage Loan Documents and (ii) all right, title and interest of any
Loan Party in and to the Mortgaged Property covered by such Mortgage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Mortgage Loan
Collateral</U>&rdquo; shall mean: All of the Loan Party's right, title and interest in, to and under each of the following items
of property, whether now owned or hereafter acquired, now existing or hereafter created and wherever located:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
Mortgage Loans;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
Mortgage Loan Documents, including without limitation all promissory notes, and all Servicing Records (as defined in <U>Section
6.13(b)</U>), servicing agreements and any other collateral pledged or otherwise relating to such Mortgage Loans, together with
all files, documents, instruments, surveys, certificates, correspondence, appraisals, computer programs, computer storage media,
accounting records and other books and records relating thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
mortgage guaranties and insurance (issued by governmental agencies or otherwise) and any mortgage insurance certificate or other
document evidencing such mortgage guaranties or insurance relating to any Mortgage Loan and all claims and payments thereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
other insurance policies and insurance proceeds relating to any Mortgage Loan or the related Mortgaged Property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
interest rate protection agreements, relating to or constituting any and all of the foregoing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Blocked Accounts and all other deposit accounts or collection accounts and all monies from time to time on deposit in therein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 109; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex One - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1.5in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
collateral, however defined, under any Other Document between the Loan Party or any of its Affiliates on the one hand and the
Agent or any of its Affiliates on the other hand;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
&ldquo;general intangibles&rdquo;, &ldquo;accounts&rdquo; and &ldquo;chattel paper&rdquo; as defined in the Uniform Commercial
Code relating to or constituting any and all of the foregoing; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
and all replacements, substitutions, distributions on or proceeds of any and all of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Mortgage Loan
Documents</U>&rdquo; shall mean, with respect to a Mortgage Loan, the documents comprising the Mortgage File for such Mortgage
Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Mortgage Loan
Schedule</U>&rdquo; shall mean a list of Eligible Mortgage Loans to be pledged to Agent hereunder attached to each Notice of Borrowing
setting forth, as to each Eligible Mortgage Loan, the applicable information specified on <U>Annex Two</U>, <U>Part III</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Mortgage Note</U>&rdquo;
shall mean the original executed promissory note or other evidence of the indebtedness of a Mortgagor Customer with respect to
a Mortgage Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Mortgaged
Property</U>&rdquo; shall mean the real property (including all improvements, buildings, fixtures, building equipment and personal
property thereon and all additions, alterations and replacements made at any time with respect to the foregoing) and all other
collateral securing repayment of the debt evidenced by a Mortgage Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Mortgagor
Customer</U>&rdquo; shall mean the obligor on a Mortgage Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Multiemployer
Plan</U>&rdquo; shall mean a &ldquo;multiemployer plan&rdquo; as defined in Sections&nbsp;3(37) and 4001(a)(3) of ERISA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Net Worth</U>&rdquo;
shall have the meaning set forth in <U>Section 8.1</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Note</U>&rdquo;
shall mean each Revolving Credit Note and any other promissory note at any time evidencing any other portion of the Obligations.
&ldquo;<U>Notes</U>&rdquo; shall refer, collectively, thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Notice of
Borrowing</U>&rdquo; shall have the meaning set forth in <U>Section 2.2(a)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Obligations</U>&rdquo;
shall mean and include any and all of each Loan Party&rsquo;s Indebtedness and/or liabilities to Agent and each other Lender Party,
of every kind, nature and description, direct or indirect, secured or unsecured, joint, several, joint and several, absolute or
contingent, due or to become due, now existing or hereafter arising, contractual or tortious, liquidated or unliquidated, regardless
of how such indebtedness or liabilities arise or by what agreement or instrument they may be evidenced or whether evidenced by
any agreement or instrument, including, but not limited to, any and all of any Loan Party&rsquo;s Indebtedness and/or liabilities
to Agent and each other Lender Party, under this Agreement, the Other Documents, any Permitted Hedge Contracts, any Bank Product
or under any other agreement between Agent and each other Lender Party, and any Loan Party and all obligations of any Loan Party
to Agent and each other Lender Party, to perform acts or refrain from taking any action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 110; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex One - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">&ldquo;<U>Ordinary Course
of Business</U>&rdquo; shall mean, with respect to any Loan Party, the ordinary course of such Loan Party&rsquo;s business as
conducted on the Signing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Organic Documents</U>&rdquo;
shall mean: (i)&nbsp;for a corporation, its articles (or certificate) of incorporation and bylaws; (ii)&nbsp;for a partnership,
its articles of organization (if any) and partnership agreement; and (iii)&nbsp;for a limited liability company, its articles
(or certificate) of organization and any operating agreement; together with, for each such entity and any other entity not described
above, such other, similar documents as are integral to its formation or the conduct of its business operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Origination
Date</U>&rdquo; shall mean, with respect to each Mortgage Loan, the date of the Mortgage Note relating to such Mortgage Loan,
unless such information is not provided by the Borrowers with respect to such Mortgage Loan, in which case the Origination Date
shall be deemed to be the date that is forty (40) days prior to the date of the first payment under the Mortgage Note relating
to such Mortgage Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>OSHA</U>&rdquo;
means Occupation Safety and Health Administration 29 U.S.C. &sect;&sect; 651 et seq., as same may be amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Other Documents</U>&rdquo;
shall mean the Notes, any Mortgage and any and all other agreements, instruments and documents, including, without limitation,
guaranties, security agreements, pledges, powers of attorney or any Guaranty, any Pledge Agreement, consents, and all other writings
heretofore, now or hereafter executed by any Loan Party or any Guarantor and/or delivered to Agent or any other Lender Party,
in respect of the transactions contemplated by this Agreement. The term &ldquo;<U>Other Documents</U>&rdquo; includes, without
limitation, all those documents to which any Loan Party or any Guarantor is a party described in <U>Section 9.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Out-of-Formula
Loans</U>&rdquo; shall have the meaning set forth in <U>Section 17.2(e)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Participant</U>&rdquo;
shall mean each Person who shall be granted the right by any Lender to participate in any of the Revolving Advances and who shall
have entered into a participation agreement in form and substance satisfactory to such Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Payment Office</U>&rdquo;
shall mean, initially, 360 Lexington Avenue, New York, New York 10017; thereafter, such other office of Agent located in the United
States of America, if any, which it may designate by notice to Borrower Representative to be the Payment Office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PBGC</U>&rdquo;
shall mean the Pension Benefit Guaranty Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Perfection
Certificate</U>&rdquo; shall mean, collectively, the Perfection Certificate for each Loan Party and the responses thereto provided
by such Loan Party and delivered to Agent on or prior to the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 111; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex One - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">&ldquo;<U>Permitted
Commercial Loan Financing</U>&rdquo; shall mean a financing made on commercially reasonable market terms between a Loan Party
or a Permitted Commercial Loan Subsidiary and one or more third party financial institution(s) providing loans secured by Commercial
Loans and pursuant to which the following additional conditions have been satisfied: (i) Agent shall have received at least ten
(10) Business Days&rsquo; prior notice of such proposed financing, which notice shall include a reasonably detailed description
of such proposed financing; (ii) immediately prior to and after giving effect thereto, no Default or Event of Default shall have
occurred and be continuing or would result therefrom; (iii) immediately prior to and after giving effect thereto, the Loan Parties
shall be in pro forma compliance with the Financial Covenants; (iv) all proceeds of such financing shall be remitted to Agent
upon the consummation thereof for application to the Revolving Advances; (v) on or prior to the date of such proposed financing,
Agent shall have received copies of the documentation governing such Permitted Commercial Loan Financing; and (vi) any Liens securing
such proposed financing shall be limited to a collateral assignment of Commercial Loans and the related Commercial Mortgaged Property,
promissory notes and mortgage files and the proceeds thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Permitted
Commercial Loan Subsidiary</U>&rdquo; shall mean a Subsidiary of a Borrower created to own Commercial Loans in connection with
a Permitted Commercial Loan Financing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Permitted
Discretion</U>&rdquo; means a determination made in good faith and in the exercise (from the perspective of a secured asset-based
lender) of commercially reasonable business judgment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Permitted
Encumbrances</U>&rdquo; shall mean (a)&nbsp;Liens in favor of Agent for the benefit of itself and each other Lender Party which,
in each case, secure Obligations; (b)&nbsp;Liens for taxes, assessments or other governmental charges not delinquent or being
Properly Contested; (c)&nbsp;deposits or pledges to secure obligations under worker&rsquo;s compensation, social security or similar
laws, or under unemployment insurance; (d)&nbsp;judgment Liens which do not otherwise constitute an Event of Default under <U>Section&nbsp;11.6</U>,
that have been (and remain) stayed or bonded and are being Properly Contested; (e)&nbsp;deposits or pledges to secure bids, tenders,
contracts (other than contracts for the payment of money), leases, statutory obligations, surety and appeal bonds and other obligations
of like nature arising in the ordinary course of any Loan Party&rsquo;s business; (f)&nbsp;mechanic&rsquo;s, worker&rsquo;s, materialmen&rsquo;s
or other like Liens arising in the ordinary course of any Loan Party&rsquo;s business with respect to obligations which are not
due or which are being Properly Contested; (g)&nbsp;Liens placed upon fixed assets or capital hereafter acquired to secure a portion
of the purchase price thereof, provided that (1)&nbsp;any such lien shall not encumber any other property of the Loan Parties
and (2)&nbsp;the aggregate amount of Indebtedness secured by such Liens incurred as a result of such purchases during any Fiscal
Year shall not exceed the amount provided for in <U>Section&nbsp;7.9 (iv)</U>; (h)&nbsp;Liens in the nature of ownership interests
of lessors of real and personal property, to the extent such leases are permitted under <U>Sections&nbsp;7.19</U> hereof; (i)
the Bankwell Mortgage and any other Liens upon the 698 Main Street Property in favor of Bankwell or any other Person securing
Indebtedness incurred to fund the renovation thereof; (j) Liens in respect of Permitted Commercial Loan Financing; and (k)&nbsp;other
Liens incidental to the conduct of Loan Parties&rsquo; business or the ownership of its property and assets which were not incurred
in connection with the borrowing of money or the obtaining of advances or credit, and which do not in the aggregate materially
detract from Agent&rsquo;s rights in and to the Collateral or the value of Loan Parties&rsquo; property or assets or which do
not materially impair the use thereof in the operation of Loan Parties&rsquo; business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 112; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex One - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">&ldquo;<U>Permitted
Hedge Contracts</U>&rdquo; shall mean any Hedge Contracts entered into in the ordinary course of, and pursuant to the reasonable
requirements of, Loan Parties&rsquo; business, and not for speculative purposes in any event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Permitted
Subordinated Debt</U>&rdquo; shall mean and include such Subordinated Debt as the Agent may consent to be incurred (or carried)
by Loan Parties at any time or from time to time, which shall at all times be subject to a Subordination Agreement in favor of
Agent and the Lenders. As of the Closing Date, there is no Permitted Subordinated Debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Person</U>&rdquo;
shall mean any individual, sole proprietorship, partnership, corporation, business trust, joint stock company, trust, unincorporated
organization, association, limited liability company, institution, public benefit corporation, joint venture, entity or government
(whether Federal, state, county, city, municipal or otherwise, including any instrumentality, division, agency, body or department
thereof).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Plan</U>&rdquo;
shall mean any employee benefit plan within the meaning of Section&nbsp;3(3) of ERISA, maintained for employees of Loan Parties
or any member of the Controlled Group or any such Plan to which any Loan Party or any member of the Controlled Group is required
to contribute on behalf of any of its employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Pledge Agreement</U>&rdquo;
shall mean that certain pledge agreement from each Loan Party in favor of Agent, for the pro rata benefit of the Lender Parties,
in respect of the Equity Interest of each Subsidiary owned by it (limited, in the case of Foreign Subsidiaries, to sixty-five
percent (65%) of such Equity Interests), in form and substance satisfactory to Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Pledged Account</U>&rdquo;
shall have the meaning given to such term in <U>Section 4.14(e)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Pledged Account
Agreement</U>&rdquo; shall have the meaning given to such term in <U>Section 4.14(e)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Principals</U>&rdquo;
shall mean John L. Villano and Jeffrey C. Villano.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Projections</U>&rdquo;
shall have the meaning set forth in <U>Section&nbsp;5.4(b)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Properly Contested</U>&rdquo;
shall mean, in the case of any Indebtedness, Lien or Taxes, as applicable, of any Person that are not paid as and when due or
payable by reason of such Person&rsquo;s bona fide dispute concerning its liability to pay the same or concerning the amount thereof:
(a) such Indebtedness, Lien or Taxes, as applicable, are being properly contested in good faith by appropriate proceedings promptly
instituted and diligently conducted; (b) such Person has established appropriate reserves as shall be required in conformity with
GAAP; (c) the non-payment of such Indebtedness or Taxes will not have a Material Adverse Effect or will not result in the forfeiture
of any assets of such Person; (d) no Lien is imposed upon any of such Person&rsquo;s assets with respect to such Indebtedness
or taxes unless such Lien (x) does not attach to any Receivables or inventory, (y) is at all times junior and subordinate in priority
to the Liens in favor of the Agent (except only with respect to property Taxes that have priority as a matter of applicable state
law) and, (z) enforcement of such Lien is stayed during the period prior to the final resolution or disposition of such dispute;
and (e) if such Indebtedness or Lien, as applicable, results from, or is determined by the entry, rendition or issuance against
a Person or any of its assets of a judgment, writ, order or decree, enforcement of such judgment, writ, order or decree is stayed
pending a timely appeal or other judicial review.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 113; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex One - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">&ldquo;<U>Protective
Advances</U>&rdquo; shall have the meaning set forth in <U>Section 17.2</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Published
Rate</U>&rdquo; shall mean the rate of interest published each Business Day in the Wall Street Journal &ldquo;Money Rates&rdquo;
listing under the caption &ldquo;London Interbank Offered Rates&rdquo; for a one month period (or, if no such rate is published
therein for any reason, then the Published Rate shall be the LIBOR Rate for a one month period as published in another publication
selected by Agent or, if LIBOR becomes unavailable or impracticable to use as an index rate, such other equivalent rate selected
by Agent); <U>provided</U>, <U>however</U>, that if the Published Rate is less than zero, such rate shall be deemed to be zero
for purposes of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Purchasing
CLO</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;17.3(d)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Purchasing
Lender</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;17.3(c)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>RCRA</U>&rdquo;
shall mean the Resource Conservation and Recovery Act, 42 U.S.C. &sect;&sect;&nbsp;6901 <U>et seq</U>., as same may be amended
from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Real Property</U>&rdquo;
shall mean all premises or real property owned or leased premises by a Loan Party, existing on or after the Closing Date, including,
particularly, the real property identified on <U>Schedule&nbsp;5.25</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Receivables</U>&rdquo;
shall mean and include, as to each Loan Party, all of such Loan Party&rsquo;s accounts, contract rights, instruments (including
those evidencing indebtedness owed to Loan Parties by their respective Affiliates), documents, chattel paper (including electronic
chattel paper), general intangibles relating to accounts, drafts and acceptances (including payment intangibles), and all other
forms of obligations owing to such Loan Party arising out of or in connection with a Mortgage Loan, the sale or lease of Inventory
or the rendition of services, all guarantees and other security therefor, whether secured or unsecured, now existing or hereafter
created, and whether or not specifically sold or assigned to Agent hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Register</U>&rdquo;
shall have the meaning set forth in <U>Section&nbsp;17.3(e)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>REIT</U>&rdquo;
means a real estate investment trust under Sections 856-860 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>REIT Distributions</U>&rdquo;
means dividends or distributions required to be made by a real estate investment trust under Sections 856-860 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Related Title
Policy</U>&rdquo; shall mean a policy of title insurance insuring the first priority of a Mortgage, in the form described in clause
(o) of <U>Annex Two, Part I</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 114; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex One - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">&ldquo;<U>Release</U>&rdquo;
shall have the meaning set forth in <U>Section&nbsp;5.6(c)(i)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Reportable
Event</U>&rdquo; shall mean a reportable event described in Section&nbsp;4043(b) of ERISA or the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Reportable
Compliance Event</U>&rdquo; shall mean that any Covered Entity becomes a Sanctioned Person, or is charged by indictment, criminal
complaint or similar charging instrument, arraigned, or custodially detained in connection with any Anti-Terrorism Law or any
predicate crime to any Anti-Terrorism Law, or has knowledge of facts or circumstances to the effect that it is reasonably likely
that any aspect of its operations is in actual or probable violation of any Anti-Terrorism Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Required Lenders</U>&rdquo;
shall mean Lenders (not including any Defaulting Lender) holding greater than fifty percent (50%) of either (a) the aggregate
of the Revolving Commitment Amounts of all Lenders (excluding any Defaulting Lender), or (b) after the termination of all Commitments
of Lenders hereunder, the sum of (x) the outstanding Revolving Advances; <U>provided</U>, <U>however</U>, if there are fewer than
three (3) Lenders, Required Lenders shall mean all Lenders (excluding any Defaulting Lender).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Reserve Percentage</U>&rdquo;
shall mean as of any day the maximum effective percentage in effect on such day as prescribed by the Board of Governors of the
Federal Reserve System (or any successor) for determining the reserve requirements (including supplemental, marginal and emergency
reserve requirements) with respect to eurocurrency funding (currently referred to as &ldquo;<U>Eurocurrency Liabilities</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Revolving
Advances</U>&rdquo; shall mean and include any loans, advances or other financial accommodations made under, pursuant to or in
connection with this Agreement or any Other Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Revolving
Advance Request Date</U>&rdquo; shall have the meaning set forth in <U>Section 9.2</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Revolving
Commitment</U>&rdquo; shall mean, as to any Lender, the obligation of such Lender (if applicable), to make Revolving Advances
in an aggregate principal and/or face amount not to exceed the Revolving Commitment Amount (if any) of such Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Revolving
Commitment Amount</U>&rdquo; shall mean, as to any Lender, the Revolving Commitment amount (if any) set forth below such Lender&rsquo;s
name on <U>Schedule 1.1</U> hereof (or, in the case of any Lender that became party to this Agreement after the Closing Date pursuant
to <U>Section 17.3(c)</U> or <U>(d)</U> hereof, the Revolving Commitment amount (if any) of such Lender as set forth in the applicable
Commitment Transfer Supplement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Revolving
Commitment Percentage</U>&rdquo; shall mean, as to any Lender, the Revolving Commitment Percentage (if any) set forth below such
Lender&rsquo;s name on <U>Schedule 1.1</U> hereof (or, in the case of any Lender that became party to this Agreement after the
Closing Date pursuant to <U>Section 17.3(c)</U> or <U>(d)</U> hereof, the Revolving Commitment Percentage (if any) of such Lender
as set forth in the applicable Commitment Transfer Supplement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 115; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex One - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">&ldquo;<U>Revolving
Credit Note(s)</U>&rdquo; shall mean the promissory note(s) referred to in <U>Section&nbsp;2.1(a)</U> hereof evidencing Indebtedness
of Borrower to a Lender arising from the making of Revolving Advances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Revolving
Interest Rate</U>&rdquo; shall mean an interest rate per annum equal to the sum of the Daily LIBOR Rate <U>plus</U> the Applicable
Margin.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Sanctioned
Country</U>&rdquo; shall mean a country subject to a sanctions program maintained under any Anti-Terrorism Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Sanctioned
Person</U>&rdquo; shall mean any individual person, group, regime, entity or thing listed or otherwise recognized as a specially
designated, prohibited, sanctioned or debarred person, group, regime, entity or thing or subject to any limitations or prohibitions
(including but not limited to the blocking of property or rejection of transactions), under any Anti-Terrorism Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Securities</U>&rdquo;
shall mean and include, as to each Loan Party, all marketable securities and investment property owned by Loan Party, whether
now existing or hereafter created, including any held by any intermediary in any &ldquo;street&rdquo; name, pursuant to any custody
arrangement or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Senior Funded
Debt</U>&rdquo; shall have the meaning set forth in <U>Section 8.1</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Senior Funded
Debt to Tangible Net Worth Ratio</U>&rdquo; shall have the meaning set forth in <U>Section 8.1</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Settlement
Date</U>&rdquo; shall have the meaning set forth in <U>Section 2.9(d)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Signing Date</U>&rdquo;
shall have the meaning set forth in the preamble to the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Subordinated
Debt</U>&rdquo; shall mean Indebtedness which has been subordinated, in right of payment and claim, to the rights and claims of
Agent and Lenders in respect of the Obligations, on terms satisfactory to Agent, pursuant to a Subordination Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Subordination
Agreement</U>&rdquo; shall mean an agreement, satisfactory in form and substance to Agent, among (i)&nbsp;Agent, for the benefit
of Lenders, (ii)&nbsp;a creditor holding Indebtedness permitted to be incurred hereunder, and (iii)&nbsp;the Loan Parties (whether
directly or by consent), setting forth the terms by which such Indebtedness held by such creditor shall become Permitted Subordinated
Debt hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Subsidiary</U>&rdquo;
shall mean a corporation or other entity of whose shares of Equity Interests having ordinary voting power (other than Equity Interests
having such power only by reason of the happening of a contingency) to elect a majority of the directors of such corporation or
other entity, or other Persons performing similar functions for such corporation or entity, are owned, directly or indirectly,
by such Person. Unless otherwise expressly provided herein, references herein to a &ldquo;<U>Subsidiary</U>&rdquo; or the &ldquo;<U>Subsidiaries</U>&rdquo;
shall mean and refer to Subsidiaries of the Loan Parties, including any not in being on the Signing Date in anticipation of their
subsequent creation or acquisition in accordance with the terms hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 116; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex One - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">&ldquo;<U>Subsidiary
Pledge Agreement</U>&rdquo; shall mean that certain pledge agreement from Borrower in favor of Agent in respect of the Equity
Interest of each Subsidiary owned by it (limited, in the case of Foreign Subsidiaries, to sixty-five percent (65%) of such Equity
Interests), in form and substance satisfactory to Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Table Funding
Advances</U>&rdquo; see <U>section (b)</U> of the definition of Funding Requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Tangible Net
Worth</U>&rdquo; shall have the meaning set forth in <U>Section 8.1</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Taxes</U>&rdquo;
shall mean all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges
imposed by any Governmental Body, including any interest, additions to tax or penalties applicable thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Term</U>&rdquo;
shall have the meaning set forth in <U>Section&nbsp;14.1</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Termination
Event</U>&rdquo; shall mean: (i)&nbsp;a Reportable Event with respect to any Plan or Multiemployer Plan; (ii)&nbsp;the withdrawal
of any Loan Party or any member of the Controlled Group from a Plan or Multiemployer Plan during a plan year in which such entity
was a &ldquo;substantial employer&rdquo; as defined in Section&nbsp;4001(a)(2) of ERISA; (iii)&nbsp;the providing of notice of
intent to terminate a Plan in a distress termination described in Section&nbsp;4041(c) of ERISA; (iv)&nbsp;the institution by
the PBGC of proceedings to terminate a Plan or Multiemployer Plan; (v)&nbsp;any event or condition (a)&nbsp;which might constitute
grounds under Section&nbsp;4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan or Multiemployer
Plan, or (b)&nbsp;that may result in termination of a Multiemployer Plan pursuant to Section&nbsp;4041A of ERISA; or (vi)&nbsp;the
partial or complete withdrawal within the meaning of Sections 4203 and 4205 of ERISA, of any Loan Party or any member of the Controlled
Group from a Multiemployer Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Test Period</U>&rdquo;
shall have the meaning set forth in <U>Section 8.1</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Title Insurer</U>&rdquo;
the issuer of a title insurance policy which insures a Mortgage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Toxic Substance</U>&rdquo;
shall mean and include any material present on the Real Property which has been shown to have significant adverse effect on human
health or which is subject to regulation under the Toxic Substances Control Act (TSCA), 15 U.S.C. &sect;&sect; 2601 et seq., applicable
state law, or any other applicable Federal or state laws now in force or hereafter enacted relating to toxic substances. &ldquo;Toxic
Substance&rdquo; includes but is not limited to asbestos, polychlorinated biphenyls (PCBs) and lead-based paints.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Transferee</U>&rdquo;
shall have the meaning set forth in <U>Section&nbsp;17.3(b)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 117; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex One - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">&ldquo;<U>Undrawn Availability</U>&rdquo;
at a particular date shall mean an amount equal to (a)&nbsp;the <U>lesser</U> of (i)&nbsp;the Borrowing Base or (ii)&nbsp;the
Maximum Revolving Amount, <U>minus</U> (b)&nbsp;the sum of (i)&nbsp;the outstanding amount of Revolving Advances <U>plus</U> (ii)&nbsp;all
amounts due and owing to Loan Parties&rsquo; trade creditors which are outstanding beyond normal trade terms, <U>plus</U> (iii)&nbsp;all
fees and expenses for which Loan Parties are liable hereunder but which have not been paid or charged to Borrowers&rsquo; Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Unfinanced
Capital Expenditures</U>&rdquo; shall have the meaning set forth in <U>Section 8.1</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Uniform Commercial
Code</U>&rdquo; or &ldquo;<U>UCC</U>&rdquo; shall mean the Uniform Commercial Code as adopted in the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>United States</U>&rdquo;
or &ldquo;<U>U.S.</U>&rdquo; means the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Validity Guaranty</U>&rdquo;
shall have the meaning set forth in <U>Section 9.1(u)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Yield Surcharge</U>&rdquo;
shall have the meaning set forth in <U>Section 3.11</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>WBCC</U>&rdquo;
shall have the meaning set forth in the preamble to this Agreement; and shall include its successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 118; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex One - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;</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>&nbsp;</TD>
    <TD COLSPAN="2">ANNEX ONE, Acknowledged and Agreed:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&ldquo;Borrower&rdquo; or &ldquo;Borrower Representative&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">SACHEM CAPITAL CORP.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ John Villano</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>John Villano</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Co - CEO</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">May 11, 2018</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Signature Page to Annex One</P>

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


<!-- Field: Page; Sequence: 119 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ANNEX TWO</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPRESENTATIONS AND WARRANTIES RE: MORTGAGE
LOANS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Part I. <U>Eligible Mortgage Loans</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As to each Mortgage
Loan included in the Borrowing Base on a Funding Date (and the related Mortgage, Mortgage Note, Assignment of Mortgage, Collateral
Assignment and Mortgaged Property), the Borrowers shall be deemed to make the following representations and warranties to the
Agent as of such date and as of each date Collateral Value is determined (certain defined terms used herein and not otherwise
defined in the Loan Agreement appearing in <U>Part II</U> to this <U>Annex Two</U>):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mortgage
Loans as Described</U>. The information set forth in the Mortgage Loan Schedule and in each Notice of Borrowing with respect to
the Mortgage Loan is complete, true and correct in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payments
Current</U>. All payments required to be made up to the Funding Date for the Mortgage Loan under the terms of the Mortgage Note
have been made and credited. No payment required under the Mortgage Loan is delinquent nor has any payment under the Mortgage
Loan been delinquent at any time since the origination of the Mortgage Loan. The first Monthly Payment shall be made, or shall
have been made, with respect to the Mortgage Loan on its Due Date or within the grace period, all in accordance with the terms
of the related Mortgage Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Outstanding Charges</U>. There are no defaults in complying with the terms of the Mortgage securing the Mortgage Loan, and all
taxes, governmental assessments, insurance premiums, water, sewer and municipal charges, leasehold payments or ground rents which
previously became due and owing have been paid, which Borrowers and Mortgagor Customer are endeavoring and undertaking to cure
or an escrow of funds has been established in an amount sufficient to pay for every such item which remains unpaid and which has
been assessed but is not yet due and payable. Borrower has not advanced funds, or induced, solicited or knowingly received any
advance of funds by a party other than the Mortgagor Customer, directly or indirectly, for the payment of any amount required
under the Mortgage Loan, except for interest accruing from the date of the Mortgage Note or date of disbursement of the proceeds
of the Mortgage Loan, whichever is earlier, to the day which precedes by one month the Due Date of the first installment of principal
and interest thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Original
Terms Unmodified</U>. The terms of the Mortgage Note and Mortgage have not been impaired, waived, altered or modified in any respect,
from the date of origination; except by a written instrument which has been recorded, if necessary to protect the interests of
the Agent, and which has been delivered to the Agent and the terms of which are reflected in the Mortgage Loan Schedule. The substance
of any such waiver, alteration or modification has been approved by the title insurer, to the extent required, and its terms are
reflected on the Mortgage Loan Schedule. No Mortgagor Customer in respect of the Mortgage Loan has been released, in whole or
in part, except in connection with an assumption agreement approved by the title insurer, to the extent required by such policy,
and which assumption agreement is part of the Mortgage File delivered to the Agent and the terms of which are reflected in the
Mortgage Loan Schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 120; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex Two - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Defenses</U>. The Mortgage Loan is not subject to any right of rescission, set-off, counterclaim or defense, including without
limitation the defense of usury, nor will the operation of any of the terms of the Mortgage Note or the Mortgage, or the exercise
of any right thereunder, render either the Mortgage Note or the Mortgage unenforceable, in whole or in part and no such right
of rescission, set-off, counterclaim or defense has been asserted with respect thereto, and no Mortgagor Customer in respect of
the Mortgage Loan was a debtor in any state or Federal bankruptcy or insolvency proceeding at the time the Mortgage Loan was originated.
The Borrowers have no knowledge nor has it received any notice that any Mortgagor Customer in respect of the Mortgage Loan is
a debtor in any state or federal bankruptcy or insolvency proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Hazard
Insurance</U>. The Mortgaged Property is insured by a fire and extended perils insurance policy, issued by a Qualified Insurer,
and such other hazards as are customary in the area where the Mortgaged Property is located, and to the extent required by the
Borrowers as of the date of origination consistent with the Underwriting Guidelines, against earthquake and other risks insured
against by Persons operating like properties in the locality of the Mortgaged Property, in an amount not less than the greatest
of (i) 100% of the replacement cost of all improvements to the Mortgaged Property, (ii) the outstanding principal balance of the
Mortgage Loan, or (iii) the amount necessary to avoid the operation of any co-insurance provisions with respect to the Mortgaged
Property, and consistent with the amount that would have been required as of the date of origination in accordance with the Underwriting
Guidelines. If any portion of the Mortgaged Property is in an area identified by any federal Governmental Body as having special
flood hazards, and flood insurance is available, a flood insurance policy meeting the current guidelines of the Federal Emergency
Management Agency is in effect with a generally acceptable insurance carrier, in an amount representing coverage not less than
the least of (1) the outstanding principal balance of the Mortgage Loan, (2) the full insurable value of the Mortgaged Property,
and (3) the maximum amount of insurance available under the National Flood Insurance Act of 1968, as amended by the Flood Disaster
Protection Act of 1974. All such insurance policies (collectively, the &ldquo;hazard insurance policy&rdquo;) contain a standard
mortgagee clause naming the Borrower, its successors and assigns (including without limitation, subsequent owners of the Mortgage
Loan), as mortgagee, and may not be reduced, terminated or canceled without 30 days' prior written notice to the mortgagee. No
such notice has been received by the Borrowers. All premiums on such insurance policy have been paid. The related Mortgage obligates
the Mortgagor Customer to maintain all such insurance and, at such Mortgagor Customer's failure to do so, authorizes the mortgagee
to maintain such insurance at the Mortgagor Customer's cost and expense and to seek reimbursement therefor from such Mortgagor
Customer. Where required by state law or regulation, the Mortgagor Customer has been given an opportunity to choose the carrier
of the required hazard insurance, provided the policy is not a &ldquo;master&rdquo; or &ldquo;blanket&rdquo; hazard insurance
policy covering a condominium, or any hazard insurance policy covering the common facilities of a planned unit development. The
hazard insurance policy is the valid and binding obligation of the insurer and is in full force and effect. The Borrowers have
not engaged in, and has no knowledge of the Mortgagor Customer's having engaged in, any act or omission which would impair the
coverage of any such policy, the benefits of the endorsement provided for herein, or the validity and binding effect of either
including, without limitation, no unlawful fee, commission, kickback or other unlawful compensation or value of any kind has been
or will be received, retained or realized by any attorney, firm or other Person, and no such unlawful items have been received,
retained or realized by the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 121; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex Two - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with Applicable Laws</U>. Any and all requirements of any federal, state or local law may be applicable to the Mortgage Loan have
been complied with, the consummation of the transactions contemplated hereby will not involve the violation of any such laws or
regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Satisfaction of Mortgage</U>. The Mortgage has not been satisfied, canceled, subordinated or rescinded, in whole or in part, and
the Mortgaged Property has not been released from the lien of the Mortgage, in whole or in part, nor has any instrument been executed
that would affect any such release, cancellation, subordination or rescission. The Borrowers have not waived the performance by
the Mortgagor Customer of any action, if the Mortgagor Customer's failure to perform such action would cause the Mortgage Loan
to be in default, nor has any Borrower waived any default resulting from any action or inaction by the Mortgagor Customer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Location
and Type of Mortgaged Property</U>. The Mortgaged Property is located in the state identified in the Mortgage Loan Schedule and
consists of a commercial mortgage for a single parcel of real property used primarily for residential purposes. No Mortgaged Property
is secured by raw land or located in a distressed area or zoned as such. No Mortgaged Property is located in a condominium unit
or project. No Mortgage Loan was used in connection with an infrastructure project. No mortgages for real property used primarily
for commercial purposes shall be included as Eligible Mortgage Loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Valid
Lien</U>. The Mortgage is a valid, subsisting, enforceable and perfected first lien, on the property included in the Mortgaged
Property, including all buildings on the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating
and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at
any time with respect to the foregoing. The lien of the Mortgage is subject only to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
lien of current real property taxes and assessments not yet due and payable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;covenants,
conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable
to prudent mortgage lending institutions generally and specifically referred to in the lender's title insurance policy delivered
to the originator of the Mortgage Loan and (a) referred to or otherwise considered in the appraisal made for the originator of
the Mortgage Loan or (b) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;other
matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended
to be provided by the Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 122; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex Two - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify">Any security agreement, chattel mortgage
or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting
and enforceable first lien and first priority security interest on the property described therein and the Borrowers have full
right to pledge and assign the same to the Agent. The Mortgaged Property was not, as of the date of origination of the Mortgage
Loan, encumbered by any deeds of trust, deed to secure debt or other security instrument creating a lien subordinate to the lien
of the Mortgage.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Validity
of Mortgage Documents</U>. The Mortgage Note and the Mortgage and any other agreement executed and delivered by a Mortgagor Customer
or guarantor, if applicable, in connection with a Mortgage Loan, are genuine, and each is the legal, valid and binding obligation
of the maker thereof enforceable in accordance with its terms. All parties to the Mortgage Note, the Mortgage and any other such
related agreement had legal capacity to enter into the Mortgage Loan and to execute and deliver the Mortgage Note, the Mortgage
and any such other related agreement, and the Mortgage Note, the Mortgage and any other such related agreement have been duly
and properly executed by such parties. No fraud, error, omission, misrepresentation, negligence or similar occurrence with respect
to a Mortgage Loan has taken place on the part of any Person, including, without limitation, the Mortgagor Customer, any appraiser,
any builder or developer, or any other party involved in the origination of the Mortgage Loan. The Borrowers have reviewed all
of the documents constituting the Mortgage File and has made such inquiries as it deems necessary to make and confirm the accuracy
of the representations set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Full
Disbursement of Proceeds</U>. The Mortgage Loan has been closed and the proceeds of the Mortgage Loan have been fully disbursed
and there is no further requirement for future advances thereunder, except in the case of construction loans, and any and all
requirements as to completion of any on-site or off-site improvement and as to disbursements of any escrow funds therefor have
been complied with. All costs, fees and expenses incurred in making or closing the Mortgage Loan and the recording of the Mortgage
were paid, and the Mortgagor Customer is not entitled to any refund of any amounts paid or due under the Mortgage Note or Mortgage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Ownership</U>.
The Borrowers are the sole owner and holder of the Mortgage Loan. The Mortgage Loan is not assigned or pledged, and each Borrower
has good, indefeasible and marketable title thereto, and has full right to transfer, pledge and assign the Mortgage Loan to the
Agent free and clear of any encumbrance, equity, participation interest, lien, pledge, negative pledge, charge, claim or security
interest, and has full right and authority subject to no interest or participation of, or agreement with, any other party, to
assign, transfer and pledge each Mortgage Loan pursuant to this Loan Agreement and following the pledge of each Mortgage Loan,
the Agent will hold such Mortgage Loan free and clear of any encumbrance, equity, participation interest, lien, pledge, charge,
claim or security interest except any such security interest created pursuant to the terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Doing
Business</U>. All parties which have had any interest in the Mortgage Loan, whether as mortgagee, assignee, pledgee or otherwise,
are (or, during the period in which they held and disposed of such interest, were) (i) in compliance with any and all applicable
licensing requirements of the laws of the state wherein the Mortgaged Property is located, and (ii) either (A) organized under
the laws of such state, (B) qualified to do business in such state, (C) a federal savings and loan association, a savings bank
or a national bank having a principal office in such state, or (D) not doing business in such state.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 123; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex Two - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Title
Insurance</U>. The Mortgage Loan is covered by either (i) an attorney's opinion of title and abstract of title, the form and substance
of which is acceptable to prudent mortgage lending institutions making mortgage loans in the area wherein the Mortgaged Property
is located or (ii) an ALTA lender's title insurance policy or other generally acceptable form of policy or insurance acceptable
to FNMA or FHLMC and each such title insurance policy is issued by a title insurer acceptable to FNMA or FHLMC and qualified to
do business in the jurisdiction where the Mortgaged Property is located, insuring each Borrower, its successors and assigns, as
to the first priority lien of the Mortgage in the original principal amount of the Mortgage Loan (or to the extent a Mortgage
Note provides for negative amortization, the maximum amount of negative amortization in accordance with the Mortgage), subject
only to the exceptions contained in clauses (1), (2) and (3) of paragraph (j) of this <U>Part I</U> of <U>Annex Two</U>, and any
other matters that Borrowers agreed to allow to be outstanding against the Mortgaged Property, provided that such matters, would
not affect the recovery of funds in the event of foreclosure, and in the case of adjustable rate Mortgage Loans, against any loss
by reason of the invalidity or unenforceability of the lien resulting from the provisions of the Mortgage providing for adjustment
to the Mortgage Interest Rate and Monthly Payment. Where required by state law or regulation, the Mortgagor Customer has been
given the opportunity to choose the carrier of the required mortgage title insurance. Additionally, such lender's title insurance
policy affirmatively insures ingress and egress and against encroachments by or upon the Mortgaged Property or any interest therein.
The title policy does not contain any special exceptions (other than the standard exclusions) for zoning and uses. The Borrower,
its successors and assigns, are the sole insureds of such lender's title insurance policy, and such lender's title insurance policy
is valid and remains in full force and effect and will be in force and effect upon the consummation of the transactions contemplated
by this Loan Agreement. No claims have been made under such lender's title insurance policy, and no prior holder or servicer of
the related Mortgage, including the Borrower, has done, by act or omission, anything which would impair the coverage of such lender's
title insurance policy, including, without limitation, no unlawful fee, commission, kickback or other unlawful compensation or
value of any kind has been or will be received, retained or realized by any attorney, firm or other Person, and no such unlawful
items have been received, retained or realized by the Borrower. Each title policy includes a clean Patriot Act and OFAC search.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Defaults</U>. There is no default, breach, violation or event of acceleration existing under the Mortgage or the Mortgage Note
and no event has occurred which, with the passage of time or with notice and the expiration of any grace or cure period, would
constitute a default, breach, violation or event of acceleration, and neither the Borrowers nor their predecessors have waived
any default, breach, violation or event of acceleration. No payment under any Mortgage Loan is more than sixty (60) days past
due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Mechanics' Liens</U>. There are no mechanics' or similar liens or claims which have been filed for work, labor or material (and
no rights are outstanding that under the law could give rise to such liens) affecting the Mortgaged Property which are or may
be liens prior to, or equal or coordinate with, the lien of the Mortgage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 124; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex Two - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Location
of Improvements; No Encroachments</U>. All improvements which were considered in determining the Appraised Value of the Mortgaged
Property lie wholly within the boundaries and building restriction lines of the Mortgaged Property, and no improvements on adjoining
properties encroach upon the Mortgaged Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Intentionally
Deleted</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Customary
Provisions</U>. The Mortgage contains customary and enforceable provisions such as to render the rights and remedies of the holder
thereof adequate for the realization against the Mortgaged Property of the benefits of the security provided thereby, including,
(i) in the case of a Mortgage designated as a deed of trust, by trustee's sale, and (ii) otherwise by judicial foreclosure. Upon
default by a Mortgagor Customer on a Mortgage Loan and foreclosure on, or trustee's sale of, the Mortgaged Property pursuant to
the proper procedures, the holder of the Mortgage Loan will be able to deliver good and merchantable title to the Mortgaged Property.
There is no homestead or other exemption available to a Mortgagor Customer which would interfere with the right to sell the Mortgaged
Property at a trustee's sale or the right to foreclose the Mortgage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conformance
with Underwriting Guidelines and Agency Standards</U>. The Mortgage Loan was underwritten in accordance with the Underwriting
Guidelines. The Borrowers have not made any representations to a Mortgagor Customer that are inconsistent with the mortgage instruments
used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Occupancy
of the Mortgaged Property</U>. As of the Funding Date, all uses of the Mortgaged Property are lawful, and if the Mortgaged Property
is or becomes occupied, then it is or it will be lawfully occupied. All inspections, licenses and certificates required to be
made or issued with respect to all occupied portions of the Mortgaged Property and, with respect to the use and occupancy of the
same, including but not limited to certificates of occupancy and fire underwriting certificates, have been made or obtained from
the appropriate authorities. The Borrowers have not received notification from any Governmental Body that the Mortgaged Property
is in material non-compliance with such laws or regulations, is being used, operated or occupied unlawfully or has failed to have
or obtain such inspection, licenses or certificates, as the case may be, which Borrowers and Mortgagor Customer are not endeavoring
to cure. The Borrowers have not received notice of any violation or failure to conform with any such law, ordinance, regulation,
standard, license or certificate. The Mortgagor Customer represented at the time of origination of the Mortgage Loan that the
Mortgagor Customer would NOT occupy the Mortgaged Property as a residence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Additional Collateral</U>. The Mortgage Note is not and has not been secured by any collateral except the lien of the corresponding
Mortgage and the security interest of any applicable security agreement or chattel mortgage referred to in clause (j) above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Deeds
of Trust</U>. In the event the Mortgage constitutes a deed of trust, a trustee, authorized and duly qualified under applicable
law to serve as such, has been properly designated and currently so serves and is named in the Mortgage, and no fees or expenses
are or will become payable by the Agent to the trustee under the deed of trust, except in connection with a trustee's sale after
default by the Mortgagor Customer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 125; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex Two - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery
of Mortgage Documents</U>. The Mortgage Note, the Mortgage, the Assignment of Mortgage and any other documents required to be
delivered under the Loan Agreement for each Mortgage Loan have been delivered to Agent.. The Borrowers or their agent is in possession
of a complete, true and accurate Mortgage File, except for such documents the originals of which have been delivered to Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transfer
of Mortgage Loans</U>. The Assignment of Mortgage is in recordable form and is acceptable for recording under the laws of the
jurisdiction in which the Mortgaged Property is located.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(aa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Due-On-Sale</U>.
The Mortgage contains an enforceable provision for the acceleration of the payment of the unpaid principal balance of the Mortgage
Loan in the event that the Mortgaged Property is sold or transferred without the prior written consent of the mortgagee thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(bb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Buydown Provisions; No Graduated Payments or Contingent Interests</U>. The Mortgage Loan does not contain provisions pursuant
to which Monthly Payments are paid or partially paid with funds deposited in any separate account established by the Borrower,
the Mortgagor Customer, or anyone on behalf of the Mortgagor Customer, or paid by any source other than the Mortgagor Customer
nor does it contain any other similar provisions which may constitute a &ldquo;buydown&rdquo; provision. The Mortgage Loan is
not a graduated payment mortgage loan and the Mortgage Loan does not have a shared appreciation or other contingent interest feature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(cc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Consolidation
of Future Advances</U>. Any future advances made to the Mortgagor Customer prior to the Funding Date have been consolidated with
the outstanding principal amount secured by the Mortgage, and the secured principal amount, as consolidated, bears a single interest
rate and single repayment term. The lien of the Mortgage securing the consolidated principal amount is expressly insured as having
first lien priority by a title insurance policy, an endorsement to the policy insuring the mortgagee's consolidated interest or
by other title evidence acceptable to FNMA and FHLMC. The consolidated principal amount does not exceed the original principal
amount of the Mortgage Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(dd)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mortgaged
Property Undamaged</U>. There have not been any condemnation proceedings with respect to the Mortgaged Property and the Borrowers
have no knowledge of any such proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Collection
Practices; Escrow Deposits; Interest Rate Adjustments</U>. The origination and collection practices used by the originator, each
servicer of the Mortgage Loan and the Borrowers with respect to the Mortgage Loan have been in all respects in compliance with
Accepted Servicing Practices, applicable laws and regulations, and have been in all respects legal and proper. With respect to
escrow deposits and Escrow Payments, if any, all such payments are in the possession of, or under the control of, the Borrowers
and there exist no deficiencies in connection therewith for which customary arrangements for repayment thereof have not been made.
All Escrow Payments have been collected in full compliance with state and federal law. An escrow of funds is not prohibited by
applicable law and has been established in an amount sufficient to pay for every item that remains unpaid and has been assessed
but is not yet due and payable. No escrow deposits or Escrow Payments or other charges or payments due the Borrowers have been
capitalized under the Mortgage or the Mortgage Note. All Mortgage Interest Rate adjustments have been made in strict compliance
with state and federal law and the terms of the related Mortgage Note. Any interest required to be paid pursuant to state, federal
and local law has been properly paid and credited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 126; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex Two - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">(ff)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fixed
Interest Rate</U>. The Mortgage Loan is a fixed interest rate Mortgage Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(gg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Insurance Policies</U>. No action, inaction or event has occurred and no state of facts exists or has existed that has resulted
or will result in the exclusion from, denial of, or defense to coverage under any applicable special hazard insurance policy,
PMI Policy or bankruptcy bond, irrespective of the cause of such failure of coverage. In connection with the placement of any
such insurance, no commission, fee, or other compensation has been or will be received by the Borrowers or by any officer, director,
or employee of the Borrowers or any designee of the Borrowers or any corporation in which the Borrowers or any officer, director,
or employee had a financial interest at the time of placement of such insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(hh)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Soldiers&rsquo;
and Sailors&rsquo; Civil Relief Act</U>. The Mortgagor Customer has not notified the Borrower, and the Borrowers have no knowledge,
of any relief requested or allowed to the Mortgagor Customer under the Soldiers' and Sailors' Civil Relief Act of 1940.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Appraisal
and Special Provisions re: Amounts</U>. With respect to Eligible Mortgage Loans equal to or greater than $250,000 (except with
respect to Table Funding Advances), such Mortgage File contains a third party desktop as complete appraisal of the related Mortgaged
Property, which desktop as complete appraisal shall be acceptable to Agent in form and content, signed prior to the approval of
the Mortgage Loan application by a qualified appraiser, duly appointed by the Borrower, who had no interest, direct or indirect
in the Mortgaged Property or in any loan made on the security thereof, and whose compensation is not affected by the approval
or disapproval of the Mortgage Loan, and the appraisal and appraiser both satisfy the requirements under the licensing department
of the respective state where such Mortgaged Property is located. With respect to Table Funding Advances and Eligible Mortgage
Loans less than $250,000, such Eligible Mortgage loan shall be accompanied by an internal valuation of the Mortgaged Property
described in the Mortgage which secures such Mortgage Note, which valuation shall be acceptable to Agent in form and content.
Notwithstanding any of the foregoing, the Borrowers accept, agree and acknowledge that Agent may, as part of its process to verify
Collateral values in connection with this Agreement, conduct such independent desktop as complete appraisals at Borrower&rsquo;s
cost of a sample of the Mortgaged Property as it deems necessary. The Borrowers further accept, agree and acknowledge that if
an Event of Default shall have occurred and be continuing, the Agent may, at its sole discretion, conduct such independent desktop
as complete appraisals at Borrowers&rsquo; cost on the Mortgaged Property as it deems necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(jj)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disclosure
Materials</U>. If applicable, the Mortgagor Customer has executed a statement to the effect that the Mortgagor Customer has received
all disclosure materials required by applicable law with respect to the making of adjustable rate mortgage loans, and the Borrowers
maintain such statement in the Mortgage File.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 127; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex Two - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">(kk)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Defense to Insurance Coverage</U>. No action has been taken or failed to be taken, no event has occurred and no state of facts
exists or has existed on or prior to the Funding Date (whether or not known to the Borrowers on or prior to such date) which has
resulted or will result in an exclusion from, denial of, or defense to coverage under any private mortgage insurance (including,
without limitation, any exclusions, denials or defenses which would limit or reduce the availability of the timely payment of
the full amount of the loss otherwise due thereunder to the insured) whether arising out of actions, representations, errors,
omissions, negligence, or fraud of the Borrower, the related Mortgagor Customer or any party involved in the application for such
coverage, including the appraisal, plans and specifications and other exhibits or documents submitted therewith to the insurer
under such insurance policy, or for any other reason under such coverage, but not including the failure of such insurer to pay
by reason of such insurer's breach of such insurance policy or such insurer's financial inability to pay.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ll)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Capitalization
of Interest</U>. The Mortgage Note does not by its terms provide for the capitalization or forbearance of interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(mm)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Equity Participation</U>. No document relating to the Mortgage Loan provides for any contingent or additional interest in the
form of participation in the cash flow of the Mortgaged Property or a sharing in the appreciation of the value of the Mortgaged
Property. The indebtedness evidenced by the Mortgage Note is not convertible to an ownership interest in the Mortgaged Property
or the Mortgagor Customer and the Borrowers have not financed nor do they own directly or indirectly, any equity of any form in
the Mortgaged Property or the Mortgagor Customer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(nn)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Proceeds
of Mortgage Loan</U>. The proceeds of the Mortgage Loan have not been and shall not be used to satisfy, in whole or in part, any
debt owed or owing by the Mortgagor Customer to the Borrower or any Affiliate or correspondent of the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(oo)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mortgage
Submitted for Recordation</U>. The Mortgage either has been or will promptly be submitted for recordation in the appropriate governmental
recording office of the jurisdiction where the Mortgaged Property is located.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(pp)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rejection
for Purchase by Whole Loan Buyer</U>. Except as previously disclosed to the Agent by the Borrower and approved by Agent in writing,
no Mortgage Loan has been rejected for purchase by a whole loan buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(qq)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Environmental
Matters</U>. To the best of Borrowers&rsquo; knowledge, the Mortgaged Property is free from any and all toxic or hazardous substances
and there exists no violation of any local, state or federal environmental law, rule or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(rr)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Value
of Mortgaged Property</U>. The Borrowers have no knowledge of any circumstances existing that should reasonably be expected to
adversely affect the value or the marketability of the Mortgaged Property or the Mortgage Loan or to cause the Mortgage Loan to
prepay during any period materially faster or slower than the Mortgage Loans acquired by the Borrowers generally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 128; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex Two - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">(ss)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>HOEPA.
</U>No Mortgage Loan is (a) subject to the provisions of the Homeownership and Equity Protection Act of 1994 as amended (&ldquo;HOEPA&rdquo;),
(b) a &ldquo;high cost&rdquo; mortgage loan, &ldquo;covered&rdquo; mortgage loan or &ldquo;predatory&rdquo; mortgage loan or any
other comparable term, no matter how defined under any federal, state or local law, or (c) subject to any comparable federal,
state or local statutes or regulations, including, without limitation, the provisions of the Georgia Fair Lending Act, the City
of Oakland, California Anti-Predatory Lending Ordinance No. 12361 or any other statute or regulation providing assignee liability
to holders of such mortgage loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(tt)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Predatory Lending</U>. No predatory, abusive or deceptive lending practices, including but not limited to, the extension of credit
to a Mortgagor Customer without regard for the Mortgagor Customer&rsquo;s ability to repay the Mortgage Loan and the extension
of credit to a Mortgagor Customer which has no tangible net benefit to the Mortgagor Customer, were employed in connection with
the origination of the Mortgage Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(uu)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment
of Mortgage</U>. Each Mortgage File is accompanied by an enforceable Assignment of Mortgage and the Collateral Assignment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(vv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notifications
to Title Insurance Company</U>. Borrowers shall cause Agent to be noted as additional insured on all insurance certificates presented
in association with each Mortgage Loan. Borrowers have notified the title insurance company of the assignment of the loan to Agent
and, at any time following the occurrence of an Event of Default or a Default, such insurance policies shall be transferred to
Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ww)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Lead
Paint</U>. To the best of Borrower&rsquo;s knowledge, there is no pending action or proceeding involving any Mortgaged Property
in which the compliance with any lead paint law, rule or regulation is an issue. Nothing further remains to be done to satisfy
in full all requirements of each such law, rule or regulation that constitutes a prerequisite to the use and enjoyment of such
property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Part II. <U>Defined Terms</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to terms
defined elsewhere in the Loan Agreement, the following terms shall have the following meanings when used in this <U>Annex Two</U>:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>ALTA</U>&rdquo;
means the American Land Title Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Appraised
Value</U>&rdquo; shall mean the value set forth in a desktop as complete appraisal made in connection with the origination of
the related Mortgage Loan as the value of the Mortgaged Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Best&rsquo;s</U>&rdquo;
means Best's Key Rating Guide, as the same shall be amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Due Date</U>&rdquo;
means the day of the month on which the Monthly Payment is due on a Mortgage Loan, exclusive of any days of grace.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 129; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex Two - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: justify; text-indent: 1in">&ldquo;<U>Escrow Payments</U>&rdquo;
means with respect to any Mortgage Loan, the amounts constituting ground rents, taxes, assessments, water rates, sewer rents,
municipal charges, mortgage insurance premiums, fire and hazard insurance premiums, condominium charges, and any other payments
required to be escrowed by the Mortgagor Customer with the mortgagee pursuant to the Mortgage or any other document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>FHLMC</U>&rdquo;
means the Federal Home Loan Mortgage Corporation, or any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>FNMA</U>&rdquo;
means the Federal National Mortgage Association, or any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>LTV</U>&rdquo;
means with respect to any Mortgage Loan, the ratio of the original outstanding principal amount of the Mortgage Loan to the lesser
of (a) the Appraised Value of the Mortgaged Property at origination or (b) if the Mortgaged Property was purchased within 12 months
of the origination of the Mortgage Loan, the purchase price of the Mortgaged Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Monthly Payment</U>&rdquo;
means the scheduled monthly payment of principal and interest on a Mortgage Loan in the Mortgage Interest Rate pursuant to the
provisions of the Mortgage Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Mortgage Interest
Rate</U>&rdquo; means the annual rate of interest borne on a Mortgage Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PMI Policy</U>&rdquo;
means a policy of primary mortgage guaranty insurance issued by a Qualified Insurer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Qualified
Insurer</U>&rdquo; means an insurance company duly qualified as such under the laws of the states in which the Mortgaged Property
is located, duly authorized and licensed in such states to transact the applicable insurance business and to write the insurance
provided, and approved as an insurer by FNMA and FHLMC and whose claims paying ability is rated in the two highest rating categories
by any of the rating agencies with respect to primary mortgage insurance and in the two highest rating categories by Best's with
respect to hazard and flood insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Underwriting
Guidelines</U>&rdquo; means the Borrower&rsquo;s written underwriting guidelines attached as <U>Exhibit B</U> hereto, as such
underwriting guidelines may be amended or supplemented from time to time in accordance with this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Part III. <U>Mortgage Loan Schedule</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Information to be
provided, or which is contained in the loan documents of each Mortgage Loan, with respect to Eligible Mortgage Loans</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For each Mortgage
Loan, the Borrowers shall provide the following information:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">the
                                         mortgage loan identifying number;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 130; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex Two - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">the
                                         mortgagor&rsquo;s name;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">the
                                         mortgage property&rsquo;s street address, city, state and zip code;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">the
                                         lien position/status &ndash; always first lien;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(e)</TD><TD STYLE="text-align: justify">the
                                         property type;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(f)</TD><TD STYLE="text-align: justify">occupancy;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(g)</TD><TD STYLE="text-align: justify">loan
                                         purpose;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(h)</TD><TD STYLE="text-align: justify">original
                                         balance;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(i)</TD><TD STYLE="text-align: justify">original
                                         P&amp;I;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(j)</TD><TD STYLE="text-align: justify">current
                                         P&amp;I, as applicable;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(k)</TD><TD STYLE="text-align: justify">Origination
                                         Date;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(l)</TD><TD STYLE="text-align: justify">first
                                         payment date;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(m)</TD><TD STYLE="text-align: justify">maturity
                                         date;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(n)</TD><TD STYLE="text-align: justify">original
                                         term;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(o)</TD><TD STYLE="text-align: justify">Balloon
                                         Flag;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(p)</TD><TD STYLE="text-align: justify">Original
                                         LTV;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(q)</TD><TD STYLE="text-align: justify">original
                                         desktop as complete appraisal, BPO Value, property purchase amount;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(r)</TD><TD STYLE="text-align: justify">payment
                                         frequency;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(s)</TD><TD STYLE="text-align: justify">prepayment
                                         penalty period; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(t)</TD><TD STYLE="text-align: justify">prepayment
                                         penalty description.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 131; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex Two - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Schedule 1.1</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Lenders</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Revolving </B></FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Commitment</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Revolving</B></FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Commitment </B></FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Percentage</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">WBCC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">13,750,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">39.29</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">Address: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">Webster Business Credit Corporation</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">360 Lexington Avenue</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">New York, New York 10017</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Attention:</FONT></TD>
    <TD STYLE="width: 64%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Account Executive &ndash;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Sachem Capital Corp.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Fax:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(212) 806-4530</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Email:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">mmurphy@websterbcc.com </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">Bankwell Bank</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">13,750,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">39.29</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">Address: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">Bankwell Bank</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">1 Sasco Hill Road </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fairfield, Connecticut 06824</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Attention:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Damon Ralph </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Email:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">dralph@mybankwell.com</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">Berkshire Bank</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">7,500,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">21.43</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">Address: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">Berkshire Bank</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">4420 Route 27 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">Kingston, New Jersey 08528</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Attention:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Diane Williams</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Email:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">drwilliams@berkshirebank.com</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


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

<!-- Field: Page; Sequence: 140; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Schedule 1.1</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.5.1
<SEQUENCE>3
<FILENAME>tv493844_ex10-5x1.htm
<DESCRIPTION>EXHIBIT 10.5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.5.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Final form of </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REVOLVING CREDIT NOTE</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">$___________</TD>
    <TD STYLE="width: 50%; padding: 0; font-size: 10pt; text-align: right; text-indent: 0">May 11, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0">New York, New York</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>FOR VALUE RECEIVED,</B>
each of the undersigned (each, a &ldquo;<U>Borrower</U>&rdquo;, and collectively, the &ldquo;<U>Borrowers</U>&rdquo;) promises
to pay to the order of _____________ (&ldquo;<U>Payee</U>&rdquo;; Payee, together with any other holder hereof, sometimes referred
to herein as the &ldquo;<U>Holder</U>&rdquo;), at the office of Agent (as defined below), located at _______________ or at such
other place located in the United States of America as Payee may from time to time designate to Borrower Representative in writing,
the principal sum of ___________ ($_________), or such lesser amount as may be outstanding under Revolving Advances made pursuant
to the Credit Agreement (defined below), at such time or times as are provided in the Credit Agreement (defined below) and, in
any event, on the last day of the Term, subject to acceleration upon the occurrence of an Event of Default under the Credit Agreement
or earlier termination of the Credit Agreement pursuant to the terms thereof, together with interest on the unpaid principal balance
hereof from the date hereof until the payment in full of this Revolving Credit Note (this &ldquo;<U>Note</U>&rdquo;) at the rate
specified with respect to the Revolving Advances in the Credit Agreement, payable at the times and in the manner provided in the
Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">It is contemplated that
the principal sum evidenced hereby may be reduced from time to time as a result of the repayment of Revolving Advances and that
additional Revolving Advances may be made from time to time but not to exceed the Maximum Revolving Amount, as provided in the
Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Note is a &ldquo;Revolving
Credit Note&rdquo; issued to evidence the Revolving Advances being made available by Payee to Borrowers pursuant to the provisions
of the Credit and Security Agreement, dated of even date herewith (herein, as at any time amended, restated, amended and restated,
modified or supplemented, called the &ldquo;<U>Credit Agreement</U>&rdquo;; capitalized terms used herein and not defined herein
having the meanings assigned to them in the Credit Agreement), among Borrowers, the other Loan Parties from time to time party
thereto, the Lenders from time to time party thereto, BANKWELL BANK, a Connecticut state non-member bank, individually, as a Lender
thereunder and as co-syndication agent (&ldquo;<U>Co-Syndication Agent</U>&rdquo;), and WEBSTER BUSINESS CREDIT CORPORATION, a
New York corporation (&ldquo;<U>WBCC</U>&rdquo;), individually, as Lender thereunder and as agent for itself and each other Lender
Party (WBCC, acting in such agency capacity, &ldquo;<U>Agent</U>&rdquo;) to which reference is hereby made for a statement of the
terms, conditions and covenants under which the indebtedness evidenced hereby was made and is to be repaid, including, but not
limited to, those related to voluntary or mandatory prepayment of the indebtedness represented hereby, to the maturity of the indebtedness
represented hereby upon the termination of the Credit Agreement and to the interest rate payable at the times and in the manner
provided in the Credit Agreement. In no event, however, shall interest exceed the maximum interest rate permitted by law. Upon
and after the occurrence of an Event of Default, and during the continuation thereof, interest shall be payable at the Default
Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Payment of this Note
is secured by the Collateral and Holder is entitled to the benefit of the Credit Agreement and any Other Document at any time delivered
in connection with the foregoing to secure the Obligations, and is subject to all of the agreements, terms and conditions therein
contained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If an Event of Default
under any of Sections 11.7, 11.8 or 11.9 of the Credit Agreement shall occur, then this Note shall immediately become due and payable,
without notice, together with reasonable attorneys&rsquo; fees if the collection hereof is placed in the hands of an attorney to
obtain or enforce payment hereof. If any other Event of Default shall occur under the Credit Agreement or any of the Other Documents,
which is not cured within any applicable grace period, then this Note may, as provided in the Credit Agreement, be declared to
be immediately due and payable, without notice, together with reasonable attorneys&rsquo; fees, if the collection hereof is placed
in the hands of an attorney to obtain or enforce payment hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">PURSUANT TO SECTION&nbsp;5-1401
OF THE NEW YORK GENERAL OBLIGATIONS LAW, THIS NOTE SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH,
THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Each Borrower hereby
waives presentment, demand for payment, protest and notice of protest, notice of dishonor and all other notices in connection with
this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature page to follow]</P>

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


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">WITNESS THE DUE EXECUTION
HEREOF BY THE DULY AUTHORIZED OFFICER OF THE UNDERSIGNED AS OF THE DATE FIRST ABOVE WRITTEN.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;BORROWER&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 50%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 5%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">SACHEM CAPITAL CORP.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>



<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to Revolving Credit Note]</P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>4
<FILENAME>tv493844_ex31-1.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 31.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Rule 13a-14(a)/15d-14(a) Certification
</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I, Jeffrey C. Villano, certify that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. I have reviewed this quarterly report
on Form 10-Q of Sachem Capital Corp.;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. Based on my knowledge, this report does
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. Based on my knowledge, the financial
statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. The registrant&rsquo;s other certifying
officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
for the registrant and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">(a) Designed such
disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">(b) Designed such
internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">(c) Evaluated the
effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report, based on such evaluation;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">(d) Disclosed in this
report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s
most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5. The registrant&rsquo;s other certifying
officer(s) and I have disclosed, based on the most recent evaluation of internal control over financial reporting, to the registrant&rsquo;s
auditors and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">(a) All significant
deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant&rsquo;s ability to record, process, summarize and report financial information; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">(b) Any fraud, whether
or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s internal control
over financial reporting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date: May 15, 2018</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 45%; border-bottom: Black 1pt solid">/s/ Jeffrey C. Villano</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Jeffrey C. Villano</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Co-Chief Executive Officer and President</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"></TD>
    <TD STYLE="vertical-align: top"></TD>
    <TD STYLE="vertical-align: bottom">(Principal Executive Officer)</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>5
<FILENAME>tv493844_ex31-2.htm
<DESCRIPTION>EXHIBIT 31.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 31.2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Rule 13a-14(a)/15d-14(a) Certification
</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I, John L. Villano, certify that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. I have reviewed this quarterly report
on Form 10-Q of Sachem Capital Corp.;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. Based on my knowledge, this report does
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. Based on my knowledge, the financial
statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. The registrant&rsquo;s other certifying
officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
for the registrant and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">(a) Designed such
disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">(b) Designed such
internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">(c) Evaluated the
effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report, based on such evaluation;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">(d) Disclosed in this
report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s
most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5. The registrant&rsquo;s other certifying
officer(s) and I have disclosed, based on the most recent evaluation of internal control over financial reporting, to the registrant&rsquo;s
auditors and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">(a) All significant
deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant&rsquo;s ability to record, process, summarize and report financial information; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">(b) Any fraud, whether
or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s internal control
over financial reporting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date: May 15, 2018</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 45%; border-bottom: Black 1pt solid">/s/ John L. Villano</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">John L. Villano, CPA</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Co-Chief Executive Officer and Chief Financial Officer </TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">(Principal Financial Officer)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;</DIV>
    <!-- Field: /Page -->


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>6
<FILENAME>tv493844_ex32-1.htm
<DESCRIPTION>EXHIBIT 32.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;32.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CERTIFICATION PURSUANT TO<BR>
18 U.S.C. SECTION 1350,<BR>
AS ADOPTED PURSUANT TO<BR>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">In connection with
the quarterly report of Sachem Capital Corp. (the &ldquo;Company&rdquo;) on Form 10-Q for the period ended March&nbsp;31, 2018
as filed with the Securities and Exchange Commission on the date hereof (the &ldquo;Report&rdquo;), I, Jeffrey C. Villano, Co-Chief
Executive Officer and President of the Company, certify, pursuant to 18 U.S.C. &sect; 1350, as adopted pursuant to &sect; 906 of
the Sarbanes-Oxley Act of 2002, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">(1) The Report fully
complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">(2) The information
contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dated: May 15, 2018</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%">/s/ Jeffrey C. Villano</TD>
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid">Jeffrey C. Villano</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Co-Chief Executive Officer and President</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">(Principal Executive Officer)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A signed original of this certification
has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or
its staff upon request.</P>

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


<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;</DIV>
    <!-- Field: /Page -->


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>7
<FILENAME>tv493844_ex32-2.htm
<DESCRIPTION>EXHIBIT 32.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;32.2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CERTIFICATION PURSUANT TO<BR>
18 U.S.C. SECTION 1350,<BR>
AS ADOPTED PURSUANT TO<BR>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">In connection with
the quarterly report of Sachem Capital Corp. (the &ldquo;Company&rdquo;) on Form 10-Q for the period ended March 31, 2018 as filed
with the Securities and Exchange Commission on the date hereof (the &ldquo;Report&rdquo;), I, John L. Villano, Co-Chief Executive
Officer and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. &sect; 1350, as adopted pursuant to &sect; 906
of the Sarbanes-Oxley Act of 2002, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">(1) The Report fully
complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">(2) The information
contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dated: May 15, 2018</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ John L. Villano</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>John L. Villano, CPA</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Co-Chief Executive Officer and Chief Financial Officer </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(Principal Financial Officer)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A signed original of this certification
has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or
its staff upon request.</P>

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

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

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;</DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in; text-align: center; text-indent: 0.5in">&nbsp;</P>





</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.INS
<SEQUENCE>8
<FILENAME>sach-20180331.xml
<DESCRIPTION>XBRL INSTANCE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8" ?>
<!-- Generated by DataTracks version 2.0 on 15-May-2018 [11:28:04] {AM} EST - www.datatracks.com -->
<!-- Based on XBRL 2.1 -->
<xbrli:xbrl xmlns:sach="http://sachemcapital.com/20180331" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:deprecated="http://www.xbrl.org/2009/arcrole/deprecated" xmlns:country="http://xbrl.sec.gov/country/2017-01-31" xmlns:currency="http://xbrl.sec.gov/currency/2017-01-31" xmlns:dei="http://xbrl.sec.gov/dei/2014-01-31" xmlns:exch="http://xbrl.sec.gov/exch/2017-01-31" xmlns:invest="http://xbrl.sec.gov/invest/2013-01-31" xmlns:naics="http://xbrl.sec.gov/naics/2017-01-31" xmlns:sic="http://xbrl.sec.gov/sic/2011-01-31" xmlns:stpr="http://xbrl.sec.gov/stpr/2011-01-31" xmlns:us-gaap="http://fasb.org/us-gaap/2017-01-31" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:utr="http://www.xbrl.org/2009/utr">
  <link:schemaRef xlink:type="simple" xlink:href="sach-20180331.xsd" />

<!--Context Section-->
  <xbrli:context id="P01_01_2017To02_08_2017">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>

      <xbrli:endDate>2017-02-08</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2017To03_31_2017">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>

      <xbrli:endDate>2017-03-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2018To03_31_2018">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2018-01-01</xbrli:startDate>

      <xbrli:endDate>2018-03-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_23_2017To02_08_2017">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2017-01-23</xbrli:startDate>

      <xbrli:endDate>2017-02-08</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn03_31_2018">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2018-03-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn05_14_2018">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2018-05-14</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P10_01_2017To10_27_2017">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2017-10-01</xbrli:startDate>

      <xbrli:endDate>2017-10-27</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn10_27_2017">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2017-10-27</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P11_01_2017To11_03_2017">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2017-11-01</xbrli:startDate>

      <xbrli:endDate>2017-11-03</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn11_30_2016">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-11-30</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2017">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2017-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn03_31_2017">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2017-03-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

<!--Dimension Section-->
  <xbrli:context id="P02_01_2017To02_15_2017_IPOMemberusgaapSubsidiarySaleOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:SubsidiarySaleOfStockAxis">us-gaap:IPOMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2017-02-01</xbrli:startDate>

      <xbrli:endDate>2017-02-15</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P02_02_2017To02_09_2017_IPOMemberusgaapSubsidiarySaleOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:SubsidiarySaleOfStockAxis">us-gaap:IPOMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2017-02-02</xbrli:startDate>

      <xbrli:endDate>2017-02-09</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn02_09_2017_IPOMemberusgaapSubsidiarySaleOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:SubsidiarySaleOfStockAxis">us-gaap:IPOMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2017-02-09</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2018To03_31_2018_MortgagesMemberusgaapLongtermDebtTypeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2018-01-01</xbrli:startDate>

      <xbrli:endDate>2018-03-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2017To03_31_2017_MortgagesMemberusgaapLongtermDebtTypeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>

      <xbrli:endDate>2017-03-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn03_31_2018_MinimumMemberusgaapRangeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MinimumMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2018-03-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn03_31_2018_MaximumMemberusgaapRangeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MaximumMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2018-03-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2018To03_31_2018_MinimumMemberusgaapRangeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MinimumMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2018-01-01</xbrli:startDate>

      <xbrli:endDate>2018-03-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2018To03_31_2018_MaximumMemberusgaapRangeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MaximumMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2018-01-01</xbrli:startDate>

      <xbrli:endDate>2018-03-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn03_31_2018_CommercialLoanMemberusgaapFinancialInstrumentAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:FinancialInstrumentAxis">us-gaap:CommercialLoanMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2018-03-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2017_CommercialLoanMemberusgaapFinancialInstrumentAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:FinancialInstrumentAxis">us-gaap:CommercialLoanMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2017-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn03_31_2018_ResidentialMortgageMemberusgaapFinancialInstrumentAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:FinancialInstrumentAxis">us-gaap:ResidentialMortgageMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2018-03-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2017_ResidentialMortgageMemberusgaapFinancialInstrumentAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:FinancialInstrumentAxis">us-gaap:ResidentialMortgageMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2017-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn03_31_2018_LandMemberusgaapPropertyPlantAndEquipmentByTypeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">us-gaap:LandMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2018-03-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2017_LandMemberusgaapPropertyPlantAndEquipmentByTypeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">us-gaap:LandMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2017-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn03_31_2018_MexedUseMemberusgaapFinancialInstrumentAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:FinancialInstrumentAxis">sach:MexedUseMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2018-03-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2017_MexedUseMemberusgaapFinancialInstrumentAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:FinancialInstrumentAxis">sach:MexedUseMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2017-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_18_2014_BankwellBankMemberdeiLegalEntityAxis_LineOfCreditMemberusgaapCreditFacilityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:CreditFacilityAxis">us-gaap:LineOfCreditMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">sach:BankwellBankMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2014-12-18</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_30_2015_BankwellBankMemberdeiLegalEntityAxis_LineOfCreditMemberusgaapCreditFacilityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:CreditFacilityAxis">us-gaap:LineOfCreditMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">sach:BankwellBankMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-30</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn03_31_2018_BankwellBankMemberdeiLegalEntityAxis_LineOfCreditMemberusgaapCreditFacilityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:CreditFacilityAxis">us-gaap:LineOfCreditMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">sach:BankwellBankMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2018-03-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn03_15_2016_BankwellBankMemberdeiLegalEntityAxis_LineOfCreditMemberusgaapCreditFacilityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">sach:BankwellBankMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:CreditFacilityAxis">us-gaap:LineOfCreditMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-03-15</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn06_30_2017_BankwellBankMemberdeiLegalEntityAxis_LineOfCreditMemberusgaapCreditFacilityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">sach:BankwellBankMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:CreditFacilityAxis">us-gaap:LineOfCreditMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2017-06-30</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2018To03_31_2018_BankwellCreditLineMemberusgaapCreditFacilityAxis_MinimumMemberusgaapRangeAxis_PrimeRateMembersachVariablerateaxisAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:CreditFacilityAxis">sach:BankwellCreditLineMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="sach:VariablerateaxisAxis">us-gaap:PrimeRateMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MinimumMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2018-01-01</xbrli:startDate>

      <xbrli:endDate>2018-03-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn03_31_2018_BankwellBankMemberdeiLegalEntityAxis_GuaranteeObligationsMemberusgaapLossContingenciesByNatureOfContingencyAxis_MaximumMemberusgaapRangeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">sach:BankwellBankMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:LossContingenciesByNatureOfContingencyAxis">us-gaap:GuaranteeObligationsMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MaximumMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2018-03-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn03_31_2018_MortgagesMemberusgaapLongtermDebtTypeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2018-03-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2018To03_31_2018_JjvLlcMemberdeiLegalEntityAxis_MinimumMemberusgaapRangeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MinimumMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">sach:JjvLlcMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2018-01-01</xbrli:startDate>

      <xbrli:endDate>2018-03-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2018To03_31_2018_JjvLlcMemberdeiLegalEntityAxis_MaximumMemberusgaapRangeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MaximumMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">sach:JjvLlcMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2018-01-01</xbrli:startDate>

      <xbrli:endDate>2018-03-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2018To03_31_2018_JjvLlcMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">sach:JjvLlcMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2018-01-01</xbrli:startDate>

      <xbrli:endDate>2018-03-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2017To03_31_2017_JjvLlcMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">sach:JjvLlcMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>

      <xbrli:endDate>2017-03-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn03_31_2018_DeferredLeaseRevenueMemberusgaapRegulatoryLiabilityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RegulatoryLiabilityAxis">us-gaap:DeferredLeaseRevenueMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2018-03-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn03_31_2018_UnfundedLoanCommitmentMemberusgaapFinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis">us-gaap:UnfundedLoanCommitmentMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2018-03-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2017To03_31_2017_ManagerMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">sach:ManagerMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>

      <xbrli:endDate>2017-03-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn03_31_2018_JeffreyVillanoMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">sach:JeffreyVillanoMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2018-03-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2017To02_08_2017_ManagerMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis_RentAndOtherExpensesMemberusgaapIncomeStatementLocationAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">sach:ManagerMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">sach:RentAndOtherExpensesMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>

      <xbrli:endDate>2017-02-08</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2017To02_08_2017_ManagerMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis_OriginationFeesOnLoansMemberusgaapIncomeStatementLocationAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">sach:ManagerMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">sach:OriginationFeesOnLoansMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>

      <xbrli:endDate>2017-02-08</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn03_31_2018_ManagerMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">sach:ManagerMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2018-03-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2018To03_31_2018_InterestIncomeMemberusgaapIncomeStatementLocationAxis_ManagerMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">sach:ManagerMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">us-gaap:InterestIncomeMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2018-01-01</xbrli:startDate>

      <xbrli:endDate>2018-03-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2017To03_31_2017_InterestIncomeMemberusgaapIncomeStatementLocationAxis_ManagerMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">sach:ManagerMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">us-gaap:InterestIncomeMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>

      <xbrli:endDate>2017-03-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn03_31_2018_InvestorMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:InvestorMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2018-03-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2018To03_31_2018_ShareholdersMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">sach:ShareholdersMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2018-01-01</xbrli:startDate>

      <xbrli:endDate>2018-03-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2017_MortgageReceivablesMemberusgaapAccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis">us-gaap:MortgageReceivablesMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2017-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2017To12_31_2017_InvestorMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:InvestorMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>

      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P02_01_2017To02_09_2017_JjvLlcMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">sach:JjvLlcMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2017-02-01</xbrli:startDate>

      <xbrli:endDate>2017-02-09</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2018To03_31_2018_AccountingAndFinancialServicesMemberusgaapIncomeStatementLocationAxis_WifeOfExecutiveOfficerMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">sach:AccountingAndFinancialServicesMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">sach:WifeOfExecutiveOfficerMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2018-01-01</xbrli:startDate>

      <xbrli:endDate>2018-03-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn04_27_2018_SubsequentEventMemberusgaapSubsequentEventTypeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2018-04-27</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn03_31_2017_JjvLlcMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">sach:JjvLlcMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2017-03-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P03_30_2018To04_02_2018_SubsequentEventMemberusgaapSubsequentEventTypeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2018-03-30</xbrli:startDate>

      <xbrli:endDate>2018-04-02</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn03_31_2018_FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberusgaapFinancingReceivablesPeriodPastDueAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:FinancingReceivablesPeriodPastDueAxis">us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2018-03-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2017To03_31_2017_AccountingAndFinancialServicesMemberusgaapIncomeStatementLocationAxis_WifeOfExecutiveOfficerMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">sach:AccountingAndFinancialServicesMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">sach:WifeOfExecutiveOfficerMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>

      <xbrli:endDate>2017-03-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2017_CommonStockMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2017-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2017_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2017-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2017_RetainedEarningsMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2017-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn03_31_2018_CommonStockMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2018-03-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn03_31_2018_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2018-03-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn03_31_2018_RetainedEarningsMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2018-03-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2018To03_31_2018_CommonStockMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2018-01-01</xbrli:startDate>

      <xbrli:endDate>2018-03-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2018To03_31_2018_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2018-01-01</xbrli:startDate>

      <xbrli:endDate>2018-03-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2018To03_31_2018_RetainedEarningsMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2018-01-01</xbrli:startDate>

      <xbrli:endDate>2018-03-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P06_01_2017To06_30_2017_BankwellBankMemberdeiLegalEntityAxis_LineOfCreditMemberusgaapCreditFacilityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">sach:BankwellBankMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:CreditFacilityAxis">us-gaap:LineOfCreditMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2017-06-01</xbrli:startDate>

      <xbrli:endDate>2017-06-30</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P05_01_2018To05_11_2018_RevolvingCreditFacilityMemberusgaapCreditFacilityAxis_SubsequentEventMemberusgaapSubsequentEventTypeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:CreditFacilityAxis">us-gaap:RevolvingCreditFacilityMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2018-05-01</xbrli:startDate>

      <xbrli:endDate>2018-05-11</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn05_11_2018_LondonInterbankOfferedRateLIBORMemberusgaapVariableRateAxis_RevolvingCreditFacilityMemberusgaapCreditFacilityAxis_SubsequentEventMemberusgaapSubsequentEventTypeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:CreditFacilityAxis">us-gaap:RevolvingCreditFacilityMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:VariableRateAxis">us-gaap:LondonInterbankOfferedRateLIBORMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2018-05-11</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2018To03_31_2018_BankwellBankMemberdeiLegalEntityAxis_LineOfCreditMemberusgaapCreditFacilityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">sach:BankwellBankMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:CreditFacilityAxis">us-gaap:LineOfCreditMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2018-01-01</xbrli:startDate>

      <xbrli:endDate>2018-03-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2017To03_31_2017_ShareholdersMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">sach:ShareholdersMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>

      <xbrli:endDate>2017-03-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn05_11_2018_SubsequentEventMemberusgaapSubsequentEventTypeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2018-05-11</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2018To03_31_2018_LandAndBuildingMemberusgaapPropertyPlantAndEquipmentByTypeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">us-gaap:LandAndBuildingMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2018-01-01</xbrli:startDate>

      <xbrli:endDate>2018-03-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn03_31_2017_ManagerMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis_UnreimbursedCostsMemberusgaapBalanceSheetLocationAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:BalanceSheetLocationAxis">sach:UnreimbursedCostsMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">sach:ManagerMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2017-03-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2017_ManagerMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">sach:ManagerMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2017-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:unit id="shares">
    <xbrli:measure>xbrli:shares</xbrli:measure>
  </xbrli:unit>

  <xbrli:unit id="USD">
    <xbrli:measure>iso4217:USD</xbrli:measure>
  </xbrli:unit>

  <xbrli:unit id="USD_per_Share">
    <xbrli:divide>
      <xbrli:unitNumerator>
        <xbrli:measure>iso4217:USD</xbrli:measure>
      </xbrli:unitNumerator>

      <xbrli:unitDenominator>
        <xbrli:measure>xbrli:shares</xbrli:measure>
      </xbrli:unitDenominator>
    </xbrli:divide>
  </xbrli:unit>

  <xbrli:unit id="pure">
    <xbrli:measure>xbrli:pure</xbrli:measure>
  </xbrli:unit>

<!--Element Section-->
  <dei:DocumentType contextRef="P01_01_2018To03_31_2018" id="Factid_1">10-Q</dei:DocumentType>

  <dei:AmendmentFlag contextRef="P01_01_2018To03_31_2018" id="Factid_2">false</dei:AmendmentFlag>

  <dei:DocumentPeriodEndDate contextRef="P01_01_2018To03_31_2018" id="Factid_3">2018-03-31</dei:DocumentPeriodEndDate>

  <dei:DocumentFiscalYearFocus contextRef="P01_01_2018To03_31_2018" id="Factid_4">2018</dei:DocumentFiscalYearFocus>

  <dei:DocumentFiscalPeriodFocus contextRef="P01_01_2018To03_31_2018" id="Factid_5">Q1</dei:DocumentFiscalPeriodFocus>

  <dei:EntityRegistrantName contextRef="P01_01_2018To03_31_2018" id="Factid_6">Sachem Capital Corp.</dei:EntityRegistrantName>

  <dei:EntityCentralIndexKey contextRef="P01_01_2018To03_31_2018" id="Factid_7">0001682220</dei:EntityCentralIndexKey>

  <dei:CurrentFiscalYearEndDate contextRef="P01_01_2018To03_31_2018" id="Factid_8">--12-31</dei:CurrentFiscalYearEndDate>

  <dei:EntityFilerCategory contextRef="P01_01_2018To03_31_2018" id="Factid_9">Smaller Reporting Company</dei:EntityFilerCategory>

  <dei:TradingSymbol contextRef="P01_01_2018To03_31_2018" id="Factid_10">SACH</dei:TradingSymbol>

  <dei:EntityCommonStockSharesOutstanding contextRef="PAsOn05_14_2018" id="Factid_11" unitRef="shares" decimals="INF">15415737</dei:EntityCommonStockSharesOutstanding>

  <us-gaap:Cash contextRef="PAsOn03_31_2018" id="Factid_12" unitRef="USD" decimals="0">562508</us-gaap:Cash>

  <us-gaap:Cash contextRef="PAsOn12_31_2017" id="Factid_13" unitRef="USD" decimals="0">954223</us-gaap:Cash>

  <us-gaap:EscrowDeposit contextRef="PAsOn03_31_2018" id="Factid_14" unitRef="USD" decimals="0">175330</us-gaap:EscrowDeposit>

  <us-gaap:EscrowDeposit contextRef="PAsOn12_31_2017" id="Factid_15" unitRef="USD" decimals="0">111189</us-gaap:EscrowDeposit>

  <us-gaap:MortgageLoansOnRealEstate contextRef="PAsOn03_31_2018" id="Factid_16" unitRef="USD" decimals="0">68613043</us-gaap:MortgageLoansOnRealEstate>

  <us-gaap:MortgageLoansOnRealEstate contextRef="PAsOn12_31_2017" id="Factid_17" unitRef="USD" decimals="0">62166937</us-gaap:MortgageLoansOnRealEstate>

  <us-gaap:InterestReceivable contextRef="PAsOn03_31_2018" id="Factid_18" unitRef="USD" decimals="0">779516</us-gaap:InterestReceivable>

  <us-gaap:InterestReceivable contextRef="PAsOn12_31_2017" id="Factid_19" unitRef="USD" decimals="0">645493</us-gaap:InterestReceivable>

  <us-gaap:OtherReceivables contextRef="PAsOn03_31_2018" id="Factid_20" unitRef="USD" decimals="0">59158</us-gaap:OtherReceivables>

  <us-gaap:OtherReceivables contextRef="PAsOn12_31_2017" id="Factid_21" unitRef="USD" decimals="0">234570</us-gaap:OtherReceivables>

  <us-gaap:DueFromAffiliates contextRef="PAsOn03_31_2018" id="Factid_22" unitRef="USD" decimals="0">370241</us-gaap:DueFromAffiliates>

  <us-gaap:DueFromAffiliates contextRef="PAsOn12_31_2017" id="Factid_23" unitRef="USD" decimals="0">451795</us-gaap:DueFromAffiliates>

  <us-gaap:PrepaidExpenseCurrentAndNoncurrent contextRef="PAsOn03_31_2018" id="Factid_24" unitRef="USD" decimals="0">32773</us-gaap:PrepaidExpenseCurrentAndNoncurrent>

  <us-gaap:PrepaidExpenseCurrentAndNoncurrent contextRef="PAsOn12_31_2017" id="Factid_25" unitRef="USD" decimals="0">4520</us-gaap:PrepaidExpenseCurrentAndNoncurrent>

  <us-gaap:PropertyPlantAndEquipmentNet contextRef="PAsOn03_31_2018" id="Factid_26" unitRef="USD" decimals="0">496172</us-gaap:PropertyPlantAndEquipmentNet>

  <us-gaap:PropertyPlantAndEquipmentNet contextRef="PAsOn12_31_2017" id="Factid_27" unitRef="USD" decimals="0">501819</us-gaap:PropertyPlantAndEquipmentNet>

  <us-gaap:RealEstateInvestments contextRef="PAsOn03_31_2018" id="Factid_28" unitRef="USD" decimals="0">1235409</us-gaap:RealEstateInvestments>

  <us-gaap:RealEstateInvestments contextRef="PAsOn12_31_2017" id="Factid_29" unitRef="USD" decimals="0">1224409</us-gaap:RealEstateInvestments>

  <us-gaap:DeferredFinanceCostsNet contextRef="PAsOn03_31_2018" id="Factid_30" unitRef="USD" decimals="0">136002</us-gaap:DeferredFinanceCostsNet>

  <us-gaap:DeferredFinanceCostsNet contextRef="PAsOn12_31_2017" id="Factid_31" unitRef="USD" decimals="0">95560</us-gaap:DeferredFinanceCostsNet>

  <us-gaap:Assets contextRef="PAsOn03_31_2018" id="Factid_32" unitRef="USD" decimals="0">73429609</us-gaap:Assets>

  <us-gaap:Assets contextRef="PAsOn12_31_2017" id="Factid_33" unitRef="USD" decimals="0">67494537</us-gaap:Assets>

  <us-gaap:LineOfCredit contextRef="PAsOn03_31_2018" id="Factid_34" unitRef="USD" decimals="0">14147465</us-gaap:LineOfCredit>

  <us-gaap:LineOfCredit contextRef="PAsOn12_31_2017" id="Factid_35" unitRef="USD" decimals="0">9841613</us-gaap:LineOfCredit>

  <us-gaap:NotesPayable contextRef="PAsOn03_31_2018" id="Factid_36" unitRef="USD" decimals="0">298569</us-gaap:NotesPayable>

  <us-gaap:NotesPayable contextRef="PAsOn12_31_2017" id="Factid_37" unitRef="USD" decimals="0">301101</us-gaap:NotesPayable>

  <us-gaap:SecurityDepositLiability contextRef="PAsOn03_31_2018" id="Factid_38" unitRef="USD" decimals="0">2550</us-gaap:SecurityDepositLiability>

  <us-gaap:SecurityDepositLiability contextRef="PAsOn12_31_2017" id="Factid_39" unitRef="USD" decimals="0">2550</us-gaap:SecurityDepositLiability>

  <us-gaap:AdvancePaymentsByBorrowersForTaxesAndInsurance contextRef="PAsOn03_31_2018" id="Factid_40" unitRef="USD" decimals="0">733287</us-gaap:AdvancePaymentsByBorrowersForTaxesAndInsurance>

  <us-gaap:AdvancePaymentsByBorrowersForTaxesAndInsurance contextRef="PAsOn12_31_2017" id="Factid_41" unitRef="USD" decimals="0">519764</us-gaap:AdvancePaymentsByBorrowersForTaxesAndInsurance>

  <us-gaap:DeferredRevenue contextRef="PAsOn03_31_2018" id="Factid_42" unitRef="USD" decimals="0">1168622</us-gaap:DeferredRevenue>

  <us-gaap:DeferredRevenue contextRef="PAsOn12_31_2017" id="Factid_43" unitRef="USD" decimals="0">1108400</us-gaap:DeferredRevenue>

  <us-gaap:InterestPayableCurrentAndNoncurrent contextRef="PAsOn03_31_2018" id="Factid_44" unitRef="USD" decimals="0">0</us-gaap:InterestPayableCurrentAndNoncurrent>

  <us-gaap:InterestPayableCurrentAndNoncurrent contextRef="PAsOn12_31_2017" id="Factid_45" unitRef="USD" decimals="0">40592</us-gaap:InterestPayableCurrentAndNoncurrent>

  <us-gaap:Liabilities contextRef="PAsOn03_31_2018" id="Factid_46" unitRef="USD" decimals="0">18509331</us-gaap:Liabilities>

  <us-gaap:Liabilities contextRef="PAsOn12_31_2017" id="Factid_47" unitRef="USD" decimals="0">12928256</us-gaap:Liabilities>

  <us-gaap:PreferredStockValue contextRef="PAsOn03_31_2018" id="Factid_48" unitRef="USD" decimals="0">0</us-gaap:PreferredStockValue>

  <us-gaap:PreferredStockValue contextRef="PAsOn12_31_2017" id="Factid_49" unitRef="USD" decimals="0">0</us-gaap:PreferredStockValue>

  <us-gaap:CommonStockValue contextRef="PAsOn03_31_2018" id="Factid_50" unitRef="USD" decimals="0">15416</us-gaap:CommonStockValue>

  <us-gaap:CommonStockValue contextRef="PAsOn12_31_2017" id="Factid_51" unitRef="USD" decimals="0">15416</us-gaap:CommonStockValue>

  <us-gaap:AdditionalPaidInCapital contextRef="PAsOn03_31_2018" id="Factid_52" unitRef="USD" decimals="0">53315772</us-gaap:AdditionalPaidInCapital>

  <us-gaap:AdditionalPaidInCapital contextRef="PAsOn12_31_2017" id="Factid_53" unitRef="USD" decimals="0">53315772</us-gaap:AdditionalPaidInCapital>

  <us-gaap:RetainedEarningsAccumulatedDeficit contextRef="PAsOn03_31_2018" id="Factid_54" unitRef="USD" decimals="0">1589090</us-gaap:RetainedEarningsAccumulatedDeficit>

  <us-gaap:LiabilitiesAndStockholdersEquity contextRef="PAsOn03_31_2018" id="Factid_55" unitRef="USD" decimals="0">73429609</us-gaap:LiabilitiesAndStockholdersEquity>

  <us-gaap:LiabilitiesAndStockholdersEquity contextRef="PAsOn12_31_2017" id="Factid_56" unitRef="USD" decimals="0">67494537</us-gaap:LiabilitiesAndStockholdersEquity>

  <us-gaap:StockholdersEquity contextRef="PAsOn03_31_2018" id="Factid_57" unitRef="USD" decimals="0">54920278</us-gaap:StockholdersEquity>

  <us-gaap:StockholdersEquity contextRef="PAsOn12_31_2017" id="Factid_58" unitRef="USD" decimals="0">54566281</us-gaap:StockholdersEquity>

  <us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent contextRef="PAsOn03_31_2018" id="Factid_59" unitRef="USD" decimals="0">158838</us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent>

  <us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent contextRef="PAsOn12_31_2017" id="Factid_60" unitRef="USD" decimals="0">390758</us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent>

  <sach:MortgagesReceivableFromAffiliate contextRef="PAsOn03_31_2018" id="Factid_61" unitRef="USD" decimals="0">969457</sach:MortgagesReceivableFromAffiliate>

  <sach:MortgagesReceivableFromAffiliate contextRef="PAsOn12_31_2017" id="Factid_62" unitRef="USD" decimals="0">1104022</sach:MortgagesReceivableFromAffiliate>

  <us-gaap:NotesPayableRelatedPartiesCurrentAndNoncurrent contextRef="PAsOn03_31_2018" id="Factid_63" unitRef="USD" decimals="0">0</us-gaap:NotesPayableRelatedPartiesCurrentAndNoncurrent>

  <us-gaap:NotesPayableRelatedPartiesCurrentAndNoncurrent contextRef="PAsOn12_31_2017" id="Factid_64" unitRef="USD" decimals="0">723478</us-gaap:NotesPayableRelatedPartiesCurrentAndNoncurrent>

  <us-gaap:NetIncomeLoss contextRef="P01_01_2018To03_31_2018" id="Factid_65" unitRef="USD" decimals="0">1972650</us-gaap:NetIncomeLoss>

  <us-gaap:NetIncomeLoss contextRef="P01_01_2017To03_31_2017" id="Factid_66" unitRef="USD" decimals="0">896778</us-gaap:NetIncomeLoss>

  <sach:InterestAndAmortizationOfDebtServiceCosts contextRef="P01_01_2018To03_31_2018" id="Factid_67" unitRef="USD" decimals="0">222956</sach:InterestAndAmortizationOfDebtServiceCosts>

  <sach:InterestAndAmortizationOfDebtServiceCosts contextRef="P01_01_2017To03_31_2017" id="Factid_68" unitRef="USD" decimals="0">116270</sach:InterestAndAmortizationOfDebtServiceCosts>

  <us-gaap:SalariesAndWages contextRef="P01_01_2018To03_31_2018" id="Factid_69" unitRef="USD" decimals="0">0</us-gaap:SalariesAndWages>

  <us-gaap:SalariesAndWages contextRef="P01_01_2017To03_31_2017" id="Factid_70" unitRef="USD" decimals="0">35847</us-gaap:SalariesAndWages>

  <us-gaap:ProfessionalFees contextRef="P01_01_2018To03_31_2018" id="Factid_71" unitRef="USD" decimals="0">116322</us-gaap:ProfessionalFees>

  <us-gaap:ProfessionalFees contextRef="P01_01_2017To03_31_2017" id="Factid_72" unitRef="USD" decimals="0">83739</us-gaap:ProfessionalFees>

  <us-gaap:Depreciation contextRef="P01_01_2018To03_31_2018" id="Factid_73" unitRef="USD" decimals="0">7634</us-gaap:Depreciation>

  <us-gaap:Depreciation contextRef="P01_01_2017To03_31_2017" id="Factid_74" unitRef="USD" decimals="0">5156</us-gaap:Depreciation>

  <us-gaap:GeneralAndAdministrativeExpense contextRef="P01_01_2018To03_31_2018" id="Factid_75" unitRef="USD" decimals="0">98033</us-gaap:GeneralAndAdministrativeExpense>

  <us-gaap:GeneralAndAdministrativeExpense contextRef="P01_01_2017To03_31_2017" id="Factid_76" unitRef="USD" decimals="0">45587</us-gaap:GeneralAndAdministrativeExpense>

  <us-gaap:CostsAndExpenses contextRef="P01_01_2018To03_31_2018" id="Factid_77" unitRef="USD" decimals="0">744000</us-gaap:CostsAndExpenses>

  <us-gaap:CostsAndExpenses contextRef="P01_01_2017To03_31_2017" id="Factid_78" unitRef="USD" decimals="0">392438</us-gaap:CostsAndExpenses>

  <us-gaap:Revenues contextRef="P01_01_2018To03_31_2018" id="Factid_79" unitRef="USD" decimals="0">2716650</us-gaap:Revenues>

  <us-gaap:Revenues contextRef="P01_01_2017To03_31_2017" id="Factid_80" unitRef="USD" decimals="0">1289216</us-gaap:Revenues>

  <us-gaap:OtherIncome contextRef="P01_01_2018To03_31_2018" id="Factid_81" unitRef="USD" decimals="0">294747</us-gaap:OtherIncome>

  <us-gaap:OtherIncome contextRef="P01_01_2017To03_31_2017" id="Factid_82" unitRef="USD" decimals="0">46147</us-gaap:OtherIncome>

  <us-gaap:RentalIncomeNonoperating contextRef="P01_01_2018To03_31_2018" id="Factid_83" unitRef="USD" decimals="0">43756</us-gaap:RentalIncomeNonoperating>

  <us-gaap:RentalIncomeNonoperating contextRef="P01_01_2017To03_31_2017" id="Factid_84" unitRef="USD" decimals="0">27383</us-gaap:RentalIncomeNonoperating>

  <sach:ProcessingFees contextRef="P01_01_2018To03_31_2018" id="Factid_85" unitRef="USD" decimals="0">33130</sach:ProcessingFees>

  <sach:ProcessingFees contextRef="P01_01_2017To03_31_2017" id="Factid_86" unitRef="USD" decimals="0">24925</sach:ProcessingFees>

  <us-gaap:FeesAndCommissionsCreditAndDebitCards contextRef="P01_01_2018To03_31_2018" id="Factid_87" unitRef="USD" decimals="0">34096</us-gaap:FeesAndCommissionsCreditAndDebitCards>

  <us-gaap:FeesAndCommissionsCreditAndDebitCards contextRef="P01_01_2017To03_31_2017" id="Factid_88" unitRef="USD" decimals="0">29982</us-gaap:FeesAndCommissionsCreditAndDebitCards>

  <sach:OriginationFees contextRef="P01_01_2018To03_31_2018" id="Factid_89" unitRef="USD" decimals="0">348548</sach:OriginationFees>

  <sach:OriginationFees contextRef="P01_01_2017To03_31_2017" id="Factid_90" unitRef="USD" decimals="0">97461</sach:OriginationFees>

  <us-gaap:InterestAndFeeIncomeLoansAndLeases contextRef="P01_01_2018To03_31_2018" id="Factid_91" unitRef="USD" decimals="0">1962373</us-gaap:InterestAndFeeIncomeLoansAndLeases>

  <us-gaap:InterestAndFeeIncomeLoansAndLeases contextRef="P01_01_2017To03_31_2017" id="Factid_92" unitRef="USD" decimals="0">1036840</us-gaap:InterestAndFeeIncomeLoansAndLeases>

  <sach:GainOnSaleOfRealEstateInvestement contextRef="P01_01_2018To03_31_2018" id="Factid_93" unitRef="USD" decimals="0">0</sach:GainOnSaleOfRealEstateInvestement>

  <sach:GainOnSaleOfRealEstateInvestement contextRef="P01_01_2017To03_31_2017" id="Factid_94" unitRef="USD" decimals="0">26478</sach:GainOnSaleOfRealEstateInvestement>

  <us-gaap:TaxesAndLicenses contextRef="P01_01_2018To03_31_2018" id="Factid_95" unitRef="USD" decimals="0">34480</us-gaap:TaxesAndLicenses>

  <us-gaap:TaxesAndLicenses contextRef="P01_01_2017To03_31_2017" id="Factid_96" unitRef="USD" decimals="0">105839</us-gaap:TaxesAndLicenses>

  <us-gaap:LaborAndRelatedExpense contextRef="P01_01_2018To03_31_2018" id="Factid_97" unitRef="USD" decimals="0">245575</us-gaap:LaborAndRelatedExpense>

  <us-gaap:LaborAndRelatedExpense contextRef="P01_01_2017To03_31_2017" id="Factid_98" unitRef="USD" decimals="0">0</us-gaap:LaborAndRelatedExpense>

  <us-gaap:EarningsPerShareBasic contextRef="P01_01_2018To03_31_2018" id="Factid_99" unitRef="USD_per_Share" decimals="2">0.13</us-gaap:EarningsPerShareBasic>

  <us-gaap:EarningsPerShareBasic contextRef="P01_01_2017To03_31_2017" id="Factid_100" unitRef="USD_per_Share" decimals="2">0.06</us-gaap:EarningsPerShareBasic>

  <us-gaap:EarningsPerShareDiluted contextRef="P01_01_2018To03_31_2018" id="Factid_101" unitRef="USD_per_Share" decimals="2">0.13</us-gaap:EarningsPerShareDiluted>

  <us-gaap:EarningsPerShareDiluted contextRef="P01_01_2017To03_31_2017" id="Factid_102" unitRef="USD_per_Share" decimals="2">0.06</us-gaap:EarningsPerShareDiluted>

  <us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="P01_01_2018To03_31_2018" id="Factid_103" unitRef="shares" decimals="INF">15415737</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>

  <us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="P01_01_2017To03_31_2017" id="Factid_104" unitRef="shares" decimals="INF">11103237</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>

  <us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding contextRef="P01_01_2018To03_31_2018" id="Factid_105" unitRef="shares" decimals="INF">15415737</us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>

  <us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding contextRef="P01_01_2017To03_31_2017" id="Factid_106" unitRef="shares" decimals="INF">11103237</us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>

  <sach:IncreaseDecreaseInInterestAndFeesReceivable contextRef="P01_01_2018To03_31_2018" id="Factid_107" unitRef="USD" decimals="0">134023</sach:IncreaseDecreaseInInterestAndFeesReceivable>

  <sach:IncreaseDecreaseInInterestAndFeesReceivable contextRef="P01_01_2017To03_31_2017" id="Factid_108" unitRef="USD" decimals="0">19495</sach:IncreaseDecreaseInInterestAndFeesReceivable>

  <us-gaap:IncreaseDecreaseInOtherReceivables contextRef="P01_01_2018To03_31_2018" id="Factid_109" unitRef="USD" decimals="0">-256966</us-gaap:IncreaseDecreaseInOtherReceivables>

  <us-gaap:IncreaseDecreaseInOtherReceivables contextRef="P01_01_2017To03_31_2017" id="Factid_110" unitRef="USD" decimals="0">-4611</us-gaap:IncreaseDecreaseInOtherReceivables>

  <us-gaap:IncreaseDecreaseInInterestPayableNet contextRef="P01_01_2018To03_31_2018" id="Factid_111" unitRef="USD" decimals="0">-40771</us-gaap:IncreaseDecreaseInInterestPayableNet>

  <us-gaap:IncreaseDecreaseInInterestPayableNet contextRef="P01_01_2017To03_31_2017" id="Factid_112" unitRef="USD" decimals="0">-11315</us-gaap:IncreaseDecreaseInInterestPayableNet>

  <us-gaap:IncreaseDecreaseInAccruedLiabilities contextRef="P01_01_2018To03_31_2018" id="Factid_113" unitRef="USD" decimals="0">-231740</us-gaap:IncreaseDecreaseInAccruedLiabilities>

  <us-gaap:IncreaseDecreaseInAccruedLiabilities contextRef="P01_01_2017To03_31_2017" id="Factid_114" unitRef="USD" decimals="0">314870</us-gaap:IncreaseDecreaseInAccruedLiabilities>

  <us-gaap:IncreaseDecreaseInDeferredRevenue contextRef="P01_01_2018To03_31_2018" id="Factid_115" unitRef="USD" decimals="0">60222</us-gaap:IncreaseDecreaseInDeferredRevenue>

  <us-gaap:IncreaseDecreaseInDeferredRevenue contextRef="P01_01_2017To03_31_2017" id="Factid_116" unitRef="USD" decimals="0">112310</us-gaap:IncreaseDecreaseInDeferredRevenue>

  <us-gaap:AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities contextRef="P01_01_2018To03_31_2018" id="Factid_117" unitRef="USD" decimals="0">-669504</us-gaap:AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities>

  <us-gaap:AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities contextRef="P01_01_2017To03_31_2017" id="Factid_118" unitRef="USD" decimals="0">-557297</us-gaap:AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities>

  <us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="P01_01_2018To03_31_2018" id="Factid_119" unitRef="USD" decimals="0">1303146</us-gaap:NetCashProvidedByUsedInOperatingActivities>

  <us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="P01_01_2017To03_31_2017" id="Factid_120" unitRef="USD" decimals="0">339481</us-gaap:NetCashProvidedByUsedInOperatingActivities>

  <us-gaap:IncreaseDecreaseInDueToOfficersAndStockholders contextRef="P01_01_2018To03_31_2018" id="Factid_121" unitRef="USD" decimals="0">0</us-gaap:IncreaseDecreaseInDueToOfficersAndStockholders>

  <us-gaap:IncreaseDecreaseInDueToOfficersAndStockholders contextRef="P01_01_2017To03_31_2017" id="Factid_122" unitRef="USD" decimals="0">-630728</us-gaap:IncreaseDecreaseInDueToOfficersAndStockholders>

  <us-gaap:IncreaseDecreaseInAdvancePaymentsByBorrowersForTaxesAndInsurance contextRef="P01_01_2018To03_31_2018" id="Factid_123" unitRef="USD" decimals="0">213522</us-gaap:IncreaseDecreaseInAdvancePaymentsByBorrowersForTaxesAndInsurance>

  <us-gaap:IncreaseDecreaseInAdvancePaymentsByBorrowersForTaxesAndInsurance contextRef="P01_01_2017To03_31_2017" id="Factid_124" unitRef="USD" decimals="0">307543</us-gaap:IncreaseDecreaseInAdvancePaymentsByBorrowersForTaxesAndInsurance>

  <us-gaap:AmortizationOfFinancingCosts contextRef="P01_01_2018To03_31_2018" id="Factid_125" unitRef="USD" decimals="0">14558</us-gaap:AmortizationOfFinancingCosts>

  <us-gaap:AmortizationOfFinancingCosts contextRef="P01_01_2017To03_31_2017" id="Factid_126" unitRef="USD" decimals="0">14559</us-gaap:AmortizationOfFinancingCosts>

  <us-gaap:GainsLossesOnSalesOfInvestmentRealEstate contextRef="P01_01_2018To03_31_2018" id="Factid_127" unitRef="USD" decimals="0">0</us-gaap:GainsLossesOnSalesOfInvestmentRealEstate>

  <us-gaap:GainsLossesOnSalesOfInvestmentRealEstate contextRef="P01_01_2017To03_31_2017" id="Factid_128" unitRef="USD" decimals="0">26478</us-gaap:GainsLossesOnSalesOfInvestmentRealEstate>

  <us-gaap:IncreaseDecreaseInPrepaidInsurance contextRef="P01_01_2017To03_31_2017" id="Factid_129" unitRef="USD" decimals="0">32260</us-gaap:IncreaseDecreaseInPrepaidInsurance>

  <us-gaap:IncreaseDecreaseInPrepaidInsurance contextRef="P01_01_2018To03_31_2018" id="Factid_130" unitRef="USD" decimals="0">28253</us-gaap:IncreaseDecreaseInPrepaidInsurance>

  <us-gaap:ProceedsFromSaleOfRealEstate contextRef="P01_01_2018To03_31_2018" id="Factid_131" unitRef="USD" decimals="0">0</us-gaap:ProceedsFromSaleOfRealEstate>

  <us-gaap:ProceedsFromSaleOfRealEstate contextRef="P01_01_2017To03_31_2017" id="Factid_132" unitRef="USD" decimals="0">90123</us-gaap:ProceedsFromSaleOfRealEstate>

  <us-gaap:PaymentsToAcquireRealEstate contextRef="P01_01_2018To03_31_2018" id="Factid_133" unitRef="USD" decimals="0">11000</us-gaap:PaymentsToAcquireRealEstate>

  <us-gaap:PaymentsToAcquireRealEstate contextRef="P01_01_2017To03_31_2017" id="Factid_134" unitRef="USD" decimals="0">18482</us-gaap:PaymentsToAcquireRealEstate>

  <us-gaap:PaymentsToAcquireFurnitureAndFixtures contextRef="P01_01_2018To03_31_2018" id="Factid_135" unitRef="USD" decimals="0">1987</us-gaap:PaymentsToAcquireFurnitureAndFixtures>

  <us-gaap:PaymentsToAcquireFurnitureAndFixtures contextRef="P01_01_2017To03_31_2017" id="Factid_136" unitRef="USD" decimals="0">102327</us-gaap:PaymentsToAcquireFurnitureAndFixtures>

  <us-gaap:PaymentsToAcquireInvestments contextRef="P01_01_2018To03_31_2018" id="Factid_137" unitRef="USD" decimals="0">0</us-gaap:PaymentsToAcquireInvestments>

  <us-gaap:PaymentsToAcquireInvestments contextRef="P01_01_2017To03_31_2017" id="Factid_138" unitRef="USD" decimals="0">32000</us-gaap:PaymentsToAcquireInvestments>

  <sach:PaymentsToAcquireMortgageReceivable contextRef="P01_01_2018To03_31_2018" id="Factid_139" unitRef="USD" decimals="0">10345784</sach:PaymentsToAcquireMortgageReceivable>

  <sach:PaymentsToAcquireMortgageReceivable contextRef="P01_01_2017To03_31_2017" id="Factid_140" unitRef="USD" decimals="0">10091528</sach:PaymentsToAcquireMortgageReceivable>

  <sach:ProceedsFromCollectionOfMortagageReceivable contextRef="P01_01_2018To03_31_2018" id="Factid_141" unitRef="USD" decimals="0">6034243</sach:ProceedsFromCollectionOfMortagageReceivable>

  <sach:ProceedsFromCollectionOfMortagageReceivable contextRef="P01_01_2017To03_31_2017" id="Factid_142" unitRef="USD" decimals="0">3938601</sach:ProceedsFromCollectionOfMortagageReceivable>

  <us-gaap:NetCashProvidedByUsedInInvestingActivities contextRef="P01_01_2018To03_31_2018" id="Factid_143" unitRef="USD" decimals="0">-4324528</us-gaap:NetCashProvidedByUsedInInvestingActivities>

  <us-gaap:NetCashProvidedByUsedInInvestingActivities contextRef="P01_01_2017To03_31_2017" id="Factid_144" unitRef="USD" decimals="0">-6215613</us-gaap:NetCashProvidedByUsedInInvestingActivities>

  <us-gaap:PaymentOfFinancingAndStockIssuanceCosts contextRef="P01_01_2018To03_31_2018" id="Factid_145" unitRef="USD" decimals="0">55000</us-gaap:PaymentOfFinancingAndStockIssuanceCosts>

  <us-gaap:PaymentOfFinancingAndStockIssuanceCosts contextRef="P01_01_2017To03_31_2017" id="Factid_146" unitRef="USD" decimals="0">13650</us-gaap:PaymentOfFinancingAndStockIssuanceCosts>

  <us-gaap:ProceedsFromPartnershipContribution contextRef="P01_01_2018To03_31_2018" id="Factid_147" unitRef="USD" decimals="0">0</us-gaap:ProceedsFromPartnershipContribution>

  <us-gaap:ProceedsFromPartnershipContribution contextRef="P01_01_2017To03_31_2017" id="Factid_148" unitRef="USD" decimals="0">653646</us-gaap:ProceedsFromPartnershipContribution>

  <sach:PaymentsOfPartnershipDistributions contextRef="P01_01_2018To03_31_2018" id="Factid_149" unitRef="USD" decimals="0">0</sach:PaymentsOfPartnershipDistributions>

  <sach:PaymentsOfPartnershipDistributions contextRef="P01_01_2017To03_31_2017" id="Factid_150" unitRef="USD" decimals="0">2460125</sach:PaymentsOfPartnershipDistributions>

  <us-gaap:CashPeriodIncreaseDecrease contextRef="P01_01_2018To03_31_2018" id="Factid_151" unitRef="USD" decimals="0">-391715</us-gaap:CashPeriodIncreaseDecrease>

  <us-gaap:CashPeriodIncreaseDecrease contextRef="P01_01_2017To03_31_2017" id="Factid_152" unitRef="USD" decimals="0">-205958</us-gaap:CashPeriodIncreaseDecrease>

  <us-gaap:Cash contextRef="PAsOn12_31_2016" id="Factid_153" unitRef="USD" decimals="0">1561863</us-gaap:Cash>

  <us-gaap:Cash contextRef="PAsOn03_31_2017" id="Factid_154" unitRef="USD" decimals="0">1355905</us-gaap:Cash>

  <us-gaap:InterestPaidNet contextRef="P01_01_2018To03_31_2018" id="Factid_155" unitRef="USD" decimals="0">208398</us-gaap:InterestPaidNet>

  <us-gaap:InterestPaidNet contextRef="P01_01_2017To03_31_2017" id="Factid_156" unitRef="USD" decimals="0">101711</us-gaap:InterestPaidNet>

  <us-gaap:ProceedsFromLinesOfCredit contextRef="P01_01_2018To03_31_2018" id="Factid_157" unitRef="USD" decimals="0">13288435</us-gaap:ProceedsFromLinesOfCredit>

  <us-gaap:ProceedsFromLinesOfCredit contextRef="P01_01_2017To03_31_2017" id="Factid_158" unitRef="USD" decimals="0">7595766</us-gaap:ProceedsFromLinesOfCredit>

  <us-gaap:RepaymentsOfLinesOfCredit contextRef="P01_01_2018To03_31_2018" id="Factid_159" unitRef="USD" decimals="0">8982583</us-gaap:RepaymentsOfLinesOfCredit>

  <us-gaap:RepaymentsOfLinesOfCredit contextRef="P01_01_2017To03_31_2017" id="Factid_160" unitRef="USD" decimals="0">11559609</us-gaap:RepaymentsOfLinesOfCredit>

  <us-gaap:PaymentsOfOrdinaryDividends contextRef="P01_01_2018To03_31_2018" id="Factid_161" unitRef="USD" decimals="0">1618653</us-gaap:PaymentsOfOrdinaryDividends>

  <us-gaap:PaymentsOfOrdinaryDividends contextRef="P01_01_2017To03_31_2017" id="Factid_162" unitRef="USD" decimals="0">0</us-gaap:PaymentsOfOrdinaryDividends>

  <us-gaap:ProceedsFromIssuanceInitialPublicOffering contextRef="P01_01_2018To03_31_2018" id="Factid_163" unitRef="USD" decimals="0">0</us-gaap:ProceedsFromIssuanceInitialPublicOffering>

  <us-gaap:ProceedsFromIssuanceInitialPublicOffering contextRef="P01_01_2017To03_31_2017" id="Factid_164" unitRef="USD" decimals="0">13000000</us-gaap:ProceedsFromIssuanceInitialPublicOffering>

  <sach:PreofferingCostsIncurred contextRef="P01_01_2018To03_31_2018" id="Factid_165" unitRef="USD" decimals="0">0</sach:PreofferingCostsIncurred>

  <sach:PreofferingCostsIncurred contextRef="P01_01_2017To03_31_2017" id="Factid_166" unitRef="USD" decimals="0">1544197</sach:PreofferingCostsIncurred>

  <us-gaap:NetCashProvidedByUsedInFinancingActivities contextRef="P01_01_2017To03_31_2017" id="Factid_167" unitRef="USD" decimals="0">5670174</us-gaap:NetCashProvidedByUsedInFinancingActivities>

  <us-gaap:NetCashProvidedByUsedInFinancingActivities contextRef="P01_01_2018To03_31_2018" id="Factid_168" unitRef="USD" decimals="0">2629667</us-gaap:NetCashProvidedByUsedInFinancingActivities>

  <us-gaap:PaymentsForProceedsFromMortgageDeposits contextRef="P01_01_2018To03_31_2018" id="Factid_169" unitRef="USD" decimals="0">2532</us-gaap:PaymentsForProceedsFromMortgageDeposits>

  <us-gaap:PaymentsForProceedsFromMortgageDeposits contextRef="P01_01_2017To03_31_2017" id="Factid_170" unitRef="USD" decimals="0">1657</us-gaap:PaymentsForProceedsFromMortgageDeposits>

  <us-gaap:BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued contextRef="P01_23_2017To02_08_2017" id="Factid_171" unitRef="shares" decimals="INF">6283237</us-gaap:BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued>

  <us-gaap:FeesAndCommissions contextRef="P02_01_2017To02_15_2017_IPOMemberusgaapSubsidiarySaleOfStockAxis" id="Factid_172" unitRef="USD" decimals="-5">11100000</us-gaap:FeesAndCommissions>

  <us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="P02_02_2017To02_09_2017_IPOMemberusgaapSubsidiarySaleOfStockAxis" id="Factid_173" unitRef="shares" decimals="INF">2600000</us-gaap:StockIssuedDuringPeriodSharesNewIssues>

  <us-gaap:SharesIssuedPricePerShare contextRef="PAsOn02_09_2017_IPOMemberusgaapSubsidiarySaleOfStockAxis" id="Factid_174" unitRef="USD_per_Share" decimals="2">5.00</us-gaap:SharesIssuedPricePerShare>

  <us-gaap:ProceedsFromIssuanceInitialPublicOffering contextRef="P02_02_2017To02_09_2017_IPOMemberusgaapSubsidiarySaleOfStockAxis" id="Factid_175" unitRef="USD" decimals="-6">13000000</us-gaap:ProceedsFromIssuanceInitialPublicOffering>

  <us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="P10_01_2017To10_27_2017" id="Factid_176" unitRef="shares" decimals="INF">3750000</us-gaap:StockIssuedDuringPeriodSharesNewIssues>

  <us-gaap:SharesIssuedPricePerShare contextRef="PAsOn10_27_2017" id="Factid_177" unitRef="USD_per_Share" decimals="2">4.00</us-gaap:SharesIssuedPricePerShare>

  <us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="P11_01_2017To11_03_2017" id="Factid_178" unitRef="shares" decimals="INF">562500</us-gaap:StockIssuedDuringPeriodSharesNewIssues>

  <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="P11_01_2017To11_03_2017" id="Factid_179" unitRef="USD" decimals="-4">17250000</us-gaap:StockIssuedDuringPeriodValueNewIssues>

  <us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="P11_01_2017To11_03_2017" id="Factid_180" unitRef="USD" decimals="-5">15300000</us-gaap:ProceedsFromIssuanceOfCommonStock>

  <us-gaap:CashFDICInsuredAmount contextRef="PAsOn03_31_2018" id="Factid_181" unitRef="USD" decimals="0">250000</us-gaap:CashFDICInsuredAmount>

  <sach:PaymentsToAcquireMortgageReceivable contextRef="P01_01_2018To03_31_2018_MortgagesMemberusgaapLongtermDebtTypeAxis" id="Factid_182" unitRef="USD" decimals="0">10345784</sach:PaymentsToAcquireMortgageReceivable>

  <sach:PaymentsToAcquireMortgageReceivable contextRef="P01_01_2017To03_31_2017_MortgagesMemberusgaapLongtermDebtTypeAxis" id="Factid_183" unitRef="USD" decimals="0">10091528</sach:PaymentsToAcquireMortgageReceivable>

  <sach:MortgageLoansOnRealEstateDefaultInterestRate contextRef="P01_01_2018To03_31_2018" id="Factid_184" unitRef="pure" decimals="2">0.18</sach:MortgageLoansOnRealEstateDefaultInterestRate>

  <us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages contextRef="PAsOn03_31_2018_MinimumMemberusgaapRangeAxis" id="Factid_185" unitRef="USD" decimals="0">15000</us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages>

  <us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages contextRef="PAsOn03_31_2018_MaximumMemberusgaapRangeAxis" id="Factid_186" unitRef="USD" decimals="0">2000000</us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages>

  <us-gaap:MortgageLoansOnRealEstateInterestRate contextRef="P01_01_2018To03_31_2018_MinimumMemberusgaapRangeAxis" id="Factid_187" unitRef="pure" decimals="3">0.095</us-gaap:MortgageLoansOnRealEstateInterestRate>

  <us-gaap:MortgageLoansOnRealEstateInterestRate contextRef="P01_01_2018To03_31_2018_MaximumMemberusgaapRangeAxis" id="Factid_188" unitRef="pure" decimals="3">0.120</us-gaap:MortgageLoansOnRealEstateInterestRate>

  <us-gaap:ReceivableWithImputedInterestDiscount contextRef="PAsOn11_30_2016" id="Factid_189" unitRef="USD" decimals="0">74954</us-gaap:ReceivableWithImputedInterestDiscount>

  <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="PAsOn03_31_2018" id="Factid_190" unitRef="USD" decimals="0">69582500</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>

  <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="PAsOn12_31_2017" id="Factid_191" unitRef="USD" decimals="0">63270959</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>

  <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="PAsOn03_31_2018_CommercialLoanMemberusgaapFinancialInstrumentAxis" id="Factid_192" unitRef="USD" decimals="0">18831376</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>

  <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="PAsOn12_31_2017_CommercialLoanMemberusgaapFinancialInstrumentAxis" id="Factid_193" unitRef="USD" decimals="0">12480612</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>

  <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="PAsOn03_31_2018_ResidentialMortgageMemberusgaapFinancialInstrumentAxis" id="Factid_194" unitRef="USD" decimals="0">44179820</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>

  <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="PAsOn12_31_2017_ResidentialMortgageMemberusgaapFinancialInstrumentAxis" id="Factid_195" unitRef="USD" decimals="0">43855827</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>

  <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="PAsOn03_31_2018_LandMemberusgaapPropertyPlantAndEquipmentByTypeAxis" id="Factid_196" unitRef="USD" decimals="0">5755939</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>

  <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="PAsOn12_31_2017_LandMemberusgaapPropertyPlantAndEquipmentByTypeAxis" id="Factid_197" unitRef="USD" decimals="0">6676060</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>

  <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="PAsOn03_31_2018_MexedUseMemberusgaapFinancialInstrumentAxis" id="Factid_198" unitRef="USD" decimals="0">815365</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>

  <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="PAsOn12_31_2017_MexedUseMemberusgaapFinancialInstrumentAxis" id="Factid_199" unitRef="USD" decimals="0">258460</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>

  <sach:MaturitiesOfMortagageReceivableYearTwo contextRef="PAsOn03_31_2018" id="Factid_200" unitRef="USD" decimals="0">21856270</sach:MaturitiesOfMortagageReceivableYearTwo>

  <sach:MaturitiesOfMortagageReceivableYearThree contextRef="PAsOn03_31_2018" id="Factid_201" unitRef="USD" decimals="0">11787324</sach:MaturitiesOfMortagageReceivableYearThree>

  <sach:MaturitiesOfMortagageReceivableYearFour contextRef="PAsOn03_31_2018" id="Factid_202" unitRef="USD" decimals="0">6073518</sach:MaturitiesOfMortagageReceivableYearFour>

  <us-gaap:RealEstateInvestmentPropertyAtCost contextRef="PAsOn03_31_2018" id="Factid_203" unitRef="USD" decimals="0">1235409</us-gaap:RealEstateInvestmentPropertyAtCost>

  <us-gaap:LoansReceivableNet contextRef="PAsOn03_31_2018" id="Factid_204" unitRef="USD" decimals="0">175330</us-gaap:LoansReceivableNet>

  <us-gaap:LoansReceivableNet contextRef="PAsOn12_31_2017" id="Factid_205" unitRef="USD" decimals="0">111189</us-gaap:LoansReceivableNet>

  <us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity contextRef="PAsOn12_18_2014_BankwellBankMemberdeiLegalEntityAxis_LineOfCreditMemberusgaapCreditFacilityAxis" id="Factid_206" unitRef="USD" decimals="-6">5000000</us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity>

  <us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity contextRef="PAsOn12_30_2015_BankwellBankMemberdeiLegalEntityAxis_LineOfCreditMemberusgaapCreditFacilityAxis" id="Factid_207" unitRef="USD" decimals="0">7000000</us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity>

  <us-gaap:LineOfCreditFacilityInterestRateAtPeriodEnd contextRef="PAsOn03_31_2018_BankwellBankMemberdeiLegalEntityAxis_LineOfCreditMemberusgaapCreditFacilityAxis" id="Factid_208" unitRef="pure" decimals="4">0.0619</us-gaap:LineOfCreditFacilityInterestRateAtPeriodEnd>

  <us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity contextRef="PAsOn03_15_2016_BankwellBankMemberdeiLegalEntityAxis_LineOfCreditMemberusgaapCreditFacilityAxis" id="Factid_209" unitRef="USD" decimals="0">15000000</us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity>

  <us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity contextRef="PAsOn06_30_2017_BankwellBankMemberdeiLegalEntityAxis_LineOfCreditMemberusgaapCreditFacilityAxis" id="Factid_210" unitRef="USD" decimals="0">20000000</us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity>

  <us-gaap:LineOfCreditFacilityInterestRateDuringPeriod contextRef="P01_01_2018To03_31_2018_BankwellCreditLineMemberusgaapCreditFacilityAxis_MinimumMemberusgaapRangeAxis_PrimeRateMembersachVariablerateaxisAxis" id="Factid_211" unitRef="pure" decimals="4">0.0625</us-gaap:LineOfCreditFacilityInterestRateDuringPeriod>

  <us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="PAsOn06_30_2017_BankwellBankMemberdeiLegalEntityAxis_LineOfCreditMemberusgaapCreditFacilityAxis" id="Factid_212" unitRef="pure" decimals="3">0.055</us-gaap:DebtInstrumentInterestRateStatedPercentage>

  <us-gaap:BusinessExitCosts1 contextRef="P01_01_2018To03_31_2018" id="Factid_213" unitRef="USD" decimals="0">200000</us-gaap:BusinessExitCosts1>

  <us-gaap:LineOfCredit contextRef="PAsOn03_31_2018_BankwellBankMemberdeiLegalEntityAxis_GuaranteeObligationsMemberusgaapLossContingenciesByNatureOfContingencyAxis_MaximumMemberusgaapRangeAxis" id="Factid_214" unitRef="USD" decimals="0">1000000</us-gaap:LineOfCredit>

  <sach:MinimumOwnershipRequiredForGuarantorShares contextRef="P01_01_2018To03_31_2018" id="Factid_215" unitRef="shares" decimals="INF">500000</sach:MinimumOwnershipRequiredForGuarantorShares>

  <us-gaap:DebtInstrumentFaceAmount contextRef="PAsOn03_31_2018_MortgagesMemberusgaapLongtermDebtTypeAxis" id="Factid_216" unitRef="USD" decimals="0">310000</us-gaap:DebtInstrumentFaceAmount>

  <us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="PAsOn03_31_2018_MortgagesMemberusgaapLongtermDebtTypeAxis" id="Factid_217" unitRef="pure" decimals="4">0.0452</us-gaap:DebtInstrumentInterestRateStatedPercentage>

  <us-gaap:DebtInstrumentPeriodicPayment contextRef="P01_01_2018To03_31_2018_MortgagesMemberusgaapLongtermDebtTypeAxis" id="Factid_218" unitRef="USD" decimals="0">1975</us-gaap:DebtInstrumentPeriodicPayment>

  <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo contextRef="PAsOn03_31_2018" id="Factid_219" unitRef="USD" decimals="0">10645</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo>

  <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree contextRef="PAsOn03_31_2018" id="Factid_220" unitRef="USD" decimals="0">11136</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree>

  <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour contextRef="PAsOn03_31_2018" id="Factid_221" unitRef="USD" decimals="0">11650</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour>

  <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive contextRef="PAsOn03_31_2018" id="Factid_222" unitRef="USD" decimals="0">254962</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive>

  <us-gaap:LongTermDebt contextRef="PAsOn03_31_2018" id="Factid_223" unitRef="USD" decimals="0">298569</us-gaap:LongTermDebt>

  <sach:LoanOriginationFeesOnOriginalLoanPrincipalpercentage contextRef="P01_01_2018To03_31_2018_JjvLlcMemberdeiLegalEntityAxis_MinimumMemberusgaapRangeAxis" id="Factid_224" unitRef="pure" decimals="2">0.02</sach:LoanOriginationFeesOnOriginalLoanPrincipalpercentage>

  <sach:LoanOriginationFeesOnOriginalLoanPrincipalpercentage contextRef="P01_01_2018To03_31_2018_JjvLlcMemberdeiLegalEntityAxis_MaximumMemberusgaapRangeAxis" id="Factid_225" unitRef="pure" decimals="2">0.05</sach:LoanOriginationFeesOnOriginalLoanPrincipalpercentage>

  <sach:LoanOriginationFeesPercentage contextRef="P01_01_2018To03_31_2018_JjvLlcMemberdeiLegalEntityAxis" id="Factid_226" unitRef="pure" decimals="2">0.75</sach:LoanOriginationFeesPercentage>

  <us-gaap:LoanProcessingFee contextRef="P01_01_2017To03_31_2017_JjvLlcMemberdeiLegalEntityAxis" id="Factid_227" unitRef="USD" decimals="0">79341</us-gaap:LoanProcessingFee>

  <us-gaap:OtherCommitment contextRef="PAsOn03_31_2018_DeferredLeaseRevenueMemberusgaapRegulatoryLiabilityAxis" id="Factid_228" unitRef="USD" decimals="0">1168622</us-gaap:OtherCommitment>

  <us-gaap:OtherCommitmentDueInNextTwelveMonths contextRef="PAsOn03_31_2018_DeferredLeaseRevenueMemberusgaapRegulatoryLiabilityAxis" id="Factid_229" unitRef="USD" decimals="0">727428</us-gaap:OtherCommitmentDueInNextTwelveMonths>

  <us-gaap:OtherCommitmentDueInSecondYear contextRef="PAsOn03_31_2018_DeferredLeaseRevenueMemberusgaapRegulatoryLiabilityAxis" id="Factid_230" unitRef="USD" decimals="0">306884</us-gaap:OtherCommitmentDueInSecondYear>

  <us-gaap:OtherCommitmentDueInThirdYear contextRef="PAsOn03_31_2018_DeferredLeaseRevenueMemberusgaapRegulatoryLiabilityAxis" id="Factid_231" unitRef="USD" decimals="0">134310</us-gaap:OtherCommitmentDueInThirdYear>

  <us-gaap:OtherCommitment contextRef="PAsOn03_31_2018_UnfundedLoanCommitmentMemberusgaapFinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis" id="Factid_232" unitRef="USD" decimals="0">3811439</us-gaap:OtherCommitment>

  <us-gaap:LoanPortfolioExpense contextRef="P01_01_2017To03_31_2017_ManagerMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis" id="Factid_233" unitRef="USD" decimals="0">32778</us-gaap:LoanPortfolioExpense>

  <us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="PAsOn03_31_2018_JeffreyVillanoMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis" id="Factid_234" unitRef="pure" decimals="1">0.2</us-gaap:EquityMethodInvestmentOwnershipPercentage>

  <us-gaap:PaymentsForRent contextRef="P01_01_2017To03_31_2017" id="Factid_235" unitRef="USD" decimals="0">1500</us-gaap:PaymentsForRent>

  <us-gaap:RepaymentsOfRelatedPartyDebt contextRef="P01_01_2017To02_08_2017_ManagerMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis_RentAndOtherExpensesMemberusgaapIncomeStatementLocationAxis" id="Factid_236" unitRef="USD" decimals="0">35847</us-gaap:RepaymentsOfRelatedPartyDebt>

  <us-gaap:SalariesWagesAndOfficersCompensation contextRef="P01_01_2017To02_08_2017" id="Factid_237" unitRef="USD" decimals="0">12223</us-gaap:SalariesWagesAndOfficersCompensation>

  <us-gaap:RepaymentsOfRelatedPartyDebt contextRef="P01_01_2017To02_08_2017_ManagerMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis_OriginationFeesOnLoansMemberusgaapIncomeStatementLocationAxis" id="Factid_238" unitRef="USD" decimals="0">52902</us-gaap:RepaymentsOfRelatedPartyDebt>

  <us-gaap:LoansAndLeasesReceivableRelatedParties contextRef="PAsOn03_31_2018_ManagerMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis" id="Factid_239" unitRef="USD" decimals="0">969457</us-gaap:LoansAndLeasesReceivableRelatedParties>

  <us-gaap:ProceedsFromRelatedPartyDebt contextRef="P01_01_2018To03_31_2018_InterestIncomeMemberusgaapIncomeStatementLocationAxis_ManagerMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis" id="Factid_240" unitRef="USD" decimals="0">32847</us-gaap:ProceedsFromRelatedPartyDebt>

  <us-gaap:ProceedsFromRelatedPartyDebt contextRef="P01_01_2017To03_31_2017_InterestIncomeMemberusgaapIncomeStatementLocationAxis_ManagerMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis" id="Factid_241" unitRef="USD" decimals="0">35745</us-gaap:ProceedsFromRelatedPartyDebt>

  <us-gaap:LoansAndLeasesReceivableRelatedParties contextRef="PAsOn03_31_2018_InvestorMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis" id="Factid_242" unitRef="USD" decimals="0">4879228</us-gaap:LoansAndLeasesReceivableRelatedParties>

  <us-gaap:InterestIncomeRelatedParty contextRef="P01_01_2018To03_31_2018_ShareholdersMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis" id="Factid_243" unitRef="USD" decimals="0">87200</us-gaap:InterestIncomeRelatedParty>

  <us-gaap:NotesReceivableRelatedParties contextRef="PAsOn12_31_2017_MortgageReceivablesMemberusgaapAccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis" id="Factid_244" unitRef="USD" decimals="0">2000000</us-gaap:NotesReceivableRelatedParties>

  <us-gaap:OriginationOfNotesReceivableFromRelatedParties contextRef="P01_01_2017To12_31_2017_InvestorMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis" id="Factid_245" unitRef="USD" decimals="0">2750000</us-gaap:OriginationOfNotesReceivableFromRelatedParties>

  <us-gaap:IncreaseDecreaseInDueToOfficersAndStockholders contextRef="P01_01_2017To12_31_2017_InvestorMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis" id="Factid_246" unitRef="USD" decimals="0">723478</us-gaap:IncreaseDecreaseInDueToOfficersAndStockholders>

  <us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="P02_01_2017To02_09_2017_JjvLlcMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis" id="Factid_247" unitRef="USD" decimals="0">92806</us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>

  <us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty contextRef="P01_01_2018To03_31_2018_AccountingAndFinancialServicesMemberusgaapIncomeStatementLocationAxis_WifeOfExecutiveOfficerMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis" id="Factid_248" unitRef="USD" decimals="0">18750</us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty>

  <us-gaap:AccountsAndNotesReceivableNet contextRef="PAsOn04_27_2018_SubsequentEventMemberusgaapSubsequentEventTypeAxis" id="Factid_249" unitRef="USD" decimals="0">1200000</us-gaap:AccountsAndNotesReceivableNet>

  <us-gaap:RetainedEarningsAccumulatedDeficit contextRef="PAsOn12_31_2017" id="Factid_250" unitRef="USD" decimals="0">1235093</us-gaap:RetainedEarningsAccumulatedDeficit>

  <us-gaap:PreferredStockParOrStatedValuePerShare contextRef="PAsOn03_31_2018" id="Factid_251" unitRef="USD_per_Share" decimals="3">0.001</us-gaap:PreferredStockParOrStatedValuePerShare>

  <us-gaap:PreferredStockParOrStatedValuePerShare contextRef="PAsOn12_31_2017" id="Factid_252" unitRef="USD_per_Share" decimals="3">0.001</us-gaap:PreferredStockParOrStatedValuePerShare>

  <us-gaap:PreferredStockSharesAuthorized contextRef="PAsOn03_31_2018" id="Factid_253" unitRef="shares" decimals="INF">5000000</us-gaap:PreferredStockSharesAuthorized>

  <us-gaap:PreferredStockSharesAuthorized contextRef="PAsOn12_31_2017" id="Factid_254" unitRef="shares" decimals="INF">5000000</us-gaap:PreferredStockSharesAuthorized>

  <us-gaap:PreferredStockSharesIssued contextRef="PAsOn03_31_2018" id="Factid_255" unitRef="shares" decimals="INF">0</us-gaap:PreferredStockSharesIssued>

  <us-gaap:PreferredStockSharesIssued contextRef="PAsOn12_31_2017" id="Factid_256" unitRef="shares" decimals="INF">0</us-gaap:PreferredStockSharesIssued>

  <us-gaap:CommonStockParOrStatedValuePerShare contextRef="PAsOn03_31_2018" id="Factid_257" unitRef="USD_per_Share" decimals="3">0.001</us-gaap:CommonStockParOrStatedValuePerShare>

  <us-gaap:CommonStockParOrStatedValuePerShare contextRef="PAsOn12_31_2017" id="Factid_258" unitRef="USD_per_Share" decimals="3">0.001</us-gaap:CommonStockParOrStatedValuePerShare>

  <us-gaap:CommonStockSharesAuthorized contextRef="PAsOn03_31_2018" id="Factid_259" unitRef="shares" decimals="INF">50000000</us-gaap:CommonStockSharesAuthorized>

  <us-gaap:CommonStockSharesAuthorized contextRef="PAsOn12_31_2017" id="Factid_260" unitRef="shares" decimals="INF">50000000</us-gaap:CommonStockSharesAuthorized>

  <us-gaap:CommonStockSharesIssued contextRef="PAsOn03_31_2018" id="Factid_261" unitRef="shares" decimals="INF">15415737</us-gaap:CommonStockSharesIssued>

  <us-gaap:CommonStockSharesIssued contextRef="PAsOn12_31_2017" id="Factid_262" unitRef="shares" decimals="INF">15415737</us-gaap:CommonStockSharesIssued>

  <us-gaap:CommonStockSharesOutstanding contextRef="PAsOn03_31_2018" id="Factid_263" unitRef="shares" decimals="INF">15415737</us-gaap:CommonStockSharesOutstanding>

  <us-gaap:CommonStockSharesOutstanding contextRef="PAsOn12_31_2017" id="Factid_264" unitRef="shares" decimals="INF">15415737</us-gaap:CommonStockSharesOutstanding>

  <sach:MortagageReceivableTableTextBlock contextRef="P01_01_2018To03_31_2018" id="Factid_265">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt;Credit risk profile based on loan activity as of March 31, 2018 and December 31, 2017:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 1pt 0pt 27pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="MARGIN: 0in 0in 0in 0.25in; WIDTH: 96%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Mortgages&amp;#160;Receivable&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Residential&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Commercial&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Land&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Mixed&amp;#160;Use&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt; Total&amp;#160;Outstanding&amp;#160;Mortgages&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="35%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;March 31, 2018&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;44,179,820&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;18,831,376&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;5,755,939&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;815,365&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;69,582,500&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;December 31, 2017&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;43,855,827&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;12,480,612&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;6,676,060&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;258,460&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;63,270,959&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</sach:MortagageReceivableTableTextBlock>

  <sach:ScheduleOfMaturitiesOfMortgagesReceivableTableTextBlock contextRef="P01_01_2018To03_31_2018" id="Factid_266">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt;The following is the maturities of mortgages receivable as of March 31:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 17.65pt; MARGIN: 0pt 0.1in 0pt 27.35pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="MARGIN: 0px:auto; WIDTH: 50%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2018&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;29,865,388&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2019&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;21,856,270&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2020&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;11,787,324&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2021&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;6,073,518&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Total&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="13%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;69,582,500&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</sach:ScheduleOfMaturitiesOfMortgagesReceivableTableTextBlock>

  <sach:ExerciseOfOptionToSharepercentageOnDiscount contextRef="P01_01_2017To03_31_2017_JjvLlcMemberdeiLegalEntityAxis" id="Factid_267" unitRef="pure" decimals="2">0.75</sach:ExerciseOfOptionToSharepercentageOnDiscount>

  <us-gaap:ReceivableWithImputedInterestDiscount contextRef="PAsOn03_31_2017_JjvLlcMemberdeiLegalEntityAxis" id="Factid_268" unitRef="USD" decimals="0">55390</us-gaap:ReceivableWithImputedInterestDiscount>

  <us-gaap:PaymentsOfDividends contextRef="P03_30_2018To04_02_2018_SubsequentEventMemberusgaapSubsequentEventTypeAxis" id="Factid_269" unitRef="USD" decimals="0">1618653</us-gaap:PaymentsOfDividends>

  <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="PAsOn03_31_2018_FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberusgaapFinancingReceivablesPeriodPastDueAxis" id="Factid_270" unitRef="USD" decimals="-5">3500000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>

  <us-gaap:CommonStockDividendsPerShareDeclared contextRef="P03_30_2018To04_02_2018_SubsequentEventMemberusgaapSubsequentEventTypeAxis" id="Factid_271" unitRef="USD_per_Share" decimals="3">0.105</us-gaap:CommonStockDividendsPerShareDeclared>

  <sach:MaturitiesOfMortagageReceivableYearOne contextRef="PAsOn03_31_2018" id="Factid_272" unitRef="USD" decimals="0">29865388</sach:MaturitiesOfMortagageReceivableYearOne>

  <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="P01_01_2018To03_31_2018" id="Factid_273">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0px 0in 0.25in; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div&gt;&lt;b&gt;10.&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div&gt;&lt;b&gt;Related Party Transactions&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="left"&gt;The Company currently leases office space, on a month-to-month basis, in a building owned by Union News of New Haven, Inc., an entity that is controlled and &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 20&lt;/font&gt;%-owned by Jeffrey Villano, the Company&amp;#8217;s co-CEO. Rent and other facility related charges paid by the Company to Union News for the three months ended March 31, 2018 and 2017 was $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;4,500&lt;/font&gt; and $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;1,500&lt;/font&gt; (for the period beginning February 9, 2017 to March 31, 2017), respectively. The Company expects to move its operations to a new location, owned by the Company, in the fourth quarter of 2018.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; CLEAR: both; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="left"&gt;Prior to the Exchange, SCP reimbursed the Manager for rent and other expenses paid by the Manager on its behalf. For the period beginning January 1, 2017 and ending February 8, 2017, such amount totaled $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;35,847&lt;/font&gt;. In addition to rent, these amounts include other payments made by the Manager on SCP&amp;#8217;s behalf including insurance premiums and real estate taxes in instances where SCP was notified that the borrower is in default, costs of any actions (i.e., foreclosures) commenced by SCP to enforce its rights or collect amounts due from borrowers who were in default of their obligations to SCP as well as other costs that the Manager deemed appropriate to protects SCP&amp;#8217;s interests. For the period beginning January 1, 2017 and ending February 8, 2017, the Manager paid salaries and payroll taxes on behalf of the Company totaling $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;12,223&lt;/font&gt;. Unreimbursed costs advanced by the Manager on behalf of SCP as of March 31, 2017 were $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;4,905&lt;/font&gt; and are included in other receivables on the Company&amp;#8217;s balance sheet.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; CLEAR: both; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="left"&gt;During the period beginning January 1, 2017 and ending February 8, 2017, SCP paid the Manager $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;52,902&lt;/font&gt; representing origination fees on loans funded by SCP during the period.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; CLEAR: both; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="left"&gt;From time to time, the Manager would acquire certain troubled assets from third parties who are not existing SCP borrowers. In such instances, the Manager would borrow money from SCP to finance these acquisitions. As part of the Exchange, the Company acquired the notes evidencing these loans from SCP. The principal balance of the loans to the Manager at March 31, 2018 was &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 969,457&lt;/font&gt;. The real estate purchased is held by the Manager in trust for the Company. The Company accounts for these arrangements as separate loans to the Manager. The income earned on these loans is equivalent to the income earned on similar loans in the portfolio. All underwriting guidelines are adhered to. The mortgage documents allow the Manager to sell the properties in case of default with proceeds in excess of loan principal and accrued expense being returned to the Manager. During the three months ended March 31, 2018 the Company did not make any loans to the Manager. During the three months ended March 31, 2018 and 2017, the Manager paid $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;32,847&lt;/font&gt; and $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;35,745&lt;/font&gt;, respectively, of interest to the Company (or to SCP prior to the Exchange).&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; CLEAR: both; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="left"&gt;In the ordinary course of business, the Company may originate, fund, manage and service loans to shareholders (members in the case of loans funded prior to the Exchange). The underwriting process on these loans is consistent with Company policy. The terms of such loans, including the interest rate, income, origination fees and other closing costs are the same as those applicable to loans made to unrelated third parties in the portfolio. As of March 31, 2018, loans to former partners and now shareholders totaled $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;4,879,228&lt;/font&gt;. Interest income earned on these loans totaled $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;87,200&lt;/font&gt;&amp;#160;and $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;35,745&lt;/font&gt; for the periods ended March 31, 2018 and 2017, respectively.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; CLEAR: both; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;During the year ended December 31, 2017, the Company originated then sold notes to a shareholder in the amount of $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;2,750,000&lt;/font&gt;. Notes totaling $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;2,000,000&lt;/font&gt; were repurchased by the Company and are classified as mortgages receivable at December 31, 2017. Prior to December 31, 2017, $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;723,478&lt;/font&gt; was paid to the Company for the benefit of the noteholder. This amount is reflected in our balance sheet as Due to note purchaser at December 31, 2017 and was paid to the noteholder in January 2018.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; CLEAR: both; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;At both March 31, 2018 and December 31, 2017, total amounts owed by the Manager to the Company was $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;22,977&lt;/font&gt;&lt;/font&gt; and is reflected as other receivables on the Company&amp;#8217;s balance sheet.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; CLEAR: both; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;On February 9, 2017, the Company purchased computer hardware, software and furniture and fixtures totaling $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;92,806&lt;/font&gt; from JJV.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; CLEAR: both; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;For the periods ended March 31, 2018 and 2017, the wife of one of our executive officers was paid $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;18,750&lt;/font&gt; and $-&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;0&lt;/font&gt;-, respectively, for accounting and financial reporting services provided to the Company.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>

  <us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty contextRef="P01_01_2017To03_31_2017_AccountingAndFinancialServicesMemberusgaapIncomeStatementLocationAxis_WifeOfExecutiveOfficerMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis" id="Factid_274" unitRef="USD" decimals="0">0</us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty>

  <us-gaap:OtherCommitmentsTableTextBlock contextRef="P01_01_2018To03_31_2018" id="Factid_275">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt;Original maturities of deferred revenue are as follows as of:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0.1in 0pt 27pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; MARGIN: 0in; WIDTH: 50%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="37%"&gt; &lt;div&gt;December 31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="37%"&gt; &lt;div&gt;2019&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;727,428&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="37%"&gt; &lt;div&gt;2020&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;306,884&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="37%"&gt; &lt;div&gt;2021&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;134,310&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="37%"&gt; &lt;div&gt;Total&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1,168,622&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:OtherCommitmentsTableTextBlock>

  <sach:LoanServicingFeesdescription contextRef="P01_01_2018To03_31_2018_JjvLlcMemberdeiLegalEntityAxis" id="Factid_276">the loan servicing fee ranged from one-twelfth (1/12th) of one-half percent (0.5%) to one percent (1.0%) of the Companys loan portfolio</sach:LoanServicingFeesdescription>

  <us-gaap:StockholdersEquity contextRef="PAsOn12_31_2017_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_277" unitRef="USD" decimals="0">15416</us-gaap:StockholdersEquity>

  <us-gaap:StockholdersEquity contextRef="PAsOn12_31_2017_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis" id="Factid_278" unitRef="USD" decimals="0">53315772</us-gaap:StockholdersEquity>

  <us-gaap:StockholdersEquity contextRef="PAsOn12_31_2017_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_279" unitRef="USD" decimals="0">1235093</us-gaap:StockholdersEquity>

  <us-gaap:SharesOutstanding contextRef="PAsOn12_31_2017_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_280" unitRef="shares" decimals="INF">15415737</us-gaap:SharesOutstanding>

  <us-gaap:StockholdersEquity contextRef="PAsOn03_31_2018_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_281" unitRef="USD" decimals="0">15416</us-gaap:StockholdersEquity>

  <us-gaap:StockholdersEquity contextRef="PAsOn03_31_2018_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis" id="Factid_282" unitRef="USD" decimals="0">53315772</us-gaap:StockholdersEquity>

  <us-gaap:StockholdersEquity contextRef="PAsOn03_31_2018_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_283" unitRef="USD" decimals="0">1589090</us-gaap:StockholdersEquity>

  <us-gaap:SharesOutstanding contextRef="PAsOn03_31_2018_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_284" unitRef="shares" decimals="INF">15415737</us-gaap:SharesOutstanding>

  <sach:LoanServicingFeespercentage contextRef="P01_01_2017To03_31_2017" id="Factid_285" unitRef="pure" decimals="3">0.010</sach:LoanServicingFeespercentage>

  <us-gaap:DividendsCommonStock contextRef="P01_01_2018To03_31_2018_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_286" unitRef="USD" xsi:nil="true" />

  <us-gaap:DividendsCommonStock contextRef="P01_01_2018To03_31_2018_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis" id="Factid_287" unitRef="USD" xsi:nil="true" />

  <us-gaap:DividendsCommonStock contextRef="P01_01_2018To03_31_2018_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_288" unitRef="USD" decimals="0">1618653</us-gaap:DividendsCommonStock>

  <us-gaap:DebtInstrumentDescriptionOfVariableRateBasis contextRef="P06_01_2017To06_30_2017_BankwellBankMemberdeiLegalEntityAxis_LineOfCreditMemberusgaapCreditFacilityAxis" id="Factid_289">LIBOR Rate plus 4.50%</us-gaap:DebtInstrumentDescriptionOfVariableRateBasis>

  <us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 contextRef="P06_01_2017To06_30_2017_BankwellBankMemberdeiLegalEntityAxis_LineOfCreditMemberusgaapCreditFacilityAxis" id="Factid_290" unitRef="pure" decimals="3">0.045</us-gaap:DebtInstrumentBasisSpreadOnVariableRate1>

  <us-gaap:ContractualObligationFiscalYearMaturityScheduleTableTextBlock contextRef="P01_01_2018To03_31_2018" id="Factid_291">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal"&gt; &lt;/div&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal"&gt; Principal payments on the mortgage payable are due as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0px:auto; WIDTH: 50%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div&gt;Year ending December 31, 2018&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"&gt; &lt;div&gt;10,176&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div&gt;2019&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"&gt; &lt;div&gt;10,645&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div&gt;2020&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"&gt; &lt;div&gt;11,136&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div&gt;2021&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"&gt; &lt;div&gt;11,650&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div&gt;2022&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"&gt; &lt;div&gt;254,962&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div&gt;Total&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="13%"&gt; &lt;div&gt;298,569&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt;&lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ContractualObligationFiscalYearMaturityScheduleTableTextBlock>

  <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths contextRef="PAsOn03_31_2018" id="Factid_292" unitRef="USD" decimals="0">10176</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths>

  <us-gaap:NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1 contextRef="P01_23_2017To02_08_2017" id="Factid_293" unitRef="shares" decimals="INF">6283237</us-gaap:NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1>

  <sach:MortgageFundingPayable contextRef="PAsOn03_31_2018" id="Factid_294" unitRef="USD" decimals="0">2000000</sach:MortgageFundingPayable>

  <sach:MortgageFundingPayable contextRef="PAsOn12_31_2017" id="Factid_295" unitRef="USD" decimals="0">0</sach:MortgageFundingPayable>

  <us-gaap:ExciseAndSalesTaxes contextRef="P01_01_2018To03_31_2018" id="Factid_296" unitRef="USD" decimals="0">19000</us-gaap:ExciseAndSalesTaxes>

  <us-gaap:ExciseAndSalesTaxes contextRef="P01_01_2017To03_31_2017" id="Factid_297" unitRef="USD" decimals="0">0</us-gaap:ExciseAndSalesTaxes>

  <sach:IncreaseDecreaseInEscrowDeposit contextRef="P01_01_2018To03_31_2018" id="Factid_298" unitRef="USD" decimals="0">64141</sach:IncreaseDecreaseInEscrowDeposit>

  <sach:IncreaseDecreaseInEscrowDeposit contextRef="P01_01_2017To03_31_2017" id="Factid_299" unitRef="USD" decimals="0">596070</sach:IncreaseDecreaseInEscrowDeposit>

  <us-gaap:NotesIssued1 contextRef="P01_01_2017To03_31_2017" id="Factid_300" unitRef="USD" decimals="0">169338</us-gaap:NotesIssued1>

  <sach:AmortizationOfStockOptionDiscount contextRef="P01_01_2018To03_31_2018" id="Factid_301" unitRef="USD" decimals="0">1630</sach:AmortizationOfStockOptionDiscount>

  <sach:AmortizationOfStockOptionDiscount contextRef="P01_01_2017To03_31_2017" id="Factid_302" unitRef="USD" decimals="0">1630</sach:AmortizationOfStockOptionDiscount>

  <us-gaap:ProceedsFromIssuanceOfLongTermDebt contextRef="P05_01_2018To05_11_2018_RevolvingCreditFacilityMemberusgaapCreditFacilityAxis_SubsequentEventMemberusgaapSubsequentEventTypeAxis" id="Factid_303" unitRef="USD" decimals="-6">35000000</us-gaap:ProceedsFromIssuanceOfLongTermDebt>

  <us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="PAsOn05_11_2018_LondonInterbankOfferedRateLIBORMemberusgaapVariableRateAxis_RevolvingCreditFacilityMemberusgaapCreditFacilityAxis_SubsequentEventMemberusgaapSubsequentEventTypeAxis" id="Factid_304" unitRef="pure" decimals="4">0.0400</us-gaap:DebtInstrumentInterestRateStatedPercentage>

  <us-gaap:PropertyPlantAndEquipmentPolicyTextBlock contextRef="P01_01_2018To03_31_2018" id="Factid_305">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;i&gt;Property and Equipment&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 20pt; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"&gt;Property and equipment principally consists of land and building acquired in December&amp;#160;2016, to house the Company&amp;#8217;s office facilities and is stated at cost. The building will be depreciated using the straight-line method over its estimated useful life of &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;40&lt;/font&gt; years. Expenditures for repairs and maintenance are charged to expense as incurred.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:PropertyPlantAndEquipmentPolicyTextBlock>

  <us-gaap:MortgageLoansOnRealEstateByLoanDisclosureTextBlock contextRef="P01_01_2018To03_31_2018" id="Factid_306">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;3.&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;Mortgages Receivable&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;i&gt;Mortgages Receivable&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;The Company offers secured non-banking loans to real estate investors to fund their acquisition and construction of properties located mainly in Connecticut. The loans are principally secured by first mortgages on real estate and, generally, are also personally guaranteed by the borrower or its principals. The loans are generally for a term of one to three years. The loans are initially recorded and carried thereafter, in the financial statements, at cost. Most of the loans provide for monthly payments of interest only (in arrears) during the term of the loan and a &amp;#8220;balloon&amp;#8221; payment of the principal on the maturity date.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;For the quarters ended March 31, 2018 and 2017, the aggregate amounts of loans funded by the Company were $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;10,345,784&lt;/font&gt; and $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;10,091,528&lt;/font&gt;, respectively, offset by principal repayments of $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;6,034,243&lt;/font&gt; and $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;3,938,601&lt;/font&gt;, respectively.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;At March 31, 2018, the Company&amp;#8217;s portfolio included closed loans ranging in size from $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;15,000&lt;/font&gt; to $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;2,000,000&lt;/font&gt; with stated interest rates ranging from &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 9.5&lt;/font&gt;% to &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 12.0&lt;/font&gt;% and a default interest rate for non-payment of &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 18&lt;/font&gt;%.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;At March 31, 2018, no single borrower had loans outstanding representing more than 10% of the total balance of the loans outstanding.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;The Company generally grants loans for a term of one to three years. In some cases, the Company has agreed to extend the term of the loans. A loan that is extended is treated as a new loan. However, prior to granting an extension, the loan underwriting process is repeated.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;In November 2016, the Company purchased a mortgage note at a discount of $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;74,954&lt;/font&gt; and then subsequently refinanced the note obtaining additional collateral and payment terms consistent with similar notes held by the Company. The discount is being amortized over the three-year life of the refinanced loan. During the three months ended March 31, 2017, JJV determined to exercise its option to share in &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 75&lt;/font&gt;% of this discount in the amount of $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;55,390&lt;/font&gt;. Amortization of this discount was $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;1,630&lt;/font&gt; and $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;1,630&lt;/font&gt;, for the periods ended March 31, 2018 and 2017, respectively.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;i&gt;Credit Risk&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;Credit risk profile based on loan activity as of March 31, 2018 and December 31, 2017:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 1pt 0pt 27pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="MARGIN: 0in 0in 0in 0.25in; WIDTH: 96%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Mortgages&amp;#160;Receivable&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Residential&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Commercial&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Land&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Mixed&amp;#160;Use&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt; Total&amp;#160;Outstanding&amp;#160;Mortgages&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="35%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;March 31, 2018&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;44,179,820&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;18,831,376&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;5,755,939&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;815,365&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;69,582,500&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;December 31, 2017&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;43,855,827&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;12,480,612&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;6,676,060&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;258,460&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;63,270,959&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;The following is the maturities of mortgages receivable as of March 31:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 17.65pt; MARGIN: 0pt 0.1in 0pt 27.35pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="MARGIN: 0px:auto; WIDTH: 50%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2018&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;29,865,388&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2019&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;21,856,270&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2020&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;11,787,324&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2021&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;6,073,518&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Total&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="13%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;69,582,500&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 20pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;At March 31, 2018, of the 366 mortgage loans in the Company&amp;#8217;s portfolio, 13 were treated by the Company as &amp;#8220;non-performing&amp;#8221;, typically because the borrower is more than 90 days in arrears on its interest payment obligations or because the borrower has failed to make timely payments of real estate taxes or insurance premiums. The aggregate outstanding principal balance of these non-performing loans and the accrued but unpaid interest as of March 31, 2018 was approximately $ &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3.5&lt;/font&gt;&amp;#160;million. At March 31, 2018, all non-performing loans were referred to counsel to commence foreclosure proceedings or to negotiate settlement terms. In the case of each non-performing loan, the Company believes the value of the collateral exceeds the outstanding balance on the loan.&lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:MortgageLoansOnRealEstateByLoanDisclosureTextBlock>

  <us-gaap:RealEstateOwnedTextBlock contextRef="P01_01_2018To03_31_2018" id="Factid_307">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div&gt;&lt;b&gt;4.&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div&gt;&lt;b&gt;Real Estate Owned&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 17.65pt; MARGIN: 0pt 0.1in 0pt 27.35pt; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"&gt;Property purchased for rental or acquired through foreclosure are included on the balance sheet as real estate owned.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;As of March 31, 2018, real estate owned totaled $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;1,235,409&lt;/font&gt; and is held for rental purposes. There is no valuation allowance on the real estate owned.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:RealEstateOwnedTextBlock>

  <us-gaap:DebtInstrumentInterestRateTerms contextRef="P01_01_2018To03_31_2018_BankwellBankMemberdeiLegalEntityAxis_LineOfCreditMemberusgaapCreditFacilityAxis" id="Factid_308">The interest rate on the Bankwell Credit Line is variable at 3% in excess of the Wall Street Journal prime rate but in no event less than 6.25%, per annum, on the money in use.</us-gaap:DebtInstrumentInterestRateTerms>

  <us-gaap:PaymentsForRent contextRef="P01_01_2018To03_31_2018" id="Factid_309" unitRef="USD" decimals="0">4500</us-gaap:PaymentsForRent>

  <us-gaap:InterestIncomeRelatedParty contextRef="P01_01_2017To03_31_2017_ShareholdersMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis" id="Factid_310" unitRef="USD" decimals="0">35745</us-gaap:InterestIncomeRelatedParty>

  <us-gaap:SubsequentEventsTextBlock contextRef="P01_01_2018To03_31_2018" id="Factid_311">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div&gt;&lt;b&gt;11.&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div&gt;&lt;b&gt;Subsequent Events&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"&gt; On &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;April 2, 2018&lt;/font&gt;, the Company declared a dividend of $.105 per share to be paid on &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;April 19, 2018&lt;/font&gt; to shareholders of record on &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;April 12, 2018&lt;/font&gt;. The total amount of the dividend payment was $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;1,618,653&lt;/font&gt;.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"&gt; On April 27, 2018, the Company sold a mortgage note with a face amount of $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;1,200,000&lt;/font&gt; to a former partner and now shareholder. The Company will continue to service the note during its term.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"&gt; On May 11, 2018, the Company entered into an agreement with Webster Business Credit Corporation, Bankwell Bank and Berkshire Bank (collectively, the &amp;#8220;Lenders&amp;#8221;) under which the Lenders agreed to provide the Company with a $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;35&lt;/font&gt; million revolving credit facility to replace the Bankwell Credit Line, which has now been repaid in full and terminated. The new credit facility is secured by a first priority lien on substantially all of the Company&amp;#8217;s assets. Amounts outstanding under the new credit facility will bear interest at a floating rate equal to the 30-day LIBOR rate plus &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 4.00&lt;/font&gt;% per annum, and will be due and payable on May 11, 2022. Pursuant to the terms of the agreement governing the new credit facility, the Company may draw up to &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 75&lt;/font&gt;% of its &amp;#8220;Eligible Mortgage Loans,&amp;#8221; as defined. As of the Closing Date, Eligible Mortgage Loans totaled approximately $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;47.7&lt;/font&gt; million. The loan agreement governing the new credit facility contains provisions regarding defaults and events of default, representations and warranties and affirmative, negative and financial covenants that are typical of transactions of this sort.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"&gt; No termination fee was paid with respect to the Bankwell Credit Line as a result of the refinancing.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"&gt; Management has evaluated subsequent events through May 15, 2018 the date on which the financial statements were available to be issued. Based on the evaluation, no adjustments were required in the accompanying financial statements.&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:SubsequentEventsTextBlock>

  <sach:MaximumPercentageOfBorrowingCapacity contextRef="PAsOn05_11_2018_SubsequentEventMemberusgaapSubsequentEventTypeAxis" id="Factid_312" unitRef="pure" decimals="2">0.75</sach:MaximumPercentageOfBorrowingCapacity>

  <us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity contextRef="PAsOn05_11_2018_SubsequentEventMemberusgaapSubsequentEventTypeAxis" id="Factid_313" unitRef="USD" decimals="-5">47700000</us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity>

  <sach:OtherIncomeTextBlock contextRef="P01_01_2018To03_31_2018" id="Factid_314">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 24px"&gt; &lt;div&gt;&lt;b&gt;8.&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div&gt;&lt;b&gt;Other income&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"&gt;At March 31, 2018 and 2017, other income consists of the following:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 1in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="MARGIN: 0in 0in 0in 0.25in; WIDTH: 96%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="71%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2018&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2017&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Income on borrower charges&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;60,245&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Lender fees&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;138,495&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;13,960&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;In-house legal fees&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;34,900&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;7,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Modification fees&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;45,025&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Other income&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;16,082&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;25,187&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Total&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;294,747&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;46,147&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</sach:OtherIncomeTextBlock>

  <sach:OtherIncomeTableTextBlock contextRef="P01_01_2018To03_31_2018" id="Factid_315">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"&gt;At March 31, 2018 and 2017, other income consists of the following:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 1in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="MARGIN: 0in 0in 0in 0.25in; WIDTH: 96%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="71%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2018&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2017&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Income on borrower charges&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;60,245&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Lender fees&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;138,495&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;13,960&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;In-house legal fees&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;34,900&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;7,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Modification fees&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;45,025&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Other income&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;16,082&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;25,187&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Total&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;294,747&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;46,147&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</sach:OtherIncomeTableTextBlock>

  <sach:IncomeOnBorrowerCharges contextRef="P01_01_2018To03_31_2018" id="Factid_316" unitRef="USD" decimals="0">60245</sach:IncomeOnBorrowerCharges>

  <sach:IncomeOnBorrowerCharges contextRef="P01_01_2017To03_31_2017" id="Factid_317" unitRef="USD" xsi:nil="true" />

  <sach:IncomeOnLenderFees contextRef="P01_01_2018To03_31_2018" id="Factid_318" unitRef="USD" decimals="0">138495</sach:IncomeOnLenderFees>

  <sach:IncomeOnLenderFees contextRef="P01_01_2017To03_31_2017" id="Factid_319" unitRef="USD" decimals="0">13960</sach:IncomeOnLenderFees>

  <sach:IncomeOnInhouseLegalFees contextRef="P01_01_2018To03_31_2018" id="Factid_320" unitRef="USD" decimals="0">34900</sach:IncomeOnInhouseLegalFees>

  <sach:IncomeOnInhouseLegalFees contextRef="P01_01_2017To03_31_2017" id="Factid_321" unitRef="USD" decimals="0">7000</sach:IncomeOnInhouseLegalFees>

  <sach:IncomeOnModificationFees contextRef="P01_01_2018To03_31_2018" id="Factid_322" unitRef="USD" decimals="0">45025</sach:IncomeOnModificationFees>

  <sach:IncomeOnModificationFees contextRef="P01_01_2017To03_31_2017" id="Factid_323" unitRef="USD" xsi:nil="true" />

  <sach:IncomeAndOther contextRef="P01_01_2018To03_31_2018" id="Factid_324" unitRef="USD" decimals="0">16082</sach:IncomeAndOther>

  <sach:IncomeAndOther contextRef="P01_01_2017To03_31_2017" id="Factid_325" unitRef="USD" decimals="0">25187</sach:IncomeAndOther>

  <us-gaap:NetIncomeLoss contextRef="P01_01_2018To03_31_2018_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_326" unitRef="USD" decimals="0">1972650</us-gaap:NetIncomeLoss>

  <us-gaap:NetIncomeLoss contextRef="P01_01_2018To03_31_2018_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis" id="Factid_327" unitRef="USD" xsi:nil="true" />

  <us-gaap:NetIncomeLoss contextRef="P01_01_2018To03_31_2018_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_328" unitRef="USD" xsi:nil="true" />

  <us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="P01_01_2018To03_31_2018_LandAndBuildingMemberusgaapPropertyPlantAndEquipmentByTypeAxis" id="Factid_329">P40Y</us-gaap:PropertyPlantAndEquipmentUsefulLife>

  <us-gaap:DueToOfficersOrStockholdersCurrentAndNoncurrent contextRef="PAsOn03_31_2017_ManagerMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis_UnreimbursedCostsMemberusgaapBalanceSheetLocationAxis" id="Factid_330" unitRef="USD" decimals="0">4905</us-gaap:DueToOfficersOrStockholdersCurrentAndNoncurrent>

  <us-gaap:DueToOfficersOrStockholdersCurrentAndNoncurrent contextRef="PAsOn03_31_2018_ManagerMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis" id="Factid_331" unitRef="USD" decimals="0">22977</us-gaap:DueToOfficersOrStockholdersCurrentAndNoncurrent>

  <us-gaap:DueToOfficersOrStockholdersCurrentAndNoncurrent contextRef="PAsOn12_31_2017_ManagerMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis" id="Factid_332" unitRef="USD" decimals="0">22977</us-gaap:DueToOfficersOrStockholdersCurrentAndNoncurrent>

  <us-gaap:DividendsPayableDateDeclaredDayMonthAndYear contextRef="P03_30_2018To04_02_2018_SubsequentEventMemberusgaapSubsequentEventTypeAxis" id="Factid_333">2018-04-02</us-gaap:DividendsPayableDateDeclaredDayMonthAndYear>

  <us-gaap:DividendPayableDateToBePaidDayMonthAndYear contextRef="P03_30_2018To04_02_2018_SubsequentEventMemberusgaapSubsequentEventTypeAxis" id="Factid_334">2018-04-19</us-gaap:DividendPayableDateToBePaidDayMonthAndYear>

  <us-gaap:DividendsPayableDateOfRecordDayMonthAndYear contextRef="P03_30_2018To04_02_2018_SubsequentEventMemberusgaapSubsequentEventTypeAxis" id="Factid_335">2018-04-12</us-gaap:DividendsPayableDateOfRecordDayMonthAndYear>

  <us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock contextRef="P01_01_2018To03_31_2018" id="Factid_336">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="center"&gt;&lt;/div&gt; &lt;table style="clear:both;WIDTH: 100%; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="24"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"&gt; &lt;b&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1.&lt;/font&gt;&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"&gt;&lt;b&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;The Company&lt;/font&gt;&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"&gt;Sachem Capital Corp. (the &amp;#8220;Company&amp;#8221;) was formed under the name HML Capital Corp. in January 2016 under the State of New York Business Corporation Law. On February 8, 2017, the Company completed an exchange transaction (the &amp;#8220;Exchange&amp;#8221;) with Sachem Capital Partners, LLC (&amp;#8220;SCP&amp;#8221;), a Connecticut limited liability company located in Branford, Connecticut, which commenced operations on December 8, 2010. In the Exchange SCP transferred all its assets to the Company for &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 6,283,237&lt;/font&gt; of the Company&amp;#8217;s common shares and the assumption by the Company of all of SCP&amp;#8217;s liabilities. Prior to the consummation of the Exchange, the Company was not engaged in any business or investment activities and had only nominal assets and no liabilities. Prior to the Exchange, SCP was managed by JJV, LLC (the &amp;#8220;Manager&amp;#8221;), a Connecticut limited liability company and related party.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"&gt;On February 9, 2017, the Company&amp;#8217;s registration statement on Form S-11 was declared effective by the U.S. Securities and Exchange Commission. Pursuant to such registration statement, the Company issued and sold &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,600,000&lt;/font&gt; common shares at a price of $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;5.00&lt;/font&gt; per share, or $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;13&lt;/font&gt; million of gross proceeds (the &amp;#8220;IPO&amp;#8221;). The net proceeds, after payment of underwriting discounts and commissions and transaction fees, were approximately $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;11.1&lt;/font&gt; million. The IPO was consummated on February 15, 2017.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"&gt;Following the consummation of the IPO, the Company believes it meets all of the qualifications to be taxed as a Real Estate Investment Trust (&amp;#8220;REIT&amp;#8221;) for federal income tax purposes. Since then, the Company has been conducting its operations as if it is a REIT and plans to make the election to be taxed as a REIT when it files its federal corporate income tax return for its 2017 tax year, which ended December 31, 2017. See note 2 &amp;#151; &amp;#8220;Significant Accounting Policies &amp;#151; Income Taxes&amp;#8221; below.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"&gt;In addition, on October 27, 2017, the Company issued and sold &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3,750,000&lt;/font&gt; common shares in an underwritten follow-on public offering at an offering price per share of $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;4.00&lt;/font&gt;. On November 3, 2017, the Company issued and sold an additional &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 562,500&lt;/font&gt; common shares upon exercise of the underwriters&amp;#8217; over-allotment option. The gross proceeds from the offering were $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;17.25&lt;/font&gt; million and the net proceeds, after deducting underwriting discounts and commissions and other offering expenses, from the sale of the common shares were approximately $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;15.3&lt;/font&gt; million.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"&gt;The Company specializes in originating, underwriting, funding, servicing and managing a portfolio of first mortgage loans. The Company offers short term (i.e. three years or less) secured, non-banking loans (sometimes referred to as &amp;#8220;hard money&amp;#8221; loans) to real estate investors to fund their acquisition, renovation, development, rehabilitation or improvement of properties located primarily in Connecticut. The properties securing the Company&amp;#8217;s loans are generally classified as residential or commercial real estate and, typically, are held for resale or investment. Each loan is secured by a first mortgage lien on real estate and may also be secured with additional real estate collateral. Each loan is also personally guaranteed by the principal(s) of the borrower, which guaranty may be collaterally secured by a pledge of the guarantor&amp;#8217;s interest in the borrower. The Company does not lend to owner occupants. The Company&amp;#8217;s primary underwriting criteria is a conservative loan to value ratio. In addition, the Company may make opportunistic real estate purchases apart from its lending activities.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"&gt;The accompanying statements of operations and cash flows include the results of operations of SCP from January 1, 2017 through February 8, 2017, until the consummation of the Exchange.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock>

  <sach:UnauditedFinancialStatementsPolicyPolicyTextBlock contextRef="P01_01_2018To03_31_2018" id="Factid_337">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 7.15pt 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"&gt;&lt;i&gt;Unaudited Financial Statements&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"&gt;The accompanying unaudited financial statements of the Company, have been prepared in accordance with generally accepted accounting principles in the United States of America (&amp;#8220;GAAP&amp;#8221;) for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Results of operations for the interim periods are not necessarily indicative of the operating results to be attained in the entire fiscal year.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</sach:UnauditedFinancialStatementsPolicyPolicyTextBlock>

  <us-gaap:UseOfEstimates contextRef="P01_01_2018To03_31_2018" id="Factid_338">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;i&gt;Use of Estimates&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in" align="left"&gt;The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management will base the use of estimates on (a) various assumptions that consider its past experience, (b) the Company&amp;#8217;s projections regarding future operations, and (c) general financial market and local and general economic conditions. Actual amounts could differ from those estimates.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:UseOfEstimates>

  <us-gaap:RevenueRecognitionPolicyTextBlock contextRef="P01_01_2018To03_31_2018" id="Factid_339">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;Revenue Recognition&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;Interest income from the Company&amp;#8217;s loan portfolio is earned, over the loan period and is calculated using the simple interest method on principal amounts outstanding. Generally, the Company&amp;#8217;s loans provide for interest to be paid monthly in arrears.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;Origination fee revenue is recognized ratably over the contractual life of the loan in accordance with ASC 310.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:RevenueRecognitionPolicyTextBlock>

  <sach:DeferredFinancingCostsPolicyTextBlock contextRef="P01_01_2018To03_31_2018" id="Factid_340">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;Deferred Financing Costs&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;Costs incurred in connection with the Company&amp;#8217;s line of credit, as discussed in Note 6 below, are amortized over the term of the line of credit, using the straight-line method.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</sach:DeferredFinancingCostsPolicyTextBlock>

  <us-gaap:FairValueOfFinancialInstrumentsPolicy contextRef="P01_01_2018To03_31_2018" id="Factid_341">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;Fair Value of Financial Instruments&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;For the line of credit, mortgage payable and interest-bearing mortgages receivable held by the Company, the carrying amount approximates fair value due to the relative short-term nature of such instruments.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:FairValueOfFinancialInstrumentsPolicy>

  <us-gaap:EarningsPerSharePolicyTextBlock contextRef="P01_01_2018To03_31_2018" id="Factid_342">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;Earnings Per Share&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;Basic and diluted earnings per share are calculated in accordance with ASC 260 &amp;#8220;Earnings Per Share&amp;#8221;. Under ASC 260, basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. The computation of diluted earnings per share is similar to basic earnings per share, except that the denominator is increased to include the potential dilution from the exercise of stock options and warrants for common shares using the treasury stock method. The numerator in calculating both basic and diluted earnings per common share for each period is the reported net income.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;Prior to the Exchange, the Company&amp;#8217;s business was conducted by SCP, a limited liability company.&amp;#160; Accordingly, earnings per share for the three months ended March 31, 2017 does not include the net income per share for the period prior to the Exchange.&lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:EarningsPerSharePolicyTextBlock>

  <sach:EscrowDepositsTextBlock contextRef="P01_01_2018To03_31_2018" id="Factid_343">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div&gt;&lt;b&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;5.&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div&gt;&lt;b&gt;Escrow Deposits&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"&gt;As of March 31, 2018 and December 31, 2017, escrow deposits in the amount&amp;#160;of $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;175,330&lt;/font&gt; and $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;111,189&lt;/font&gt;, respectively, consist of funds due to the Company from closed construction mortgages. Closing counsel returns these funds to the Company post-closing, then these funds are held by the Company and available to the borrower when specific progress goals during the construction process are met.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</sach:EscrowDepositsTextBlock>

  <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="P01_01_2018To03_31_2018" id="Factid_344">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div&gt;&lt;b&gt;9.&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div&gt;&lt;b&gt;Commitments and Contingencies&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;&lt;i&gt;Loan Brokerage Commissions/Origination Fees Paid to JJV&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0px 0in 0.25in; FONT: 10pt Times New Roman, Times, Serif"&gt; Loan origination fees consist of points, generally &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2&lt;/font&gt;%-&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;5&lt;/font&gt;% of the original loan principal. Pursuant to the Company&amp;#8217;s operating agreement and prior to the Exchange, JJV is entitled to &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 75&lt;/font&gt;% of loan origination fees. For the three months ended March 31, 2017, loan origination fees paid to JJV were $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;79,341&lt;/font&gt;. These payments are amortized over the life of the loan for financial statement purposes and recognized as a reduction of origination fee income. After the Exchange, JJV is no longer entitled to origination fee payments.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0px 0in 0.25in; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0px 0in 0.25in; FONT: 10pt Times New Roman, Times, Serif"&gt; Original maturities of deferred revenue are as follows as of:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0px 0in 0.25in; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0px 0in 0.25in; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0px 0in 0in; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="MARGIN: 0px:auto; WIDTH: 50%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400; TEXT-DECORATION: underline" width="34%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2019&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;727,428&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2020&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;306,884&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2021&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;134,310&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Total&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="13%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;1,168,622&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0px 0in 0.25in; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"&gt; In instances in which mortgages are repaid before their maturity date, the balance of any unamortized deferred revenue is recognized in full.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;i&gt;Loan Servicing Fees&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;JJV administered the servicing of the Company&amp;#8217;s loan portfolio. At JJV&amp;#8217;s discretion, &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;the loan servicing fee ranged from one-twelfth (1/12&lt;sup style="font-style:normal"&gt;th&lt;/sup&gt;) of one-half percent (0.5%) to one percent (1.0%) of the Company&amp;#8217;s loan portfolio&lt;/font&gt;, payable monthly and calculated based on total loans as of the first of each month. The percentage charged by JJV was &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1.0&lt;/font&gt;% for the March 31, 2017 period up to the date of the Exchange. After the Exchange, JJV is no longer entitled to loan servicing fees.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;For the three months ended March 31, 2017, loan servicing fees paid to JJV were $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;32,778&lt;/font&gt;.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;i&gt;Unfunded Commitments&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;At March 31, 2018, the Company is committed to an additional $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;3,811,439&lt;/font&gt; in construction loans that can be drawn by the borrower when certain conditions are met.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;i&gt;Other&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;In the normal course of its business, the Company is named as a party-defendant because it is a mortgagee having interests in real properties that are being foreclosed upon, primarily resulting from unpaid property taxes. The Company actively monitors these actions and, in all cases, there remains sufficient value in the subject property to assure that no loan impairment exists.&lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>

  <us-gaap:IncreaseDecreaseInNotesPayableCurrent contextRef="P01_01_2018To03_31_2018" id="Factid_345" unitRef="USD" decimals="0">-723478</us-gaap:IncreaseDecreaseInNotesPayableCurrent>

  <us-gaap:IncreaseDecreaseInNotesPayableCurrent contextRef="P01_01_2017To03_31_2017" id="Factid_346" unitRef="USD" decimals="0">0</us-gaap:IncreaseDecreaseInNotesPayableCurrent>

  <us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="P01_01_2018To03_31_2018" id="Factid_347">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;Recent Accounting Pronouncements&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (&amp;#8220;ASU 2014-09&amp;#8221;), which is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2017.&amp;#160; This ASU outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry specific guidance.&amp;#160; Several ASUs expanding and clarifying the initial guidance issued in ASU 2014-09 have been released since May 2014.&amp;#160; Exclusions from the scope of this guidance include revenues resulting from loans, investment securities (available-for-sale and trading), investments in unconsolidated entities and leases.&amp;#160; The Company adopted the ASU effective January 1, 2018.&amp;#160; The Company evaluated the applicability of this guidance, considering the scope exceptions, and concluded that the adoption does not have an effect on its financial statements, primarily due to the new guidance not applying to revenue resulting from loans and lease contracts.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"&gt;In May 2017, the FASB issued ASU 2017-09, &amp;#8220;Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting.&amp;#8221; The ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award changes as a result of the change in terms or conditions. For all entities, the standard is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The adoption of this guidance did not have a material impact on the Company&amp;#8217;s consolidated financial statements.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;In August 2017, the FASB issued ASU 2017-12, &amp;#8220;Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.&amp;#8221; The ASU expands the activities that qualify for hedge accounting and simplifies the rules for reporting hedging transactions. For public companies that file with the SEC, the standard is effective for financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company&amp;#8217;s financial statements.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;In February 2018, the FASB issued ASU 2018-02, &amp;#8220;Income Statement &amp;#151; Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.&amp;#8221; The ASU amends ASC 220, &amp;#8220;Income Statement &amp;#151; Reporting Comprehensive Income,&amp;#8221; to allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. In addition, under the ASU, an entity will be required to provide certain disclosures regarding stranded tax effects. For all entities, the ASU is effective for financial statements issued for fiscal years beginning after December&amp;#160;15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company&amp;#8217;s financial statements.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;Management does not believe that any other recently issued, but not yet effected, accounting standards if currently adopted would have a material effect on the Company&amp;#8217;s financial statements.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>

  <sach:ProceedsFromMortgageFundingPayable contextRef="P01_01_2018To03_31_2018" id="Factid_348" unitRef="USD" decimals="0">2000000</sach:ProceedsFromMortgageFundingPayable>

  <us-gaap:MortgageNotesPayableDisclosureTextBlock contextRef="P01_01_2018To03_31_2018" id="Factid_349">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 24px; FONT-SIZE: 10pt"&gt; &lt;div&gt;&lt;font style="FONT-FAMILY:Times New Roman, Times, Serif"&gt;&lt;b&gt; 7.&lt;/b&gt;&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify; FONT-SIZE: 10pt"&gt; &lt;div&gt;&lt;font style="FONT-FAMILY:Times New Roman, Times, Serif"&gt;&lt;b&gt; Mortgage Funding Payable&lt;/b&gt;&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"&gt; On March 29, 2018, the Company agreed to purchase two loans, made to a single borrower, from an unrelated financial institution for $2,000,000. Actual funding was subject to obtaining certain required approvals and delivery of the complete original mortgage files. As a result, the Company recorded a Mortgage Funding Payable of $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;2,000,000&lt;/font&gt; at March 31, 2018.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:MortgageNotesPayableDisclosureTextBlock>

  <us-gaap:ConcentrationRiskCreditRisk contextRef="P01_01_2018To03_31_2018" id="Factid_350">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;i&gt;Concentrations of Credit Risk&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and mortgage loans. The Company maintains its cash with one major financial institution. Accounts at the financial institution are insured by the Federal Deposit Insurance Corporation up to $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;250,000&lt;/font&gt;.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;Credit risks associated with the Company&amp;#8217;s mortgage loan portfolio and related interest receivable are described in Note 3 entitled &amp;#8220;Mortgages Receivable.&amp;#8221;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ConcentrationRiskCreditRisk>

  <us-gaap:IncomeTaxPolicyTextBlock contextRef="P01_01_2018To03_31_2018" id="Factid_351">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;Income Taxes&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;Subsequent to the Exchange and the IPO, the Company believes it qualifies as a Real Estate Investment Trust (REIT) for federal income tax purposes and intends to make the election to be taxed as a REIT when it files its 2017 federal income tax return. As a REIT, the Company is required to distribute at least 90% of its taxable income to its shareholders on an annual basis. The Company&amp;#8217;s qualification as a REIT depends on its ability to meet on a continuing basis, through actual investment and operating results, various complex requirements under the Internal Revenue Code of 1986, as amended, relating to, among other things, the sources of its income, the composition and values of its assets, its compliance with the distributions requirements applicable to REITs and the diversity of ownership of its outstanding common shares. So long as it qualifies as a REIT, the Company, generally, will not be subject to U.S. federal income tax on its taxable income distributed to its shareholders. However, if it fails to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal income tax at regular corporate rates and may also be subject to various penalties and may be precluded from re-electing REIT status for the four taxable years following the year during in which it lost its REIT qualification.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;The Company has adopted the provisions of FASB ASC Topic 740-10 &amp;#8220;Accounting for Uncertainty in Income Taxes&amp;#8221;, which prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return and disclosure required. An entity may only recognize or continue to recognize tax positions that meet a &amp;#8220;more likely than not&amp;#8221; threshold. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in interest expense. The Company has determined that there are no uncertain tax positions requiring accrual or disclosure in the accompanying financial statements as of March 31, 2018.&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:IncomeTaxPolicyTextBlock>

  <us-gaap:DebtDisclosureTextBlock contextRef="P01_01_2018To03_31_2018" id="Factid_352">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div&gt;&lt;strong&gt;6.&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div&gt;&lt;strong&gt;Line of Credit and Mortgage Payable&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &amp;#160; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"&gt;&lt;i&gt;Line of Credit&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"&gt;On December 18, 2014, SCP entered into a two-year revolving Line of Credit Agreement with Bankwell Bank (the &amp;#8220;Bank&amp;#8221;) pursuant to which the Bank agreed to advance up&amp;#160;to $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;5&lt;/font&gt; million (the &amp;#8220;Bankwell Credit Line&amp;#8221;) against assignments of mortgages and other collateral requiring monthly payments of interest only. On December 30, 2015, the Bankwell Credit Line was amended to increase available borrowings to $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;7,000,000&lt;/font&gt;. On March 15, 2016, the Bankwell Credit Line was amended again to increase available borrowings to $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;15,000,000&lt;/font&gt;. In connection with the Exchange, the Company assumed all of SCP&amp;#8217;s obligations to Bankwell and entered into a new agreement with Bankwell, the material terms of which are substantially identical to the terms of the agreement between the SCP and Bankwell. The interest rate on the Bankwell Credit Line is variable at 3% in excess of the Wall Street Journal prime rate but in no event less than &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 6.25&lt;/font&gt;%, per annum, on the money in use. On June&amp;#160;30, 2017, the Bankwell Credit Line was again amended. The amendments included the following: (i)&amp;#160;an increase in the amount available to $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;20,000,000&lt;/font&gt;, (ii) interest would be calculated at the greater of (x)&amp;#160;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5.5&lt;/font&gt;% and (y)&amp;#160;the three-month &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;LIBOR Rate plus 4.50%&lt;/font&gt;; (iii) the maturity date of the Bankwell Credit Line was extended to June&amp;#160;30, 2019. As of March 31, 2018, the interest rate on the Bankwell Credit Line was &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 6.19&lt;/font&gt;%.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"&gt;The Bankwell Credit Line was scheduled to mature on June&amp;#160;30, 2019, at which time the entire unpaid principal balance and any accrued and unpaid interest were due and payable. The Company had the option to extend the term of the loan for the sole purpose of repaying the principal balance over a thirty-six-month period in equal monthly installments. The Bankwell Credit Line was secured by substantially all Company assets and was subject to borrowing base limitations and financial covenants including, maintaining a minimum fixed charge coverage ratio and maintaining minimum tangible net worth. In addition, among other things, provisions of the agreement prohibited Company merger, consolidation or disposal of assets or declaring and paying dividends in certain circumstances. The Company could prepay the balance due on the Bankwell Credit Line at any time, provided, however, if the credit line is refinanced with another lender, there is an &amp;#8220;exit fee&amp;#8221; of $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;200,000&lt;/font&gt;.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"&gt;JJV and each of the Company&amp;#8217;s co-chief executive officers had, jointly and severally, guaranteed the Company&amp;#8217;s obligations under the Bankwell Credit Line up to a maximum of $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;1,000,000&lt;/font&gt; each. Each of the Company&amp;#8217;s co-chief executive officers was required to maintain minimum ownership in the Company (&lt;i&gt;i.e.&lt;/i&gt;, &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 500,000&lt;/font&gt; common shares each).&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"&gt;At March 31, 2018, the outstanding amount under the Bankwell Credit Line was $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;14,147,465&lt;/font&gt;.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"&gt;See Note 11 below regarding the refinancing of the Bankwell Credit Line.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: left; MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: left; MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal"&gt; &lt;i&gt;Mortgage Payable&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: left; MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal"&gt; &lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal"&gt; The Company also has a mortgage payable to Bankwell Bank, collateralized by land and a building purchased by the Company to be used as its primary business location. The property is in the early stages of renovation and the Company expects to move its operations to the new location in the fourth quarter of 2018. The original principal amount of the mortgage loan is $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;310,000&lt;/font&gt; and bears interest at the rate of &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 4.52&lt;/font&gt;%. Interest and principal are payable in monthly installments of $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;1,975&lt;/font&gt; commencing in February&amp;#160;2017. The entire outstanding principal balance of the mortgage loan and all accrued and unpaid interest thereon is due and payable in January&amp;#160;2022.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal"&gt; Principal payments on the mortgage payable are due as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0px:auto; WIDTH: 50%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div&gt;Year ending December 31, 2018&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"&gt; &lt;div&gt;10,176&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div&gt;2019&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"&gt; &lt;div&gt;10,645&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div&gt;2020&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"&gt; &lt;div&gt;11,136&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div&gt;2021&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"&gt; &lt;div&gt;11,650&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div&gt;2022&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"&gt; &lt;div&gt;254,962&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div&gt;Total&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;$&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="13%"&gt; &lt;div&gt;298,569&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:DebtDisclosureTextBlock>

  <us-gaap:SignificantAccountingPoliciesTextBlock contextRef="P01_01_2018To03_31_2018" id="Factid_353">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;b&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;2.&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;b&gt;Significant Accounting Policies&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 7.15pt 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;Unaudited Financial Statements&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"&gt;The accompanying unaudited financial statements of the Company, have been prepared in accordance with generally accepted accounting principles in the United States of America (&amp;#8220;GAAP&amp;#8221;) for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Results of operations for the interim periods are not necessarily indicative of the operating results to be attained in the entire fiscal year.&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;Use of Estimates&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in" align="left"&gt;The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management will base the use of estimates on (a) various assumptions that consider its past experience, (b) the Company&amp;#8217;s projections regarding future operations, and (c) general financial market and local and general economic conditions. Actual amounts could differ from those estimates.&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&amp;#160;&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;Concentrations of Credit Risk&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and mortgage loans. The Company maintains its cash with one major financial institution. Accounts at the financial institution are insured by the Federal Deposit Insurance Corporation up to $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;250,000&lt;/font&gt;.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;Credit risks associated with the Company&amp;#8217;s mortgage loan portfolio and related interest receivable are described in Note 3 entitled &amp;#8220;Mortgages Receivable.&amp;#8221;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;Income Taxes&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;Subsequent to the Exchange and the IPO, the Company believes it qualifies as a Real Estate Investment Trust (REIT) for federal income tax purposes and intends to make the election to be taxed as a REIT when it files its 2017 federal income tax return. As a REIT, the Company is required to distribute at least 90% of its taxable income to its shareholders on an annual basis. The Company&amp;#8217;s qualification as a REIT depends on its ability to meet on a continuing basis, through actual investment and operating results, various complex requirements under the Internal Revenue Code of 1986, as amended, relating to, among other things, the sources of its income, the composition and values of its assets, its compliance with the distributions requirements applicable to REITs and the diversity of ownership of its outstanding common shares. So long as it qualifies as a REIT, the Company, generally, will not be subject to U.S. federal income tax on its taxable income distributed to its shareholders. However, if it fails to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal income tax at regular corporate rates and may also be subject to various penalties and may be precluded from re-electing REIT status for the four taxable years following the year during in which it lost its REIT qualification.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;The Company has adopted the provisions of FASB ASC Topic 740-10 &amp;#8220;Accounting for Uncertainty in Income Taxes&amp;#8221;, which prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return and disclosure required. An entity may only recognize or continue to recognize tax positions that meet a &amp;#8220;more likely than not&amp;#8221; threshold. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in interest expense. The Company has determined that there are no uncertain tax positions requiring accrual or disclosure in the accompanying financial statements as of March 31, 2018.&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;i&gt;&amp;#160; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;Property and Equipment&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 20pt; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"&gt;Property and equipment principally consists of land and building acquired in December&amp;#160;2016, to house the Company&amp;#8217;s office facilities and is stated at cost. The building will be depreciated using the straight-line method over its estimated useful life of &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;40&lt;/font&gt; years. Expenditures for repairs and maintenance are charged to expense as incurred.&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;Revenue Recognition&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;Interest income from the Company&amp;#8217;s loan portfolio is earned, over the loan period and is calculated using the simple interest method on principal amounts outstanding. Generally, the Company&amp;#8217;s loans provide for interest to be paid monthly in arrears.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;Origination fee revenue is recognized ratably over the contractual life of the loan in accordance with ASC 310.&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;Deferred Financing Costs&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;Costs incurred in connection with the Company&amp;#8217;s line of credit, as discussed in Note 6 below, are amortized over the term of the line of credit, using the straight-line method.&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;Fair Value of Financial Instruments&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;For the line of credit, mortgage payable and interest-bearing mortgages receivable held by the Company, the carrying amount approximates fair value due to the relative short-term nature of such instruments.&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;Earnings Per Share&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;Basic and diluted earnings per share are calculated in accordance with ASC 260 &amp;#8220;Earnings Per Share&amp;#8221;. Under ASC 260, basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. The computation of diluted earnings per share is similar to basic earnings per share, except that the denominator is increased to include the potential dilution from the exercise of stock options and warrants for common shares using the treasury stock method. The numerator in calculating both basic and diluted earnings per common share for each period is the reported net income.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;Prior to the Exchange, the Company&amp;#8217;s business was conducted by SCP, a limited liability company.&amp;#160; Accordingly, earnings per share for the three months ended March 31, 2017 does not include the net income per share for the period prior to the Exchange.&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;Recent Accounting Pronouncements&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (&amp;#8220;ASU 2014-09&amp;#8221;), which is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2017.&amp;#160; This ASU outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry specific guidance.&amp;#160; Several ASUs expanding and clarifying the initial guidance issued in ASU 2014-09 have been released since May 2014.&amp;#160; Exclusions from the scope of this guidance include revenues resulting from loans, investment securities (available-for-sale and trading), investments in unconsolidated entities and leases.&amp;#160; The Company adopted the ASU effective January 1, 2018.&amp;#160; The Company evaluated the applicability of this guidance, considering the scope exceptions, and concluded that the adoption does not have an effect on its financial statements, primarily due to the new guidance not applying to revenue resulting from loans and lease contracts.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"&gt;In May 2017, the FASB issued ASU 2017-09, &amp;#8220;Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting.&amp;#8221; The ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award changes as a result of the change in terms or conditions. For all entities, the standard is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The adoption of this guidance did not have a material impact on the Company&amp;#8217;s consolidated financial statements.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;In August 2017, the FASB issued ASU 2017-12, &amp;#8220;Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.&amp;#8221; The ASU expands the activities that qualify for hedge accounting and simplifies the rules for reporting hedging transactions. For public companies that file with the SEC, the standard is effective for financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company&amp;#8217;s financial statements.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;In February 2018, the FASB issued ASU 2018-02, &amp;#8220;Income Statement &amp;#151; Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.&amp;#8221; The ASU amends ASC 220, &amp;#8220;Income Statement &amp;#151; Reporting Comprehensive Income,&amp;#8221; to allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. In addition, under the ASU, an entity will be required to provide certain disclosures regarding stranded tax effects. For all entities, the ASU is effective for financial statements issued for fiscal years beginning after December&amp;#160;15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company&amp;#8217;s financial statements.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"&gt;Management does not believe that any other recently issued, but not yet effected, accounting standards if currently adopted would have a material effect on the Company&amp;#8217;s financial statements.&lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>

  <sach:ProceedsFromMortgagesFundingPayable contextRef="P01_01_2018To03_31_2018" id="Factid_354" unitRef="USD" decimals="0">2000000</sach:ProceedsFromMortgagesFundingPayable>

<!--FootNote Section Ref-->

  <link:footnoteLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="#Factid_100" xlink:type="locator" xlink:label="loc_1" />

    <link:footnote xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:type="resource" xlink:label="FN_1">Basic and diluted net income per common share outstanding and weighted average number of common shares outstanding are calculated for the period beginning February 9, 2017 (i.e., the effective date of the company&#8217;s initial public offering) and ending March 31, 2017.</link:footnote>

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_1" xlink:from="loc_1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_102" xlink:type="locator" xlink:label="loc_3" />

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_1" xlink:from="loc_3" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />
  </link:footnoteLink>
</xbrli:xbrl>

</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>9
<FILENAME>sach-20180331.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8" ?>
<!-- Generated by DataTracks version 1.1.9 on 15-May-2018 [11:28:04] {AM} EST - www.datatracks.com -->
<schema targetNamespace="http://sachemcapital.com/20180331" elementFormDefault="qualified" xmlns:sach="http://sachemcapital.com/20180331" xmlns="http://www.w3.org/2001/XMLSchema" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:us-gaap="http://fasb.org/us-gaap/2017-01-31" xmlns:country="http://xbrl.sec.gov/country/2017-01-31" xmlns:currency="http://xbrl.sec.gov/currency/2017-01-31" xmlns:dei="http://xbrl.sec.gov/dei/2014-01-31" xmlns:exch="http://xbrl.sec.gov/exch/2017-01-31" xmlns:invest="http://xbrl.sec.gov/invest/2013-01-31" xmlns:naics="http://xbrl.sec.gov/naics/2017-01-31" xmlns:sic="http://xbrl.sec.gov/sic/2011-01-31" xmlns:us-types="http://fasb.org/us-types/2017-01-31" xmlns:stpr="http://xbrl.sec.gov/stpr/2011-01-31" xmlns:deprecated="http://www.xbrl.org/2009/arcrole/fact-explanatoryFact" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:num="http://www.xbrl.org/dtr/type/numeric">
  <annotation>
    <appinfo>
      <link:roleType roleURI="http://sachemcapital.com/role/DocumentAndEntityInformation" id="DocumentAndEntityInformation">
        <link:definition>101 - Document - Document And Entity Information</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/BalanceSheets" id="BalanceSheets">
        <link:definition>102 - Statement - BALANCE SHEETS</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/BalanceSheetsParenthetical" id="BalanceSheetsParenthetical">
        <link:definition>103 - Statement - BALANCE SHEETS (Parenthetical)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/StatementsOfOperations" id="StatementsOfOperations">
        <link:definition>104 - Statement - STATEMENTS OF OPERATIONS</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/StatementOfChangesInShareholdersEquity" id="StatementOfChangesInShareholdersEquity">
        <link:definition>105 - Statement - STATEMENT OF CHANGES IN SHAREHOLDERS&#8217; EQUITY</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/StatementsOfCashFlow" id="StatementsOfCashFlow">
        <link:definition>106 - Statement - STATEMENTS OF CASH FLOW</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/StatementsOfCashFlowParenthetical" id="StatementsOfCashFlowParenthetical">
        <link:definition>107 - Statement - STATEMENTS OF CASH FLOW (Parenthetical)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/Company" id="Company">
        <link:definition>108 - Disclosure - The Company</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/SignificantAccountingPolicies" id="SignificantAccountingPolicies">
        <link:definition>109 - Disclosure - Significant Accounting Policies</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/MortgagesReceivable" id="MortgagesReceivable">
        <link:definition>110 - Disclosure - Mortgages Receivable</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/RealEstateOwned" id="RealEstateOwned">
        <link:definition>111 - Disclosure - Real Estate Owned</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/EscrowDeposits" id="EscrowDeposits">
        <link:definition>112 - Disclosure - Escrow Deposits</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/LineOfCreditAndMortgagePayable" id="LineOfCreditAndMortgagePayable">
        <link:definition>113 - Disclosure - Line of Credit and Mortgage Payable</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/MortgageFundingPayable" id="MortgageFundingPayable">
        <link:definition>114 - Disclosure - Mortgage Funding Payable</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/OtherIncome" id="OtherIncome">
        <link:definition>115 - Disclosure - Other income</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/CommitmentsAndContingencies" id="CommitmentsAndContingencies">
        <link:definition>116 - Disclosure - Commitments and Contingencies</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/RelatedPartyTransactions" id="RelatedPartyTransactions">
        <link:definition>117 - Disclosure - Related Party Transactions</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/SubsequentEvents" id="SubsequentEvents">
        <link:definition>118 - Disclosure - Subsequent Events</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/SignificantAccountingPoliciesPolicies" id="SignificantAccountingPoliciesPolicies">
        <link:definition>119 - Disclosure - Significant Accounting Policies (Policies)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/MortgagesReceivableTables" id="MortgagesReceivableTables">
        <link:definition>120 - Disclosure - Mortgages Receivable (Tables)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/LineOfCreditAndMortgagePayableTables" id="LineOfCreditAndMortgagePayableTables">
        <link:definition>121 - Disclosure - Line of Credit and Mortgage Payable (Tables)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/OtherIncomeTables" id="OtherIncomeTables">
        <link:definition>122 - Disclosure - Other income (Tables)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/CommitmentsAndContingenciesTables" id="CommitmentsAndContingenciesTables">
        <link:definition>123 - Disclosure - Commitments and Contingencies (Tables)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/CompanyDetailsTextual" id="CompanyDetailsTextual">
        <link:definition>124 - Disclosure - The Company (Details Textual)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/SignificantAccountingPoliciesDetailsTextual" id="SignificantAccountingPoliciesDetailsTextual">
        <link:definition>125 - Disclosure - Significant Accounting Policies (Details Textual)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/MortgagesReceivableDetails" id="MortgagesReceivableDetails">
        <link:definition>126 - Disclosure - Mortgages Receivable (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/MortgagesReceivableDetails1" id="MortgagesReceivableDetails1">
        <link:definition>127 - Disclosure - Mortgages Receivable (Details 1)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/MortgagesReceivableDetailsTextual" id="MortgagesReceivableDetailsTextual">
        <link:definition>128 - Disclosure - Mortgages Receivable (Details Textual)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/RealEstateOwnedDetailsTextual" id="RealEstateOwnedDetailsTextual">
        <link:definition>129 - Disclosure - Real Estate Owned (Details Textual)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/EscrowDepositsDetailsTextual" id="EscrowDepositsDetailsTextual">
        <link:definition>130 - Disclosure - Escrow Deposits (Details Textual)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/LineOfCreditAndMortgagePayableDetails" id="LineOfCreditAndMortgagePayableDetails">
        <link:definition>131 - Disclosure - Line of Credit and Mortgage Payable (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/LineOfCreditAndMortgagePayableDetailsTextual" id="LineOfCreditAndMortgagePayableDetailsTextual">
        <link:definition>132 - Disclosure - Line of Credit and Mortgage Payable (Details Textual)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/MortgageFundingPayableDetailsTextual" id="MortgageFundingPayableDetailsTextual">
        <link:definition>133 - Disclosure - Mortgage Funding Payable (Details Textual)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/OtherIncomeDetails" id="OtherIncomeDetails">
        <link:definition>134 - Disclosure - Other income (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/CommitmentsAndContingenciesDetails" id="CommitmentsAndContingenciesDetails">
        <link:definition>135 - Disclosure - Commitments and Contingencies (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/CommitmentsAndContingenciesDetailsTextual" id="CommitmentsAndContingenciesDetailsTextual">
        <link:definition>136 - Disclosure - Commitments and Contingencies (Details Textual)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/RelatedPartyTransactionsDetailsTextual" id="RelatedPartyTransactionsDetailsTextual">
        <link:definition>137 - Disclosure - Related Party Transactions (Details Textual)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://sachemcapital.com/role/SubsequentEventsDetailsTextual" id="SubsequentEventsDetailsTextual">
        <link:definition>138 - Disclosure - Subsequent Events (Details Textual)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:linkbaseRef xlink:type="simple" xlink:href="sach-20180331_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />

      <link:linkbaseRef xlink:type="simple" xlink:href="sach-20180331_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />

      <link:linkbaseRef xlink:type="simple" xlink:href="sach-20180331_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />

      <link:linkbaseRef xlink:type="simple" xlink:href="sach-20180331_cal.xml" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
    </appinfo>
  </annotation>

  <import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />

  <import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />

  <import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd" />

  <import namespace="http://fasb.org/us-gaap/2017-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd" />

  <import namespace="http://xbrl.sec.gov/invest/2013-01-31" schemaLocation="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd" />

  <import namespace="http://xbrl.sec.gov/country/2017-01-31" schemaLocation="http://xbrl.sec.gov/country/2017/country-2017-01-31.xsd" />

  <import namespace="http://xbrl.sec.gov/currency/2017-01-31" schemaLocation="http://xbrl.sec.gov/currency/2017/currency-2017-01-31.xsd" />

  <import namespace="http://xbrl.sec.gov/exch/2017-01-31" schemaLocation="http://xbrl.sec.gov/exch/2017/exch-2017-01-31.xsd" />

  <import namespace="http://xbrl.sec.gov/naics/2017-01-31" schemaLocation="http://xbrl.sec.gov/naics/2017/naics-2017-01-31.xsd" />

  <import namespace="http://xbrl.sec.gov/sic/2011-01-31" schemaLocation="http://xbrl.sec.gov/sic/2011/sic-2011-01-31.xsd" />

  <import namespace="http://xbrl.sec.gov/stpr/2011-01-31" schemaLocation="http://xbrl.sec.gov/stpr/2011/stpr-2011-01-31.xsd" />

  <import namespace="http://www.xbrl.org/2009/role/negated" schemaLocation="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd" />

  <import namespace="http://www.xbrl.org/2009/role/net" schemaLocation="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd" />

  <import namespace="http://www.xbrl.org/2009/arcrole/fact-explanatoryFact" schemaLocation="http://www.xbrl.org/lrr/arcrole/factExplanatory-2009-12-16.xsd" />

  <import namespace="http://xbrl.sec.gov/dei/2014-01-31" schemaLocation="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd" />

  <import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd" />

  <import namespace="http://www.xbrl.org/dtr/type/non-numeric" schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd" />

  <import namespace="http://fasb.org/us-types/2017-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2017/elts/us-types-2017-01-31.xsd" />

  <element name="DocumentAndEntityInformationAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sach_DocumentAndEntityInformationAbstract" />

  <element name="MortgagesReceivableFromAffiliate" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" xbrli:balance="debit" substitutionGroup="xbrli:item" id="sach_MortgagesReceivableFromAffiliate" />

  <element name="MortgageFundingPayable" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" xbrli:balance="credit" substitutionGroup="xbrli:item" id="sach_MortgageFundingPayable" />

  <element name="StockholdersAndMembersEquityAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sach_StockholdersAndMembersEquityAbstract" />

  <element name="OriginationFees" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="credit" substitutionGroup="xbrli:item" id="sach_OriginationFees" />

  <element name="ProcessingFees" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="credit" substitutionGroup="xbrli:item" id="sach_ProcessingFees" />

  <element name="GainOnSaleOfRealEstateInvestement" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="credit" substitutionGroup="xbrli:item" id="sach_GainOnSaleOfRealEstateInvestement" />

  <element name="InterestAndAmortizationOfDebtServiceCosts" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="debit" substitutionGroup="xbrli:item" id="sach_InterestAndAmortizationOfDebtServiceCosts" />

  <element name="MortagageReceivableTableTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sach_MortagageReceivableTableTextBlock" />

  <element name="UnauditedFinancialStatementsPolicyPolicyTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sach_UnauditedFinancialStatementsPolicyPolicyTextBlock" />

  <element name="DeferredFinancingCostsPolicyTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sach_DeferredFinancingCostsPolicyTextBlock" />

  <element name="IncreaseDecreaseInEscrowDeposit" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="credit" substitutionGroup="xbrli:item" id="sach_IncreaseDecreaseInEscrowDeposit" />

  <element name="IncreaseDecreaseInInterestAndFeesReceivable" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="credit" substitutionGroup="xbrli:item" id="sach_IncreaseDecreaseInInterestAndFeesReceivable" />

  <element name="PreofferingCostsIncurred" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="credit" substitutionGroup="xbrli:item" id="sach_PreofferingCostsIncurred" />

  <element name="MexedUseMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sach_MexedUseMember" />

  <element name="MaturitiesOfMortagageReceivableYearOne" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" xbrli:balance="debit" substitutionGroup="xbrli:item" id="sach_MaturitiesOfMortagageReceivableYearOne" />

  <element name="MaturitiesOfMortagageReceivableYearTwo" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" xbrli:balance="debit" substitutionGroup="xbrli:item" id="sach_MaturitiesOfMortagageReceivableYearTwo" />

  <element name="MaturitiesOfMortagageReceivableYearThree" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" xbrli:balance="debit" substitutionGroup="xbrli:item" id="sach_MaturitiesOfMortagageReceivableYearThree" />

  <element name="MaturitiesOfMortagageReceivableYearFour" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" xbrli:balance="debit" substitutionGroup="xbrli:item" id="sach_MaturitiesOfMortagageReceivableYearFour" />

  <element name="JjvLlcMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sach_JjvLlcMember" />

  <element name="EscrowDepositsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sach_EscrowDepositsAbstract" />

  <element name="EscrowDepositsTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sach_EscrowDepositsTextBlock" />

  <element name="MortgageLoansOnRealEstateDefaultInterestRate" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sach_MortgageLoansOnRealEstateDefaultInterestRate" />

  <element name="ExerciseOfOptionToSharepercentageOnDiscount" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sach_ExerciseOfOptionToSharepercentageOnDiscount" />

  <element name="PaymentsToAcquireMortgageReceivable" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="credit" substitutionGroup="xbrli:item" id="sach_PaymentsToAcquireMortgageReceivable" />

  <element name="BankwellBankMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sach_BankwellBankMember" />

  <element name="LoanOriginationFeesOnOriginalLoanPrincipalpercentage" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sach_LoanOriginationFeesOnOriginalLoanPrincipalpercentage" />

  <element name="LoanOriginationFeesPercentage" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sach_LoanOriginationFeesPercentage" />

  <element name="LoanServicingFeesdescription" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sach_LoanServicingFeesdescription" />

  <element name="LoanServicingFeespercentage" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sach_LoanServicingFeespercentage" />

  <element name="VariablerateaxisAxis" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:dimensionItem" id="sach_VariablerateaxisAxis" />

  <element name="ScheduleOfMaturitiesOfMortgagesReceivableTableTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sach_ScheduleOfMaturitiesOfMortgagesReceivableTableTextBlock" />

  <element name="ProceedsFromCollectionOfMortagageReceivable" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="debit" substitutionGroup="xbrli:item" id="sach_ProceedsFromCollectionOfMortagageReceivable" />

  <element name="OtherReceivablesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sach_OtherReceivablesAbstract" />

  <element name="PaymentsOfPartnershipDistributions" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="credit" substitutionGroup="xbrli:item" id="sach_PaymentsOfPartnershipDistributions" />

  <element name="BankwellCreditLineMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sach_BankwellCreditLineMember" />

  <element name="ManagerMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sach_ManagerMember" />

  <element name="MinimumOwnershipRequiredForGuarantorShares" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sach_MinimumOwnershipRequiredForGuarantorShares" />

  <element name="RentAndOtherExpensesMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sach_RentAndOtherExpensesMember" />

  <element name="OriginationFeesOnLoansMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sach_OriginationFeesOnLoansMember" />

  <element name="JeffreyVillanoMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sach_JeffreyVillanoMember" />

  <element name="ShareholdersMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sach_ShareholdersMember" />

  <element name="WifeOfExecutiveOfficerMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sach_WifeOfExecutiveOfficerMember" />

  <element name="AccountingAndFinancialServicesMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sach_AccountingAndFinancialServicesMember" />

  <element name="AmortizationOfStockOptionDiscount" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="debit" substitutionGroup="xbrli:item" id="sach_AmortizationOfStockOptionDiscount" />

  <element name="MaximumPercentageOfBorrowingCapacity" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="sach_MaximumPercentageOfBorrowingCapacity" />

  <element name="IncomeOnBorrowerCharges" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="credit" substitutionGroup="xbrli:item" id="sach_IncomeOnBorrowerCharges" />

  <element name="IncomeOnLenderFees" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="credit" substitutionGroup="xbrli:item" id="sach_IncomeOnLenderFees" />

  <element name="IncomeOnInhouseLegalFees" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="credit" substitutionGroup="xbrli:item" id="sach_IncomeOnInhouseLegalFees" />

  <element name="IncomeOnModificationFees" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="credit" substitutionGroup="xbrli:item" id="sach_IncomeOnModificationFees" />

  <element name="IncomeAndOther" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="credit" substitutionGroup="xbrli:item" id="sach_IncomeAndOther" />

  <element name="OtherIncomeTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sach_OtherIncomeTextBlock" />

  <element name="OtherIncomeTableTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sach_OtherIncomeTableTextBlock" />

  <element name="UnreimbursedCostsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sach_UnreimbursedCostsMember" />

  <element name="ProceedsFromMortgageFundingPayable" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="debit" substitutionGroup="xbrli:item" id="sach_ProceedsFromMortgageFundingPayable" />

  <element name="ProceedsFromMortgagesFundingPayable" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="debit" substitutionGroup="xbrli:item" id="sach_ProceedsFromMortgagesFundingPayable" />
</schema>

</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>10
<FILENAME>sach-20180331_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8" ?>
<!-- Generated by DataTracks version 1.1.9 on 15-May-2018 [11:28:04] {AM} EST - www.datatracks.com -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#BalanceSheets" roleURI="http://sachemcapital.com/role/BalanceSheets" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#StatementsOfOperations" roleURI="http://sachemcapital.com/role/StatementsOfOperations" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#MortgagesReceivable" roleURI="http://sachemcapital.com/role/MortgagesReceivable" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#StatementsOfCashFlow" roleURI="http://sachemcapital.com/role/StatementsOfCashFlow" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#MortgagesReceivableDetails" roleURI="http://sachemcapital.com/role/MortgagesReceivableDetails" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#MortgagesReceivableDetails1" roleURI="http://sachemcapital.com/role/MortgagesReceivableDetails1" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#LineOfCreditAndMortgagePayable" roleURI="http://sachemcapital.com/role/LineOfCreditAndMortgagePayable" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#LineOfCreditAndMortgagePayableDetails" roleURI="http://sachemcapital.com/role/LineOfCreditAndMortgagePayableDetails" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#CommitmentsAndContingencies" roleURI="http://sachemcapital.com/role/CommitmentsAndContingencies" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#CommitmentsAndContingenciesDetails" roleURI="http://sachemcapital.com/role/CommitmentsAndContingenciesDetails" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#OtherIncomeDetails" roleURI="http://sachemcapital.com/role/OtherIncomeDetails" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#OtherIncome" roleURI="http://sachemcapital.com/role/OtherIncome" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#MortgageFundingPayable" roleURI="http://sachemcapital.com/role/MortgageFundingPayable" />

  <calculationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/BalanceSheets">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Assets" xlink:label="loc_us-gaap_Assets" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Cash" xlink:label="loc_us-gaap_Cash" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets" xlink:to="loc_us-gaap_Cash" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EscrowDeposit" xlink:label="loc_us-gaap_EscrowDeposit" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets" xlink:to="loc_us-gaap_EscrowDeposit" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstate" xlink:label="loc_us-gaap_MortgageLoansOnRealEstate" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets" xlink:to="loc_us-gaap_MortgageLoansOnRealEstate" use="optional" order="30" weight="1" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MortgagesReceivableFromAffiliate" xlink:label="loc_sach_MortgagesReceivableFromAffiliate" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets" xlink:to="loc_sach_MortgagesReceivableFromAffiliate" use="optional" order="40" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestReceivable" xlink:label="loc_us-gaap_InterestReceivable" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets" xlink:to="loc_us-gaap_InterestReceivable" use="optional" order="50" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherReceivables" xlink:label="loc_us-gaap_OtherReceivables" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets" xlink:to="loc_us-gaap_OtherReceivables" use="optional" order="60" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DueFromAffiliates" xlink:label="loc_us-gaap_DueFromAffiliates" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets" xlink:to="loc_us-gaap_DueFromAffiliates" use="optional" order="70" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PrepaidExpenseCurrentAndNoncurrent" xlink:label="loc_us-gaap_PrepaidExpenseCurrentAndNoncurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets" xlink:to="loc_us-gaap_PrepaidExpenseCurrentAndNoncurrent" use="optional" order="80" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNet" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentNet" use="optional" order="90" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RealEstateInvestments" xlink:label="loc_us-gaap_RealEstateInvestments" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets" xlink:to="loc_us-gaap_RealEstateInvestments" use="optional" order="100" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredFinanceCostsNet" xlink:label="loc_us-gaap_DeferredFinanceCostsNet" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets" xlink:to="loc_us-gaap_DeferredFinanceCostsNet" use="optional" order="110" weight="1" />
  </calculationLink>

  <calculationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/BalanceSheets">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="loc_us-gaap_StockholdersEquity" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="loc_us-gaap_StockholdersEquity" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="loc_us-gaap_PreferredStockValue" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity" xlink:to="loc_us-gaap_PreferredStockValue" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockValue" xlink:label="loc_us-gaap_CommonStockValue" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity" xlink:to="loc_us-gaap_CommonStockValue" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="loc_us-gaap_AdditionalPaidInCapital" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity" xlink:to="loc_us-gaap_AdditionalPaidInCapital" use="optional" order="30" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity" xlink:to="loc_us-gaap_RetainedEarningsAccumulatedDeficit" use="optional" order="40" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Liabilities" xlink:label="loc_us-gaap_Liabilities" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="loc_us-gaap_Liabilities" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCredit" xlink:label="loc_us-gaap_LineOfCredit" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities" xlink:to="loc_us-gaap_LineOfCredit" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NotesPayable" xlink:label="loc_us-gaap_NotesPayable" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities" xlink:to="loc_us-gaap_NotesPayable" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MortgageFundingPayable" xlink:label="loc_sach_MortgageFundingPayable" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities" xlink:to="loc_sach_MortgageFundingPayable" use="optional" order="30" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" xlink:label="loc_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities" xlink:to="loc_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" use="optional" order="40" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SecurityDepositLiability" xlink:label="loc_us-gaap_SecurityDepositLiability" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities" xlink:to="loc_us-gaap_SecurityDepositLiability" use="optional" order="50" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdvancePaymentsByBorrowersForTaxesAndInsurance" xlink:label="loc_us-gaap_AdvancePaymentsByBorrowersForTaxesAndInsurance" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities" xlink:to="loc_us-gaap_AdvancePaymentsByBorrowersForTaxesAndInsurance" use="optional" order="60" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent" xlink:label="loc_us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities" xlink:to="loc_us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent" use="optional" order="70" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredRevenue" xlink:label="loc_us-gaap_DeferredRevenue" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities" xlink:to="loc_us-gaap_DeferredRevenue" use="optional" order="80" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestPayableCurrentAndNoncurrent" xlink:label="loc_us-gaap_InterestPayableCurrentAndNoncurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities" xlink:to="loc_us-gaap_InterestPayableCurrentAndNoncurrent" use="optional" order="90" weight="1" />
  </calculationLink>

  <calculationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/StatementsOfOperations">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_us-gaap_NetIncomeLoss" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Revenues" xlink:label="loc_us-gaap_Revenues" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLoss" xlink:to="loc_us-gaap_Revenues" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestAndFeeIncomeLoansAndLeases" xlink:label="loc_us-gaap_InterestAndFeeIncomeLoansAndLeases" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Revenues" xlink:to="loc_us-gaap_InterestAndFeeIncomeLoansAndLeases" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_OriginationFees" xlink:label="loc_sach_OriginationFees" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Revenues" xlink:to="loc_sach_OriginationFees" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FeesAndCommissionsCreditAndDebitCards" xlink:label="loc_us-gaap_FeesAndCommissionsCreditAndDebitCards" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Revenues" xlink:to="loc_us-gaap_FeesAndCommissionsCreditAndDebitCards" use="optional" order="30" weight="1" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_ProcessingFees" xlink:label="loc_sach_ProcessingFees" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Revenues" xlink:to="loc_sach_ProcessingFees" use="optional" order="40" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RentalIncomeNonoperating" xlink:label="loc_us-gaap_RentalIncomeNonoperating" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Revenues" xlink:to="loc_us-gaap_RentalIncomeNonoperating" use="optional" order="50" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherIncome" xlink:label="loc_us-gaap_OtherIncome" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Revenues" xlink:to="loc_us-gaap_OtherIncome" use="optional" order="60" weight="1" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_GainOnSaleOfRealEstateInvestement" xlink:label="loc_sach_GainOnSaleOfRealEstateInvestement" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Revenues" xlink:to="loc_sach_GainOnSaleOfRealEstateInvestement" use="optional" order="70" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CostsAndExpenses" xlink:label="loc_us-gaap_CostsAndExpenses" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLoss" xlink:to="loc_us-gaap_CostsAndExpenses" use="optional" order="20" weight="-1" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_InterestAndAmortizationOfDebtServiceCosts" xlink:label="loc_sach_InterestAndAmortizationOfDebtServiceCosts" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses" xlink:to="loc_sach_InterestAndAmortizationOfDebtServiceCosts" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LaborAndRelatedExpense" xlink:label="loc_us-gaap_LaborAndRelatedExpense" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses" xlink:to="loc_us-gaap_LaborAndRelatedExpense" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SalariesAndWages" xlink:label="loc_us-gaap_SalariesAndWages" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses" xlink:to="loc_us-gaap_SalariesAndWages" use="optional" order="30" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProfessionalFees" xlink:label="loc_us-gaap_ProfessionalFees" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses" xlink:to="loc_us-gaap_ProfessionalFees" use="optional" order="40" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TaxesAndLicenses" xlink:label="loc_us-gaap_TaxesAndLicenses" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses" xlink:to="loc_us-gaap_TaxesAndLicenses" use="optional" order="50" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Depreciation" xlink:label="loc_us-gaap_Depreciation" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses" xlink:to="loc_us-gaap_Depreciation" use="optional" order="60" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="loc_us-gaap_GeneralAndAdministrativeExpense" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses" xlink:to="loc_us-gaap_GeneralAndAdministrativeExpense" use="optional" order="70" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ExciseAndSalesTaxes" xlink:label="loc_us-gaap_ExciseAndSalesTaxes" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses" xlink:to="loc_us-gaap_ExciseAndSalesTaxes" use="optional" order="80" weight="1" />
  </calculationLink>

  <calculationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/StatementsOfCashFlow">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CashPeriodIncreaseDecrease" xlink:label="loc_us-gaap_CashPeriodIncreaseDecrease" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashPeriodIncreaseDecrease" xlink:to="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_us-gaap_NetIncomeLoss" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="loc_us-gaap_NetIncomeLoss" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:label="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AmortizationOfFinancingCosts" xlink:label="loc_us-gaap_AmortizationOfFinancingCosts" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:to="loc_us-gaap_AmortizationOfFinancingCosts" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Depreciation" xlink:label="loc_us-gaap_Depreciation" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:to="loc_us-gaap_Depreciation" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GainsLossesOnSalesOfInvestmentRealEstate" xlink:label="loc_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:to="loc_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate" use="optional" order="30" weight="-1" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_IncreaseDecreaseInEscrowDeposit" xlink:label="loc_sach_IncreaseDecreaseInEscrowDeposit" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:to="loc_sach_IncreaseDecreaseInEscrowDeposit" use="optional" order="40" weight="-1" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_IncreaseDecreaseInInterestAndFeesReceivable" xlink:label="loc_sach_IncreaseDecreaseInInterestAndFeesReceivable" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:to="loc_sach_IncreaseDecreaseInInterestAndFeesReceivable" use="optional" order="50" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInOtherReceivables" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherReceivables" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:to="loc_us-gaap_IncreaseDecreaseInOtherReceivables" use="optional" order="60" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInDueToOfficersAndStockholders" xlink:label="loc_us-gaap_IncreaseDecreaseInDueToOfficersAndStockholders" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:to="loc_us-gaap_IncreaseDecreaseInDueToOfficersAndStockholders" use="optional" order="70" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInNotesPayableCurrent" xlink:label="loc_us-gaap_IncreaseDecreaseInNotesPayableCurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:to="loc_us-gaap_IncreaseDecreaseInNotesPayableCurrent" use="optional" order="80" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInInterestPayableNet" xlink:label="loc_us-gaap_IncreaseDecreaseInInterestPayableNet" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:to="loc_us-gaap_IncreaseDecreaseInInterestPayableNet" use="optional" order="90" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedLiabilities" xlink:label="loc_us-gaap_IncreaseDecreaseInAccruedLiabilities" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:to="loc_us-gaap_IncreaseDecreaseInAccruedLiabilities" use="optional" order="100" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:label="loc_us-gaap_IncreaseDecreaseInDeferredRevenue" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:to="loc_us-gaap_IncreaseDecreaseInDeferredRevenue" use="optional" order="110" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidInsurance" xlink:label="loc_us-gaap_IncreaseDecreaseInPrepaidInsurance" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:to="loc_us-gaap_IncreaseDecreaseInPrepaidInsurance" use="optional" order="120" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInAdvancePaymentsByBorrowersForTaxesAndInsurance" xlink:label="loc_us-gaap_IncreaseDecreaseInAdvancePaymentsByBorrowersForTaxesAndInsurance" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:to="loc_us-gaap_IncreaseDecreaseInAdvancePaymentsByBorrowersForTaxesAndInsurance" use="optional" order="130" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashPeriodIncreaseDecrease" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromLinesOfCredit" xlink:label="loc_us-gaap_ProceedsFromLinesOfCredit" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="loc_us-gaap_ProceedsFromLinesOfCredit" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RepaymentsOfLinesOfCredit" xlink:label="loc_us-gaap_RepaymentsOfLinesOfCredit" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="loc_us-gaap_RepaymentsOfLinesOfCredit" use="optional" order="20" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsForProceedsFromMortgageDeposits" xlink:label="loc_us-gaap_PaymentsForProceedsFromMortgageDeposits" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="loc_us-gaap_PaymentsForProceedsFromMortgageDeposits" use="optional" order="30" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromIssuanceInitialPublicOffering" xlink:label="loc_us-gaap_ProceedsFromIssuanceInitialPublicOffering" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="loc_us-gaap_ProceedsFromIssuanceInitialPublicOffering" use="optional" order="40" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsOfOrdinaryDividends" xlink:label="loc_us-gaap_PaymentsOfOrdinaryDividends" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="loc_us-gaap_PaymentsOfOrdinaryDividends" use="optional" order="50" weight="-1" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_PreofferingCostsIncurred" xlink:label="loc_sach_PreofferingCostsIncurred" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="loc_sach_PreofferingCostsIncurred" use="optional" order="60" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentOfFinancingAndStockIssuanceCosts" xlink:label="loc_us-gaap_PaymentOfFinancingAndStockIssuanceCosts" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="loc_us-gaap_PaymentOfFinancingAndStockIssuanceCosts" use="optional" order="70" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromPartnershipContribution" xlink:label="loc_us-gaap_ProceedsFromPartnershipContribution" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="loc_us-gaap_ProceedsFromPartnershipContribution" use="optional" order="80" weight="1" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_PaymentsOfPartnershipDistributions" xlink:label="loc_sach_PaymentsOfPartnershipDistributions" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="loc_sach_PaymentsOfPartnershipDistributions" use="optional" order="90" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashPeriodIncreaseDecrease" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities" use="optional" order="30" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromSaleOfRealEstate" xlink:label="loc_us-gaap_ProceedsFromSaleOfRealEstate" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="loc_us-gaap_ProceedsFromSaleOfRealEstate" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquireRealEstate" xlink:label="loc_us-gaap_PaymentsToAcquireRealEstate" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="loc_us-gaap_PaymentsToAcquireRealEstate" use="optional" order="20" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquireFurnitureAndFixtures" xlink:label="loc_us-gaap_PaymentsToAcquireFurnitureAndFixtures" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="loc_us-gaap_PaymentsToAcquireFurnitureAndFixtures" use="optional" order="30" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquireInvestments" xlink:label="loc_us-gaap_PaymentsToAcquireInvestments" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="loc_us-gaap_PaymentsToAcquireInvestments" use="optional" order="40" weight="-1" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_PaymentsToAcquireMortgageReceivable" xlink:label="loc_sach_PaymentsToAcquireMortgageReceivable" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="loc_sach_PaymentsToAcquireMortgageReceivable" use="optional" order="50" weight="-1" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_ProceedsFromCollectionOfMortagageReceivable" xlink:label="loc_sach_ProceedsFromCollectionOfMortagageReceivable" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="loc_sach_ProceedsFromCollectionOfMortagageReceivable" use="optional" order="60" weight="1" />
  </calculationLink>

  <calculationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/LineOfCreditAndMortgagePayableDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebt" xlink:label="loc_us-gaap_LongTermDebt" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LongTermDebt" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LongTermDebt" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LongTermDebt" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" use="optional" order="30" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LongTermDebt" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" use="optional" order="40" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LongTermDebt" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" use="optional" order="50" weight="1" />
  </calculationLink>

  <calculationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/CommitmentsAndContingenciesDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherCommitment" xlink:label="loc_us-gaap_OtherCommitment" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherCommitmentDueInNextTwelveMonths" xlink:label="loc_us-gaap_OtherCommitmentDueInNextTwelveMonths" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherCommitment" xlink:to="loc_us-gaap_OtherCommitmentDueInNextTwelveMonths" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherCommitmentDueInSecondYear" xlink:label="loc_us-gaap_OtherCommitmentDueInSecondYear" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherCommitment" xlink:to="loc_us-gaap_OtherCommitmentDueInSecondYear" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherCommitmentDueInThirdYear" xlink:label="loc_us-gaap_OtherCommitmentDueInThirdYear" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherCommitment" xlink:to="loc_us-gaap_OtherCommitmentDueInThirdYear" use="optional" order="30" weight="1" />
  </calculationLink>

  <calculationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/MortgagesReceivableDetails1">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MaturitiesOfMortagageReceivableYearOne" xlink:label="loc_sach_MaturitiesOfMortagageReceivableYearOne" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" xlink:to="loc_sach_MaturitiesOfMortagageReceivableYearOne" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MaturitiesOfMortagageReceivableYearTwo" xlink:label="loc_sach_MaturitiesOfMortagageReceivableYearTwo" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" xlink:to="loc_sach_MaturitiesOfMortagageReceivableYearTwo" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MaturitiesOfMortagageReceivableYearThree" xlink:label="loc_sach_MaturitiesOfMortagageReceivableYearThree" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" xlink:to="loc_sach_MaturitiesOfMortagageReceivableYearThree" use="optional" order="30" weight="1" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MaturitiesOfMortagageReceivableYearFour" xlink:label="loc_sach_MaturitiesOfMortagageReceivableYearFour" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" xlink:to="loc_sach_MaturitiesOfMortagageReceivableYearFour" use="optional" order="40" weight="1" />
  </calculationLink>

  <calculationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/OtherIncomeDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherIncome" xlink:label="loc_us-gaap_OtherIncome" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_IncomeOnBorrowerCharges" xlink:label="loc_sach_IncomeOnBorrowerCharges" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherIncome" xlink:to="loc_sach_IncomeOnBorrowerCharges" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_IncomeOnLenderFees" xlink:label="loc_sach_IncomeOnLenderFees" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherIncome" xlink:to="loc_sach_IncomeOnLenderFees" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_IncomeOnInhouseLegalFees" xlink:label="loc_sach_IncomeOnInhouseLegalFees" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherIncome" xlink:to="loc_sach_IncomeOnInhouseLegalFees" use="optional" order="30" weight="1" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_IncomeOnModificationFees" xlink:label="loc_sach_IncomeOnModificationFees" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherIncome" xlink:to="loc_sach_IncomeOnModificationFees" use="optional" order="40" weight="1" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_IncomeAndOther" xlink:label="loc_sach_IncomeAndOther" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherIncome" xlink:to="loc_sach_IncomeAndOther" use="optional" order="50" weight="1" />
  </calculationLink>
</linkbase>

</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>11
<FILENAME>sach-20180331_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8" ?>
<!-- Generated by DataTracks version 1.1.9 on 15-May-2018 [11:28:04] {AM} EST - www.datatracks.com -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:xbrldt="http://xbrl.org/2005/xbrldt">
  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#DocumentAndEntityInformation" roleURI="http://sachemcapital.com/role/DocumentAndEntityInformation" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#BalanceSheets" roleURI="http://sachemcapital.com/role/BalanceSheets" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#BalanceSheetsParenthetical" roleURI="http://sachemcapital.com/role/BalanceSheetsParenthetical" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#StatementsOfOperations" roleURI="http://sachemcapital.com/role/StatementsOfOperations" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#CompanyDetailsTextual" roleURI="http://sachemcapital.com/role/CompanyDetailsTextual" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#StatementOfChangesInShareholdersEquity" roleURI="http://sachemcapital.com/role/StatementOfChangesInShareholdersEquity" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#StatementsOfCashFlow" roleURI="http://sachemcapital.com/role/StatementsOfCashFlow" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#SignificantAccountingPoliciesDetailsTextual" roleURI="http://sachemcapital.com/role/SignificantAccountingPoliciesDetailsTextual" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#MortgagesReceivableDetails" roleURI="http://sachemcapital.com/role/MortgagesReceivableDetails" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#MortgagesReceivableDetails1" roleURI="http://sachemcapital.com/role/MortgagesReceivableDetails1" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#RealEstateOwnedDetailsTextual" roleURI="http://sachemcapital.com/role/RealEstateOwnedDetailsTextual" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#MortgagesReceivableDetailsTextual" roleURI="http://sachemcapital.com/role/MortgagesReceivableDetailsTextual" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#LineOfCreditAndMortgagePayableDetails" roleURI="http://sachemcapital.com/role/LineOfCreditAndMortgagePayableDetails" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#LineOfCreditAndMortgagePayableDetailsTextual" roleURI="http://sachemcapital.com/role/LineOfCreditAndMortgagePayableDetailsTextual" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#CommitmentsAndContingenciesDetails" roleURI="http://sachemcapital.com/role/CommitmentsAndContingenciesDetails" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#CommitmentsAndContingenciesDetailsTextual" roleURI="http://sachemcapital.com/role/CommitmentsAndContingenciesDetailsTextual" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#RelatedPartyTransactionsDetailsTextual" roleURI="http://sachemcapital.com/role/RelatedPartyTransactionsDetailsTextual" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#SubsequentEventsDetailsTextual" roleURI="http://sachemcapital.com/role/SubsequentEventsDetailsTextual" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#StatementsOfCashFlowParenthetical" roleURI="http://sachemcapital.com/role/StatementsOfCashFlowParenthetical" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#EscrowDepositsDetailsTextual" roleURI="http://sachemcapital.com/role/EscrowDepositsDetailsTextual" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#OtherIncomeDetails" roleURI="http://sachemcapital.com/role/OtherIncomeDetails" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#MortgageFundingPayableDetailsTextual" roleURI="http://sachemcapital.com/role/MortgageFundingPayableDetailsTextual" />

  <arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/all" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#all" />

  <arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-default" />

  <arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-domain" />

  <arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/domain-member" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#domain-member" />

  <arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#hypercube-dimension" />

  <arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/notAll" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#notAll" />

  <definitionLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/DocumentAndEntityInformation">
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentInformationLineItems" xlink:label="loc_dei_DocumentInformationLineItems_4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentInformationTable" xlink:label="loc_dei_DocumentInformationTable_3" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_dei_DocumentInformationLineItems_4" xlink:to="loc_dei_DocumentInformationTable_3" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_832" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_dei_DocumentInformationTable_3" xlink:to="loc_us-gaap_StatementClassOfStockAxis_832" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_833" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_832" xlink:to="loc_us-gaap_ClassOfStockDomain_833" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_833_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_832" xlink:to="loc_us-gaap_ClassOfStockDomain_833_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentType" xlink:label="loc_dei_DocumentType_5" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_DocumentInformationLineItems_4" xlink:to="loc_dei_DocumentType_5" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentFlag" xlink:label="loc_dei_AmendmentFlag_6" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_DocumentInformationLineItems_4" xlink:to="loc_dei_AmendmentFlag_6" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_dei_DocumentPeriodEndDate_7" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_DocumentInformationLineItems_4" xlink:to="loc_dei_DocumentPeriodEndDate_7" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="loc_dei_DocumentFiscalYearFocus_8" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_DocumentInformationLineItems_4" xlink:to="loc_dei_DocumentFiscalYearFocus_8" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="loc_dei_DocumentFiscalPeriodFocus_9" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_DocumentInformationLineItems_4" xlink:to="loc_dei_DocumentFiscalPeriodFocus_9" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityRegistrantName" xlink:label="loc_dei_EntityRegistrantName_10" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_DocumentInformationLineItems_4" xlink:to="loc_dei_EntityRegistrantName_10" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="loc_dei_EntityCentralIndexKey_11" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_DocumentInformationLineItems_4" xlink:to="loc_dei_EntityCentralIndexKey_11" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="loc_dei_CurrentFiscalYearEndDate_12" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_DocumentInformationLineItems_4" xlink:to="loc_dei_CurrentFiscalYearEndDate_12" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityFilerCategory" xlink:label="loc_dei_EntityFilerCategory_13" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_DocumentInformationLineItems_4" xlink:to="loc_dei_EntityFilerCategory_13" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_TradingSymbol" xlink:label="loc_dei_TradingSymbol_14" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_DocumentInformationLineItems_4" xlink:to="loc_dei_TradingSymbol_14" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="loc_dei_EntityCommonStockSharesOutstanding_15" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_DocumentInformationLineItems_4" xlink:to="loc_dei_EntityCommonStockSharesOutstanding_15" use="optional" order="15" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/BalanceSheets">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_22" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="loc_us-gaap_AssetsAbstract_23" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_22" xlink:to="loc_us-gaap_AssetsAbstract_23" use="optional" order="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Cash" xlink:label="loc_us-gaap_Cash_24" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsAbstract_23" xlink:to="loc_us-gaap_Cash_24" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EscrowDeposit" xlink:label="loc_us-gaap_EscrowDeposit_25" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsAbstract_23" xlink:to="loc_us-gaap_EscrowDeposit_25" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstate" xlink:label="loc_us-gaap_MortgageLoansOnRealEstate_26" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsAbstract_23" xlink:to="loc_us-gaap_MortgageLoansOnRealEstate_26" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MortgagesReceivableFromAffiliate" xlink:label="loc_sach_MortgagesReceivableFromAffiliate_27" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsAbstract_23" xlink:to="loc_sach_MortgagesReceivableFromAffiliate_27" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestReceivable" xlink:label="loc_us-gaap_InterestReceivable_28" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsAbstract_23" xlink:to="loc_us-gaap_InterestReceivable_28" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherReceivables" xlink:label="loc_us-gaap_OtherReceivables_29" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsAbstract_23" xlink:to="loc_us-gaap_OtherReceivables_29" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DueFromAffiliates" xlink:label="loc_us-gaap_DueFromAffiliates_30" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsAbstract_23" xlink:to="loc_us-gaap_DueFromAffiliates_30" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PrepaidExpenseCurrentAndNoncurrent" xlink:label="loc_us-gaap_PrepaidExpenseCurrentAndNoncurrent_31" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsAbstract_23" xlink:to="loc_us-gaap_PrepaidExpenseCurrentAndNoncurrent_31" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNet_32" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsAbstract_23" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentNet_32" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RealEstateInvestments" xlink:label="loc_us-gaap_RealEstateInvestments_33" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsAbstract_23" xlink:to="loc_us-gaap_RealEstateInvestments_33" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredFinanceCostsNet" xlink:label="loc_us-gaap_DeferredFinanceCostsNet_36" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsAbstract_23" xlink:to="loc_us-gaap_DeferredFinanceCostsNet_36" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Assets" xlink:label="loc_us-gaap_Assets_37" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsAbstract_23" xlink:to="loc_us-gaap_Assets_37" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_38" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_22" xlink:to="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_38" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilitiesAbstract" xlink:label="loc_us-gaap_LiabilitiesAbstract_39" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_38" xlink:to="loc_us-gaap_LiabilitiesAbstract_39" use="optional" order="15" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCredit" xlink:label="loc_us-gaap_LineOfCredit_40" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesAbstract_39" xlink:to="loc_us-gaap_LineOfCredit_40" use="optional" order="16" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NotesPayable" xlink:label="loc_us-gaap_NotesPayable_41" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesAbstract_39" xlink:to="loc_us-gaap_NotesPayable_41" use="optional" order="17" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MortgageFundingPayable" xlink:label="loc_sach_MortgageFundingPayable_818" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesAbstract_39" xlink:to="loc_sach_MortgageFundingPayable_818" use="optional" order="18" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" xlink:label="loc_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_640" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesAbstract_39" xlink:to="loc_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_640" use="optional" order="19" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SecurityDepositLiability" xlink:label="loc_us-gaap_SecurityDepositLiability_44" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesAbstract_39" xlink:to="loc_us-gaap_SecurityDepositLiability_44" use="optional" order="20" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdvancePaymentsByBorrowersForTaxesAndInsurance" xlink:label="loc_us-gaap_AdvancePaymentsByBorrowersForTaxesAndInsurance_45" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesAbstract_39" xlink:to="loc_us-gaap_AdvancePaymentsByBorrowersForTaxesAndInsurance_45" use="optional" order="21" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent" xlink:label="loc_us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent_750" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesAbstract_39" xlink:to="loc_us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent_750" use="optional" order="22" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredRevenue" xlink:label="loc_us-gaap_DeferredRevenue_47" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesAbstract_39" xlink:to="loc_us-gaap_DeferredRevenue_47" use="optional" order="23" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestPayableCurrentAndNoncurrent" xlink:label="loc_us-gaap_InterestPayableCurrentAndNoncurrent_48" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesAbstract_39" xlink:to="loc_us-gaap_InterestPayableCurrentAndNoncurrent_48" use="optional" order="24" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Liabilities" xlink:label="loc_us-gaap_Liabilities_49" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesAbstract_39" xlink:to="loc_us-gaap_Liabilities_49" use="optional" order="25" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_StockholdersAndMembersEquityAbstract" xlink:label="loc_sach_StockholdersAndMembersEquityAbstract_50" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_38" xlink:to="loc_sach_StockholdersAndMembersEquityAbstract_50" use="optional" order="26" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="loc_us-gaap_PreferredStockValue_51" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_sach_StockholdersAndMembersEquityAbstract_50" xlink:to="loc_us-gaap_PreferredStockValue_51" use="optional" order="27" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockValue" xlink:label="loc_us-gaap_CommonStockValue_52" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_sach_StockholdersAndMembersEquityAbstract_50" xlink:to="loc_us-gaap_CommonStockValue_52" use="optional" order="28" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="loc_us-gaap_AdditionalPaidInCapital_53" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_sach_StockholdersAndMembersEquityAbstract_50" xlink:to="loc_us-gaap_AdditionalPaidInCapital_53" use="optional" order="29" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit_55" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_sach_StockholdersAndMembersEquityAbstract_50" xlink:to="loc_us-gaap_RetainedEarningsAccumulatedDeficit_55" use="optional" order="30" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="loc_us-gaap_StockholdersEquity_489" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_sach_StockholdersAndMembersEquityAbstract_50" xlink:to="loc_us-gaap_StockholdersEquity_489" use="optional" order="31" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity_57" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_38" xlink:to="loc_us-gaap_LiabilitiesAndStockholdersEquity_57" use="optional" order="32" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_19" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_22" xlink:to="loc_us-gaap_StatementTable_19" use="optional" order="33" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_20" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_19" xlink:to="loc_us-gaap_StatementClassOfStockAxis_20" use="optional" order="34" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_21" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_20" xlink:to="loc_us-gaap_ClassOfStockDomain_21" use="optional" order="35" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_21_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_20" xlink:to="loc_us-gaap_ClassOfStockDomain_21_default" use="optional" order="36" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/BalanceSheetsParenthetical">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_62" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_59" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_62" xlink:to="loc_us-gaap_StatementTable_59" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_60" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_59" xlink:to="loc_us-gaap_StatementClassOfStockAxis_60" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_61" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_60" xlink:to="loc_us-gaap_ClassOfStockDomain_61" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_61_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_60" xlink:to="loc_us-gaap_ClassOfStockDomain_61_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="loc_us-gaap_PreferredStockParOrStatedValuePerShare_63" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_62" xlink:to="loc_us-gaap_PreferredStockParOrStatedValuePerShare_63" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="loc_us-gaap_PreferredStockSharesAuthorized_64" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_62" xlink:to="loc_us-gaap_PreferredStockSharesAuthorized_64" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="loc_us-gaap_PreferredStockSharesIssued_65" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_62" xlink:to="loc_us-gaap_PreferredStockSharesIssued_65" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="loc_us-gaap_CommonStockParOrStatedValuePerShare_66" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_62" xlink:to="loc_us-gaap_CommonStockParOrStatedValuePerShare_66" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="loc_us-gaap_CommonStockSharesAuthorized_67" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_62" xlink:to="loc_us-gaap_CommonStockSharesAuthorized_67" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="loc_us-gaap_CommonStockSharesIssued_68" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_62" xlink:to="loc_us-gaap_CommonStockSharesIssued_68" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_us-gaap_CommonStockSharesOutstanding_69" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_62" xlink:to="loc_us-gaap_CommonStockSharesOutstanding_69" use="optional" order="11" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/StatementsOfOperations">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_75" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_72" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_75" xlink:to="loc_us-gaap_StatementTable_72" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_73" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_72" xlink:to="loc_us-gaap_StatementClassOfStockAxis_73" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_74" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_73" xlink:to="loc_us-gaap_ClassOfStockDomain_74" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_74_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_73" xlink:to="loc_us-gaap_ClassOfStockDomain_74_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RevenuesAbstract" xlink:label="loc_us-gaap_RevenuesAbstract_76" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_75" xlink:to="loc_us-gaap_RevenuesAbstract_76" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestAndFeeIncomeLoansAndLeases" xlink:label="loc_us-gaap_InterestAndFeeIncomeLoansAndLeases_77" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RevenuesAbstract_76" xlink:to="loc_us-gaap_InterestAndFeeIncomeLoansAndLeases_77" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_OriginationFees" xlink:label="loc_sach_OriginationFees_78" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RevenuesAbstract_76" xlink:to="loc_sach_OriginationFees_78" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FeesAndCommissionsCreditAndDebitCards" xlink:label="loc_us-gaap_FeesAndCommissionsCreditAndDebitCards_79" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RevenuesAbstract_76" xlink:to="loc_us-gaap_FeesAndCommissionsCreditAndDebitCards_79" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_ProcessingFees" xlink:label="loc_sach_ProcessingFees_80" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RevenuesAbstract_76" xlink:to="loc_sach_ProcessingFees_80" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RentalIncomeNonoperating" xlink:label="loc_us-gaap_RentalIncomeNonoperating_81" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RevenuesAbstract_76" xlink:to="loc_us-gaap_RentalIncomeNonoperating_81" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherIncome" xlink:label="loc_us-gaap_OtherIncome_82" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RevenuesAbstract_76" xlink:to="loc_us-gaap_OtherIncome_82" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_GainOnSaleOfRealEstateInvestement" xlink:label="loc_sach_GainOnSaleOfRealEstateInvestement_471" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RevenuesAbstract_76" xlink:to="loc_sach_GainOnSaleOfRealEstateInvestement_471" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Revenues" xlink:label="loc_us-gaap_Revenues_84" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RevenuesAbstract_76" xlink:to="loc_us-gaap_Revenues_84" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OperatingCostsAndExpensesAbstract" xlink:label="loc_us-gaap_OperatingCostsAndExpensesAbstract_85" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_75" xlink:to="loc_us-gaap_OperatingCostsAndExpensesAbstract_85" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_InterestAndAmortizationOfDebtServiceCosts" xlink:label="loc_sach_InterestAndAmortizationOfDebtServiceCosts_86" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_OperatingCostsAndExpensesAbstract_85" xlink:to="loc_sach_InterestAndAmortizationOfDebtServiceCosts_86" use="optional" order="15" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LaborAndRelatedExpense" xlink:label="loc_us-gaap_LaborAndRelatedExpense_752" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_OperatingCostsAndExpensesAbstract_85" xlink:to="loc_us-gaap_LaborAndRelatedExpense_752" use="optional" order="16" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SalariesAndWages" xlink:label="loc_us-gaap_SalariesAndWages_87" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_OperatingCostsAndExpensesAbstract_85" xlink:to="loc_us-gaap_SalariesAndWages_87" use="optional" order="17" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProfessionalFees" xlink:label="loc_us-gaap_ProfessionalFees_88" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_OperatingCostsAndExpensesAbstract_85" xlink:to="loc_us-gaap_ProfessionalFees_88" use="optional" order="18" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TaxesAndLicenses" xlink:label="loc_us-gaap_TaxesAndLicenses_89" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_OperatingCostsAndExpensesAbstract_85" xlink:to="loc_us-gaap_TaxesAndLicenses_89" use="optional" order="19" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Depreciation" xlink:label="loc_us-gaap_Depreciation_90" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_OperatingCostsAndExpensesAbstract_85" xlink:to="loc_us-gaap_Depreciation_90" use="optional" order="20" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="loc_us-gaap_GeneralAndAdministrativeExpense_91" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_OperatingCostsAndExpensesAbstract_85" xlink:to="loc_us-gaap_GeneralAndAdministrativeExpense_91" use="optional" order="21" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ExciseAndSalesTaxes" xlink:label="loc_us-gaap_ExciseAndSalesTaxes_819" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_OperatingCostsAndExpensesAbstract_85" xlink:to="loc_us-gaap_ExciseAndSalesTaxes_819" use="optional" order="22" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CostsAndExpenses" xlink:label="loc_us-gaap_CostsAndExpenses_92" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_OperatingCostsAndExpensesAbstract_85" xlink:to="loc_us-gaap_CostsAndExpenses_92" use="optional" order="23" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_us-gaap_NetIncomeLoss_93" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_75" xlink:to="loc_us-gaap_NetIncomeLoss_93" use="optional" order="24" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EarningsPerShareBasicAndDilutedAbstract" xlink:label="loc_us-gaap_EarningsPerShareBasicAndDilutedAbstract_94" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_75" xlink:to="loc_us-gaap_EarningsPerShareBasicAndDilutedAbstract_94" use="optional" order="25" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="loc_us-gaap_EarningsPerShareBasic_95" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EarningsPerShareBasicAndDilutedAbstract_94" xlink:to="loc_us-gaap_EarningsPerShareBasic_95" use="optional" order="26" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="loc_us-gaap_EarningsPerShareDiluted_96" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EarningsPerShareBasicAndDilutedAbstract_94" xlink:to="loc_us-gaap_EarningsPerShareDiluted_96" use="optional" order="27" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract" xlink:label="loc_us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract_97" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_75" xlink:to="loc_us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract_97" use="optional" order="28" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_98" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract_97" xlink:to="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_98" use="optional" order="29" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_99" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract_97" xlink:to="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_99" use="optional" order="30" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/CompanyDetailsTextual">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_122" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_106" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_122" xlink:to="loc_us-gaap_StatementTable_106" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_107" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_106" xlink:to="loc_us-gaap_StatementClassOfStockAxis_107" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_108" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_107" xlink:to="loc_us-gaap_ClassOfStockDomain_108" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_108_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_107" xlink:to="loc_us-gaap_ClassOfStockDomain_108_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsidiarySaleOfStockAxis" xlink:label="loc_us-gaap_SubsidiarySaleOfStockAxis_109" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_106" xlink:to="loc_us-gaap_SubsidiarySaleOfStockAxis_109" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="loc_us-gaap_SaleOfStockNameOfTransactionDomain_123" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_SubsidiarySaleOfStockAxis_109" xlink:to="loc_us-gaap_SaleOfStockNameOfTransactionDomain_123" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="loc_us-gaap_SaleOfStockNameOfTransactionDomain_123_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_SubsidiarySaleOfStockAxis_109" xlink:to="loc_us-gaap_SaleOfStockNameOfTransactionDomain_123_default" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IPOMember" xlink:label="loc_us-gaap_IPOMember_124" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SaleOfStockNameOfTransactionDomain_123" xlink:to="loc_us-gaap_IPOMember_124" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued" xlink:label="loc_us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_121" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_122" xlink:to="loc_us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_121" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues_134" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_122" xlink:to="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues_134" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SharesIssuedPricePerShare" xlink:label="loc_us-gaap_SharesIssuedPricePerShare_135" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_122" xlink:to="loc_us-gaap_SharesIssuedPricePerShare_135" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_136" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_122" xlink:to="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_136" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FeesAndCommissions" xlink:label="loc_us-gaap_FeesAndCommissions_137" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_122" xlink:to="loc_us-gaap_FeesAndCommissions_137" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromIssuanceInitialPublicOffering" xlink:label="loc_us-gaap_ProceedsFromIssuanceInitialPublicOffering_448" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_122" xlink:to="loc_us-gaap_ProceedsFromIssuanceInitialPublicOffering_448" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfCommonStock_624" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_122" xlink:to="loc_us-gaap_ProceedsFromIssuanceOfCommonStock_624" use="optional" order="15" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/StatementOfChangesInShareholdersEquity">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_814" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_111" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_814" xlink:to="loc_us-gaap_StatementTable_111" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_112" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_111" xlink:to="loc_us-gaap_StatementClassOfStockAxis_112" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_113" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_112" xlink:to="loc_us-gaap_ClassOfStockDomain_113" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_113_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_112" xlink:to="loc_us-gaap_ClassOfStockDomain_113_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_us-gaap_StatementEquityComponentsAxis_114" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_111" xlink:to="loc_us-gaap_StatementEquityComponentsAxis_114" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain_117" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_114" xlink:to="loc_us-gaap_EquityComponentDomain_117" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain_117_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_114" xlink:to="loc_us-gaap_EquityComponentDomain_117_default" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaap_CommonStockMember_118" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EquityComponentDomain_117" xlink:to="loc_us-gaap_CommonStockMember_118" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="loc_us-gaap_AdditionalPaidInCapitalMember_119" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EquityComponentDomain_117" xlink:to="loc_us-gaap_AdditionalPaidInCapitalMember_119" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="loc_us-gaap_RetainedEarningsMember_120" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EquityComponentDomain_117" xlink:to="loc_us-gaap_RetainedEarningsMember_120" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementScenarioAxis" xlink:label="loc_us-gaap_StatementScenarioAxis_116" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_111" xlink:to="loc_us-gaap_StatementScenarioAxis_116" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain" xlink:label="loc_us-gaap_ScenarioUnspecifiedDomain_431" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementScenarioAxis_116" xlink:to="loc_us-gaap_ScenarioUnspecifiedDomain_431" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain" xlink:label="loc_us-gaap_ScenarioUnspecifiedDomain_431_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementScenarioAxis_116" xlink:to="loc_us-gaap_ScenarioUnspecifiedDomain_431_default" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConsolidatedEntitiesAxis" xlink:label="loc_us-gaap_ConsolidatedEntitiesAxis_430" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_111" xlink:to="loc_us-gaap_ConsolidatedEntitiesAxis_430" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConsolidatedEntitiesDomain" xlink:label="loc_us-gaap_ConsolidatedEntitiesDomain_815" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_ConsolidatedEntitiesAxis_430" xlink:to="loc_us-gaap_ConsolidatedEntitiesDomain_815" use="optional" order="15" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConsolidatedEntitiesDomain" xlink:label="loc_us-gaap_ConsolidatedEntitiesDomain_815_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_ConsolidatedEntitiesAxis_430" xlink:to="loc_us-gaap_ConsolidatedEntitiesDomain_815_default" use="optional" order="16" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="loc_us-gaap_StockholdersEquity_451" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_814" xlink:to="loc_us-gaap_StockholdersEquity_451" use="optional" order="17" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SharesOutstanding" xlink:label="loc_us-gaap_SharesOutstanding_125" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_814" xlink:to="loc_us-gaap_SharesOutstanding_125" use="optional" order="18" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DividendsCommonStock" xlink:label="loc_us-gaap_DividendsCommonStock_480" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_814" xlink:to="loc_us-gaap_DividendsCommonStock_480" use="optional" order="19" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_us-gaap_NetIncomeLoss_857" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_814" xlink:to="loc_us-gaap_NetIncomeLoss_857" use="optional" order="20" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/StatementsOfCashFlow">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_152" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_149" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_152" xlink:to="loc_us-gaap_StatementTable_149" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_150" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_149" xlink:to="loc_us-gaap_StatementClassOfStockAxis_150" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_151" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_150" xlink:to="loc_us-gaap_ClassOfStockDomain_151" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_151_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_150" xlink:to="loc_us-gaap_ClassOfStockDomain_151_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_157" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_152" xlink:to="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_157" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_us-gaap_NetIncomeLoss_160" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_157" xlink:to="loc_us-gaap_NetIncomeLoss_160" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_162" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_157" xlink:to="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_162" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AmortizationOfFinancingCosts" xlink:label="loc_us-gaap_AmortizationOfFinancingCosts_163" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_162" xlink:to="loc_us-gaap_AmortizationOfFinancingCosts_163" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Depreciation" xlink:label="loc_us-gaap_Depreciation_164" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_162" xlink:to="loc_us-gaap_Depreciation_164" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GainsLossesOnSalesOfInvestmentRealEstate" xlink:label="loc_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate_172" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_162" xlink:to="loc_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate_172" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_173" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_162" xlink:to="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_173" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingAssetsAbstract" xlink:label="loc_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract_175" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_173" xlink:to="loc_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract_175" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_IncreaseDecreaseInEscrowDeposit" xlink:label="loc_sach_IncreaseDecreaseInEscrowDeposit_176" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract_175" xlink:to="loc_sach_IncreaseDecreaseInEscrowDeposit_176" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_IncreaseDecreaseInInterestAndFeesReceivable" xlink:label="loc_sach_IncreaseDecreaseInInterestAndFeesReceivable_177" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract_175" xlink:to="loc_sach_IncreaseDecreaseInInterestAndFeesReceivable_177" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInOtherReceivables" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherReceivables_178" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract_175" xlink:to="loc_us-gaap_IncreaseDecreaseInOtherReceivables_178" use="optional" order="15" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidInsurance" xlink:label="loc_us-gaap_IncreaseDecreaseInPrepaidInsurance_633" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract_175" xlink:to="loc_us-gaap_IncreaseDecreaseInPrepaidInsurance_633" use="optional" order="16" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract" xlink:label="loc_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract_180" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_173" xlink:to="loc_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract_180" use="optional" order="17" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInDueToOfficersAndStockholders" xlink:label="loc_us-gaap_IncreaseDecreaseInDueToOfficersAndStockholders_181" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract_180" xlink:to="loc_us-gaap_IncreaseDecreaseInDueToOfficersAndStockholders_181" use="optional" order="18" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInNotesPayableCurrent" xlink:label="loc_us-gaap_IncreaseDecreaseInNotesPayableCurrent_868" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract_180" xlink:to="loc_us-gaap_IncreaseDecreaseInNotesPayableCurrent_868" use="optional" order="19" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInInterestPayableNet" xlink:label="loc_us-gaap_IncreaseDecreaseInInterestPayableNet_182" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract_180" xlink:to="loc_us-gaap_IncreaseDecreaseInInterestPayableNet_182" use="optional" order="20" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedLiabilities" xlink:label="loc_us-gaap_IncreaseDecreaseInAccruedLiabilities_184" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract_180" xlink:to="loc_us-gaap_IncreaseDecreaseInAccruedLiabilities_184" use="optional" order="21" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:label="loc_us-gaap_IncreaseDecreaseInDeferredRevenue_186" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract_180" xlink:to="loc_us-gaap_IncreaseDecreaseInDeferredRevenue_186" use="optional" order="22" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInAdvancePaymentsByBorrowersForTaxesAndInsurance" xlink:label="loc_us-gaap_IncreaseDecreaseInAdvancePaymentsByBorrowersForTaxesAndInsurance_340" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract_180" xlink:to="loc_us-gaap_IncreaseDecreaseInAdvancePaymentsByBorrowersForTaxesAndInsurance_340" use="optional" order="23" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:label="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_198" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_162" xlink:to="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_198" use="optional" order="24" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_200" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_157" xlink:to="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_200" use="optional" order="25" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_202" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_152" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_202" use="optional" order="26" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromSaleOfRealEstate" xlink:label="loc_us-gaap_ProceedsFromSaleOfRealEstate_203" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_202" xlink:to="loc_us-gaap_ProceedsFromSaleOfRealEstate_203" use="optional" order="27" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquireRealEstate" xlink:label="loc_us-gaap_PaymentsToAcquireRealEstate_204" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_202" xlink:to="loc_us-gaap_PaymentsToAcquireRealEstate_204" use="optional" order="28" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquireFurnitureAndFixtures" xlink:label="loc_us-gaap_PaymentsToAcquireFurnitureAndFixtures_588" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_202" xlink:to="loc_us-gaap_PaymentsToAcquireFurnitureAndFixtures_588" use="optional" order="29" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquireInvestments" xlink:label="loc_us-gaap_PaymentsToAcquireInvestments_590" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_202" xlink:to="loc_us-gaap_PaymentsToAcquireInvestments_590" use="optional" order="30" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_PaymentsToAcquireMortgageReceivable" xlink:label="loc_sach_PaymentsToAcquireMortgageReceivable_212" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_202" xlink:to="loc_sach_PaymentsToAcquireMortgageReceivable_212" use="optional" order="31" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_ProceedsFromCollectionOfMortagageReceivable" xlink:label="loc_sach_ProceedsFromCollectionOfMortagageReceivable_216" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_202" xlink:to="loc_sach_ProceedsFromCollectionOfMortagageReceivable_216" use="optional" order="32" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_809" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_202" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_809" use="optional" order="33" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_218" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_152" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_218" use="optional" order="34" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromLinesOfCredit" xlink:label="loc_us-gaap_ProceedsFromLinesOfCredit_219" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_218" xlink:to="loc_us-gaap_ProceedsFromLinesOfCredit_219" use="optional" order="35" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RepaymentsOfLinesOfCredit" xlink:label="loc_us-gaap_RepaymentsOfLinesOfCredit_220" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_218" xlink:to="loc_us-gaap_RepaymentsOfLinesOfCredit_220" use="optional" order="36" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsForProceedsFromMortgageDeposits" xlink:label="loc_us-gaap_PaymentsForProceedsFromMortgageDeposits_813" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_218" xlink:to="loc_us-gaap_PaymentsForProceedsFromMortgageDeposits_813" use="optional" order="37" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromIssuanceInitialPublicOffering" xlink:label="loc_us-gaap_ProceedsFromIssuanceInitialPublicOffering_222" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_218" xlink:to="loc_us-gaap_ProceedsFromIssuanceInitialPublicOffering_222" use="optional" order="38" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsOfOrdinaryDividends" xlink:label="loc_us-gaap_PaymentsOfOrdinaryDividends_485" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_218" xlink:to="loc_us-gaap_PaymentsOfOrdinaryDividends_485" use="optional" order="39" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_PreofferingCostsIncurred" xlink:label="loc_sach_PreofferingCostsIncurred_223" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_218" xlink:to="loc_sach_PreofferingCostsIncurred_223" use="optional" order="40" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentOfFinancingAndStockIssuanceCosts" xlink:label="loc_us-gaap_PaymentOfFinancingAndStockIssuanceCosts_225" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_218" xlink:to="loc_us-gaap_PaymentOfFinancingAndStockIssuanceCosts_225" use="optional" order="41" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromPartnershipContribution" xlink:label="loc_us-gaap_ProceedsFromPartnershipContribution_227" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_218" xlink:to="loc_us-gaap_ProceedsFromPartnershipContribution_227" use="optional" order="42" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_PaymentsOfPartnershipDistributions" xlink:label="loc_sach_PaymentsOfPartnershipDistributions_228" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_218" xlink:to="loc_sach_PaymentsOfPartnershipDistributions_228" use="optional" order="43" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_810" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_218" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_810" use="optional" order="44" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CashPeriodIncreaseDecrease" xlink:label="loc_us-gaap_CashPeriodIncreaseDecrease_232" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_152" xlink:to="loc_us-gaap_CashPeriodIncreaseDecrease_232" use="optional" order="45" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Cash" xlink:label="loc_us-gaap_Cash_233" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_152" xlink:to="loc_us-gaap_Cash_233" use="optional" order="46" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="loc_us-gaap_SupplementalCashFlowInformationAbstract_235" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_152" xlink:to="loc_us-gaap_SupplementalCashFlowInformationAbstract_235" use="optional" order="47" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestPaidNet" xlink:label="loc_us-gaap_InterestPaidNet_728" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SupplementalCashFlowInformationAbstract_235" xlink:to="loc_us-gaap_InterestPaidNet_728" use="optional" order="48" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/SignificantAccountingPoliciesDetailsTextual">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_195" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_187" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_195" xlink:to="loc_us-gaap_StatementTable_187" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_188" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_187" xlink:to="loc_us-gaap_StatementClassOfStockAxis_188" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_189" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_188" xlink:to="loc_us-gaap_ClassOfStockDomain_189" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_189_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_188" xlink:to="loc_us-gaap_ClassOfStockDomain_189_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis_190" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_187" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis_190" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_196" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis_190" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_196" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_196_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis_190" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_196_default" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LandAndBuildingMember" xlink:label="loc_us-gaap_LandAndBuildingMember_197" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_196" xlink:to="loc_us-gaap_LandAndBuildingMember_197" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CashFDICInsuredAmount" xlink:label="loc_us-gaap_CashFDICInsuredAmount_199" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_195" xlink:to="loc_us-gaap_CashFDICInsuredAmount_199" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentUsefulLife_449" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_195" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentUsefulLife_449" use="optional" order="10" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/MortgagesReceivableDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_243" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_208" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_243" xlink:to="loc_us-gaap_StatementTable_208" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_209" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_208" xlink:to="loc_us-gaap_StatementClassOfStockAxis_209" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_210" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_209" xlink:to="loc_us-gaap_ClassOfStockDomain_210" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_210_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_209" xlink:to="loc_us-gaap_ClassOfStockDomain_210_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialInstrumentPerformanceStatusAxis" xlink:label="loc_us-gaap_FinancialInstrumentPerformanceStatusAxis_211" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_208" xlink:to="loc_us-gaap_FinancialInstrumentPerformanceStatusAxis_211" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialInstrumentPerformanceStatusDomain" xlink:label="loc_us-gaap_FinancialInstrumentPerformanceStatusDomain_214" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_FinancialInstrumentPerformanceStatusAxis_211" xlink:to="loc_us-gaap_FinancialInstrumentPerformanceStatusDomain_214" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialInstrumentPerformanceStatusDomain" xlink:label="loc_us-gaap_FinancialInstrumentPerformanceStatusDomain_214_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_FinancialInstrumentPerformanceStatusAxis_211" xlink:to="loc_us-gaap_FinancialInstrumentPerformanceStatusDomain_214_default" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialInstrumentAxis" xlink:label="loc_us-gaap_FinancialInstrumentAxis_213" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_208" xlink:to="loc_us-gaap_FinancialInstrumentAxis_213" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:label="loc_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_226" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_FinancialInstrumentAxis_213" xlink:to="loc_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_226" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:label="loc_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_226_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_FinancialInstrumentAxis_213" xlink:to="loc_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_226_default" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommercialLoanMember" xlink:label="loc_us-gaap_CommercialLoanMember_231" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_226" xlink:to="loc_us-gaap_CommercialLoanMember_231" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MexedUseMember" xlink:label="loc_sach_MexedUseMember_237" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_226" xlink:to="loc_sach_MexedUseMember_237" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ResidentialMortgageMember" xlink:label="loc_us-gaap_ResidentialMortgageMember_238" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_226" xlink:to="loc_us-gaap_ResidentialMortgageMember_238" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis_224" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_208" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis_224" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_244" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis_224" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_244" use="optional" order="15" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_244_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis_224" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_244_default" use="optional" order="16" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LandMember" xlink:label="loc_us-gaap_LandMember_245" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_244" xlink:to="loc_us-gaap_LandMember_245" use="optional" order="17" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages_782" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_243" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages_782" use="optional" order="18" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/MortgagesReceivableDetails1">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_251" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_248" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_251" xlink:to="loc_us-gaap_StatementTable_248" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_249" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_248" xlink:to="loc_us-gaap_StatementClassOfStockAxis_249" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_250" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_249" xlink:to="loc_us-gaap_ClassOfStockDomain_250" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_250_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_249" xlink:to="loc_us-gaap_ClassOfStockDomain_250_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MaturitiesOfMortagageReceivableYearOne" xlink:label="loc_sach_MaturitiesOfMortagageReceivableYearOne_252" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_251" xlink:to="loc_sach_MaturitiesOfMortagageReceivableYearOne_252" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MaturitiesOfMortagageReceivableYearTwo" xlink:label="loc_sach_MaturitiesOfMortagageReceivableYearTwo_253" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_251" xlink:to="loc_sach_MaturitiesOfMortagageReceivableYearTwo_253" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MaturitiesOfMortagageReceivableYearThree" xlink:label="loc_sach_MaturitiesOfMortagageReceivableYearThree_254" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_251" xlink:to="loc_sach_MaturitiesOfMortagageReceivableYearThree_254" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MaturitiesOfMortagageReceivableYearFour" xlink:label="loc_sach_MaturitiesOfMortagageReceivableYearFour_255" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_251" xlink:to="loc_sach_MaturitiesOfMortagageReceivableYearFour_255" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages_783" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_251" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages_783" use="optional" order="9" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/RealEstateOwnedDetailsTextual">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_636" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_270" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_636" xlink:to="loc_us-gaap_StatementTable_270" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_271" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_270" xlink:to="loc_us-gaap_StatementClassOfStockAxis_271" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_272" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_271" xlink:to="loc_us-gaap_ClassOfStockDomain_272" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_272_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_271" xlink:to="loc_us-gaap_ClassOfStockDomain_272_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_273" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_270" xlink:to="loc_dei_LegalEntityAxis_273" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_536" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_dei_LegalEntityAxis_273" xlink:to="loc_dei_EntityDomain_536" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_536_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_dei_LegalEntityAxis_273" xlink:to="loc_dei_EntityDomain_536_default" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis" xlink:label="loc_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis_535" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_270" xlink:to="loc_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis_535" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ReceivableTypeDomain" xlink:label="loc_us-gaap_ReceivableTypeDomain_541" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis_535" xlink:to="loc_us-gaap_ReceivableTypeDomain_541" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ReceivableTypeDomain" xlink:label="loc_us-gaap_ReceivableTypeDomain_541_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis_535" xlink:to="loc_us-gaap_ReceivableTypeDomain_541_default" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_540" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_270" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_540" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_546" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_540" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_546" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_546_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_540" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_546_default" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DisposalGroupClassificationAxis" xlink:label="loc_us-gaap_DisposalGroupClassificationAxis_545" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_270" xlink:to="loc_us-gaap_DisposalGroupClassificationAxis_545" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DisposalGroupClassificationDomain" xlink:label="loc_us-gaap_DisposalGroupClassificationDomain_632" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_DisposalGroupClassificationAxis_545" xlink:to="loc_us-gaap_DisposalGroupClassificationDomain_632" use="optional" order="15" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DisposalGroupClassificationDomain" xlink:label="loc_us-gaap_DisposalGroupClassificationDomain_632_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_DisposalGroupClassificationAxis_545" xlink:to="loc_us-gaap_DisposalGroupClassificationDomain_632_default" use="optional" order="16" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis" xlink:label="loc_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_631" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_270" xlink:to="loc_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_631" use="optional" order="17" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain" xlink:label="loc_us-gaap_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain_637" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_631" xlink:to="loc_us-gaap_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain_637" use="optional" order="18" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain" xlink:label="loc_us-gaap_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain_637_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_631" xlink:to="loc_us-gaap_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain_637_default" use="optional" order="19" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RealEstateInvestmentPropertyAtCost" xlink:label="loc_us-gaap_RealEstateInvestmentPropertyAtCost_627" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_636" xlink:to="loc_us-gaap_RealEstateInvestmentPropertyAtCost_627" use="optional" order="20" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/MortgagesReceivableDetailsTextual">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_858" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_265" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_858" xlink:to="loc_us-gaap_StatementTable_265" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_266" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_265" xlink:to="loc_us-gaap_StatementClassOfStockAxis_266" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_267" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_266" xlink:to="loc_us-gaap_ClassOfStockDomain_267" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_267_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_266" xlink:to="loc_us-gaap_ClassOfStockDomain_267_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_268" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_265" xlink:to="loc_dei_LegalEntityAxis_268" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_275" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_dei_LegalEntityAxis_268" xlink:to="loc_dei_EntityDomain_275" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_275_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_dei_LegalEntityAxis_268" xlink:to="loc_dei_EntityDomain_275_default" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_JjvLlcMember" xlink:label="loc_sach_JjvLlcMember_278" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_275" xlink:to="loc_sach_JjvLlcMember_278" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis_274" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_265" xlink:to="loc_us-gaap_RangeAxis_274" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_297" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_RangeAxis_274" xlink:to="loc_us-gaap_RangeMember_297" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_297_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_RangeAxis_274" xlink:to="loc_us-gaap_RangeMember_297_default" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MinimumMember" xlink:label="loc_us-gaap_MinimumMember_298" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RangeMember_297" xlink:to="loc_us-gaap_MinimumMember_298" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_us-gaap_MaximumMember_299" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RangeMember_297" xlink:to="loc_us-gaap_MaximumMember_299" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancingReceivablesPeriodPastDueAxis" xlink:label="loc_us-gaap_FinancingReceivablesPeriodPastDueAxis_296" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_265" xlink:to="loc_us-gaap_FinancingReceivablesPeriodPastDueAxis_296" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancingReceivablesPeriodPastDueDomain" xlink:label="loc_us-gaap_FinancingReceivablesPeriodPastDueDomain_800" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_FinancingReceivablesPeriodPastDueAxis_296" xlink:to="loc_us-gaap_FinancingReceivablesPeriodPastDueDomain_800" use="optional" order="15" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancingReceivablesPeriodPastDueDomain" xlink:label="loc_us-gaap_FinancingReceivablesPeriodPastDueDomain_800_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_FinancingReceivablesPeriodPastDueAxis_296" xlink:to="loc_us-gaap_FinancingReceivablesPeriodPastDueDomain_800_default" use="optional" order="16" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember" xlink:label="loc_us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember_801" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_FinancingReceivablesPeriodPastDueDomain_800" xlink:to="loc_us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember_801" use="optional" order="17" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="loc_us-gaap_LongtermDebtTypeAxis_799" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_265" xlink:to="loc_us-gaap_LongtermDebtTypeAxis_799" use="optional" order="18" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_us-gaap_LongtermDebtTypeDomain_859" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_LongtermDebtTypeAxis_799" xlink:to="loc_us-gaap_LongtermDebtTypeDomain_859" use="optional" order="19" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_us-gaap_LongtermDebtTypeDomain_859_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_LongtermDebtTypeAxis_799" xlink:to="loc_us-gaap_LongtermDebtTypeDomain_859_default" use="optional" order="20" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgagesMember" xlink:label="loc_us-gaap_MortgagesMember_860" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LongtermDebtTypeDomain_859" xlink:to="loc_us-gaap_MortgagesMember_860" use="optional" order="21" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MortgageLoansOnRealEstateDefaultInterestRate" xlink:label="loc_sach_MortgageLoansOnRealEstateDefaultInterestRate_283" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_858" xlink:to="loc_sach_MortgageLoansOnRealEstateDefaultInterestRate_283" use="optional" order="22" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_ExerciseOfOptionToSharepercentageOnDiscount" xlink:label="loc_sach_ExerciseOfOptionToSharepercentageOnDiscount_284" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_858" xlink:to="loc_sach_ExerciseOfOptionToSharepercentageOnDiscount_284" use="optional" order="23" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_PaymentsToAcquireMortgageReceivable" xlink:label="loc_sach_PaymentsToAcquireMortgageReceivable_437" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_858" xlink:to="loc_sach_PaymentsToAcquireMortgageReceivable_437" use="optional" order="24" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages_292" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_858" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages_292" use="optional" order="25" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateInterestRate" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateInterestRate_293" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_858" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateInterestRate_293" use="optional" order="26" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ReceivableWithImputedInterestDiscount" xlink:label="loc_us-gaap_ReceivableWithImputedInterestDiscount_294" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_858" xlink:to="loc_us-gaap_ReceivableWithImputedInterestDiscount_294" use="optional" order="27" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_ProceedsFromCollectionOfMortagageReceivable" xlink:label="loc_sach_ProceedsFromCollectionOfMortagageReceivable_438" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_858" xlink:to="loc_sach_ProceedsFromCollectionOfMortagageReceivable_438" use="optional" order="28" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages_797" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_858" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages_797" use="optional" order="29" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_AmortizationOfStockOptionDiscount" xlink:label="loc_sach_AmortizationOfStockOptionDiscount_823" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_858" xlink:to="loc_sach_AmortizationOfStockOptionDiscount_823" use="optional" order="30" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/LineOfCreditAndMortgagePayableDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_308" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_304" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_308" xlink:to="loc_us-gaap_StatementTable_304" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_305" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_304" xlink:to="loc_us-gaap_StatementClassOfStockAxis_305" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_306" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_305" xlink:to="loc_us-gaap_ClassOfStockDomain_306" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_306_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_305" xlink:to="loc_us-gaap_ClassOfStockDomain_306_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="loc_us-gaap_LongtermDebtTypeAxis_307" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_304" xlink:to="loc_us-gaap_LongtermDebtTypeAxis_307" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_us-gaap_LongtermDebtTypeDomain_309" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_LongtermDebtTypeAxis_307" xlink:to="loc_us-gaap_LongtermDebtTypeDomain_309" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_us-gaap_LongtermDebtTypeDomain_309_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_LongtermDebtTypeAxis_307" xlink:to="loc_us-gaap_LongtermDebtTypeDomain_309_default" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_311" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_308" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_311" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_312" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_308" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_312" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_313" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_308" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_313" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_314" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_308" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_314" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_315" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_308" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_315" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebt" xlink:label="loc_us-gaap_LongTermDebt_317" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_308" xlink:to="loc_us-gaap_LongTermDebt_317" use="optional" order="13" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/LineOfCreditAndMortgagePayableDetailsTextual">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_673" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_318" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_673" xlink:to="loc_us-gaap_StatementTable_318" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_319" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_318" xlink:to="loc_us-gaap_StatementClassOfStockAxis_319" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_320" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_319" xlink:to="loc_us-gaap_ClassOfStockDomain_320" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_320_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_319" xlink:to="loc_us-gaap_ClassOfStockDomain_320_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_321" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_318" xlink:to="loc_dei_LegalEntityAxis_321" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_323" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_dei_LegalEntityAxis_321" xlink:to="loc_dei_EntityDomain_323" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_323_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_dei_LegalEntityAxis_321" xlink:to="loc_dei_EntityDomain_323_default" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_BankwellBankMember" xlink:label="loc_sach_BankwellBankMember_324" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_323" xlink:to="loc_sach_BankwellBankMember_324" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CreditFacilityAxis" xlink:label="loc_us-gaap_CreditFacilityAxis_322" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_318" xlink:to="loc_us-gaap_CreditFacilityAxis_322" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CreditFacilityDomain" xlink:label="loc_us-gaap_CreditFacilityDomain_326" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_CreditFacilityAxis_322" xlink:to="loc_us-gaap_CreditFacilityDomain_326" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CreditFacilityDomain" xlink:label="loc_us-gaap_CreditFacilityDomain_326_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_CreditFacilityAxis_322" xlink:to="loc_us-gaap_CreditFacilityDomain_326_default" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCreditMember" xlink:label="loc_us-gaap_LineOfCreditMember_327" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CreditFacilityDomain_326" xlink:to="loc_us-gaap_LineOfCreditMember_327" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_BankwellCreditLineMember" xlink:label="loc_sach_BankwellCreditLineMember_662" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CreditFacilityDomain_326" xlink:to="loc_sach_BankwellCreditLineMember_662" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="loc_us-gaap_LongtermDebtTypeAxis_325" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_318" xlink:to="loc_us-gaap_LongtermDebtTypeAxis_325" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_us-gaap_LongtermDebtTypeDomain_329" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_LongtermDebtTypeAxis_325" xlink:to="loc_us-gaap_LongtermDebtTypeDomain_329" use="optional" order="15" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_us-gaap_LongtermDebtTypeDomain_329_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_LongtermDebtTypeAxis_325" xlink:to="loc_us-gaap_LongtermDebtTypeDomain_329_default" use="optional" order="16" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgagesMember" xlink:label="loc_us-gaap_MortgagesMember_330" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LongtermDebtTypeDomain_329" xlink:to="loc_us-gaap_MortgagesMember_330" use="optional" order="17" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LossContingenciesByNatureOfContingencyAxis" xlink:label="loc_us-gaap_LossContingenciesByNatureOfContingencyAxis_328" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_318" xlink:to="loc_us-gaap_LossContingenciesByNatureOfContingencyAxis_328" use="optional" order="18" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LossContingencyNatureDomain" xlink:label="loc_us-gaap_LossContingencyNatureDomain_422" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_LossContingenciesByNatureOfContingencyAxis_328" xlink:to="loc_us-gaap_LossContingencyNatureDomain_422" use="optional" order="19" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LossContingencyNatureDomain" xlink:label="loc_us-gaap_LossContingencyNatureDomain_422_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_LossContingenciesByNatureOfContingencyAxis_328" xlink:to="loc_us-gaap_LossContingencyNatureDomain_422_default" use="optional" order="20" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GuaranteeObligationsMember" xlink:label="loc_us-gaap_GuaranteeObligationsMember_423" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LossContingencyNatureDomain_422" xlink:to="loc_us-gaap_GuaranteeObligationsMember_423" use="optional" order="21" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis_421" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_318" xlink:to="loc_us-gaap_RangeAxis_421" use="optional" order="22" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_425" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_RangeAxis_421" xlink:to="loc_us-gaap_RangeMember_425" use="optional" order="23" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_425_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_RangeAxis_421" xlink:to="loc_us-gaap_RangeMember_425_default" use="optional" order="24" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_us-gaap_MaximumMember_426" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RangeMember_425" xlink:to="loc_us-gaap_MaximumMember_426" use="optional" order="25" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MinimumMember" xlink:label="loc_us-gaap_MinimumMember_676" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RangeMember_425" xlink:to="loc_us-gaap_MinimumMember_676" use="optional" order="26" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_VariablerateaxisAxis" xlink:label="loc_sach_VariablerateaxisAxis_424" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_318" xlink:to="loc_sach_VariablerateaxisAxis_424" use="optional" order="27" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_VariableRateDomain" xlink:label="loc_us-gaap_VariableRateDomain_674" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_sach_VariablerateaxisAxis_424" xlink:to="loc_us-gaap_VariableRateDomain_674" use="optional" order="28" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_VariableRateDomain" xlink:label="loc_us-gaap_VariableRateDomain_674_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_sach_VariablerateaxisAxis_424" xlink:to="loc_us-gaap_VariableRateDomain_674_default" use="optional" order="29" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PrimeRateMember" xlink:label="loc_us-gaap_PrimeRateMember_675" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_VariableRateDomain_674" xlink:to="loc_us-gaap_PrimeRateMember_675" use="optional" order="30" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:label="loc_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_331" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_673" xlink:to="loc_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_331" use="optional" order="31" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd" xlink:label="loc_us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd_332" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_673" xlink:to="loc_us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd_332" use="optional" order="32" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="loc_us-gaap_DebtInstrumentFaceAmount_334" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_673" xlink:to="loc_us-gaap_DebtInstrumentFaceAmount_334" use="optional" order="33" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_335" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_673" xlink:to="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_335" use="optional" order="34" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentPeriodicPayment" xlink:label="loc_us-gaap_DebtInstrumentPeriodicPayment_336" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_673" xlink:to="loc_us-gaap_DebtInstrumentPeriodicPayment_336" use="optional" order="35" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentInterestRateTerms" xlink:label="loc_us-gaap_DebtInstrumentInterestRateTerms_337" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_673" xlink:to="loc_us-gaap_DebtInstrumentInterestRateTerms_337" use="optional" order="36" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCredit" xlink:label="loc_us-gaap_LineOfCredit_341" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_673" xlink:to="loc_us-gaap_LineOfCredit_341" use="optional" order="37" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCreditFacilityInterestRateDuringPeriod" xlink:label="loc_us-gaap_LineOfCreditFacilityInterestRateDuringPeriod_668" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_673" xlink:to="loc_us-gaap_LineOfCreditFacilityInterestRateDuringPeriod_668" use="optional" order="38" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MinimumOwnershipRequiredForGuarantorShares" xlink:label="loc_sach_MinimumOwnershipRequiredForGuarantorShares_678" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_673" xlink:to="loc_sach_MinimumOwnershipRequiredForGuarantorShares_678" use="optional" order="39" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xlink:label="loc_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis_707" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_673" xlink:to="loc_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis_707" use="optional" order="40" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:label="loc_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_708" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_673" xlink:to="loc_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_708" use="optional" order="41" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessExitCosts1" xlink:label="loc_us-gaap_BusinessExitCosts1_777" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_673" xlink:to="loc_us-gaap_BusinessExitCosts1_777" use="optional" order="42" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/CommitmentsAndContingenciesDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherCommitmentsLineItems" xlink:label="loc_us-gaap_OtherCommitmentsLineItems_356" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherCommitmentsTable" xlink:label="loc_us-gaap_OtherCommitmentsTable_351" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_OtherCommitmentsLineItems_356" xlink:to="loc_us-gaap_OtherCommitmentsTable_351" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LossContingenciesByNatureOfContingencyAxis" xlink:label="loc_us-gaap_LossContingenciesByNatureOfContingencyAxis_352" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_OtherCommitmentsTable_351" xlink:to="loc_us-gaap_LossContingenciesByNatureOfContingencyAxis_352" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LossContingencyNatureDomain" xlink:label="loc_us-gaap_LossContingencyNatureDomain_353" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_LossContingenciesByNatureOfContingencyAxis_352" xlink:to="loc_us-gaap_LossContingencyNatureDomain_353" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LossContingencyNatureDomain" xlink:label="loc_us-gaap_LossContingencyNatureDomain_353_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_LossContingenciesByNatureOfContingencyAxis_352" xlink:to="loc_us-gaap_LossContingencyNatureDomain_353_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RegulatoryLiabilityAxis" xlink:label="loc_us-gaap_RegulatoryLiabilityAxis_354" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_OtherCommitmentsTable_351" xlink:to="loc_us-gaap_RegulatoryLiabilityAxis_354" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RegulatoryLiabilityDomain" xlink:label="loc_us-gaap_RegulatoryLiabilityDomain_357" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_RegulatoryLiabilityAxis_354" xlink:to="loc_us-gaap_RegulatoryLiabilityDomain_357" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RegulatoryLiabilityDomain" xlink:label="loc_us-gaap_RegulatoryLiabilityDomain_357_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_RegulatoryLiabilityAxis_354" xlink:to="loc_us-gaap_RegulatoryLiabilityDomain_357_default" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredLeaseRevenueMember" xlink:label="loc_us-gaap_DeferredLeaseRevenueMember_358" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RegulatoryLiabilityDomain_357" xlink:to="loc_us-gaap_DeferredLeaseRevenueMember_358" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherCommitmentDueInNextTwelveMonths" xlink:label="loc_us-gaap_OtherCommitmentDueInNextTwelveMonths_355" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_OtherCommitmentsLineItems_356" xlink:to="loc_us-gaap_OtherCommitmentDueInNextTwelveMonths_355" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherCommitmentDueInSecondYear" xlink:label="loc_us-gaap_OtherCommitmentDueInSecondYear_359" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_OtherCommitmentsLineItems_356" xlink:to="loc_us-gaap_OtherCommitmentDueInSecondYear_359" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherCommitmentDueInThirdYear" xlink:label="loc_us-gaap_OtherCommitmentDueInThirdYear_360" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_OtherCommitmentsLineItems_356" xlink:to="loc_us-gaap_OtherCommitmentDueInThirdYear_360" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherCommitment" xlink:label="loc_us-gaap_OtherCommitment_361" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_OtherCommitmentsLineItems_356" xlink:to="loc_us-gaap_OtherCommitment_361" use="optional" order="12" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/CommitmentsAndContingenciesDetailsTextual">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_719" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_363" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_719" xlink:to="loc_us-gaap_StatementTable_363" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_364" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_363" xlink:to="loc_us-gaap_StatementClassOfStockAxis_364" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_365" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_364" xlink:to="loc_us-gaap_ClassOfStockDomain_365" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_365_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_364" xlink:to="loc_us-gaap_ClassOfStockDomain_365_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_366" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_363" xlink:to="loc_dei_LegalEntityAxis_366" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_375" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_dei_LegalEntityAxis_366" xlink:to="loc_dei_EntityDomain_375" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_375_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_dei_LegalEntityAxis_366" xlink:to="loc_dei_EntityDomain_375_default" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_JjvLlcMember" xlink:label="loc_sach_JjvLlcMember_376" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_375" xlink:to="loc_sach_JjvLlcMember_376" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis_374" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_363" xlink:to="loc_us-gaap_RangeAxis_374" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_378" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_RangeAxis_374" xlink:to="loc_us-gaap_RangeMember_378" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_378_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_RangeAxis_374" xlink:to="loc_us-gaap_RangeMember_378_default" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MinimumMember" xlink:label="loc_us-gaap_MinimumMember_379" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RangeMember_378" xlink:to="loc_us-gaap_MinimumMember_379" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_us-gaap_MaximumMember_380" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RangeMember_378" xlink:to="loc_us-gaap_MaximumMember_380" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_377" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_363" xlink:to="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_377" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_665" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_377" xlink:to="loc_us-gaap_RelatedPartyDomain_665" use="optional" order="15" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_665_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_377" xlink:to="loc_us-gaap_RelatedPartyDomain_665_default" use="optional" order="16" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_ManagerMember" xlink:label="loc_sach_ManagerMember_666" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyDomain_665" xlink:to="loc_sach_ManagerMember_666" use="optional" order="17" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis" xlink:label="loc_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis_664" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_363" xlink:to="loc_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis_664" use="optional" order="18" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain" xlink:label="loc_us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain_720" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis_664" xlink:to="loc_us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain_720" use="optional" order="19" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain" xlink:label="loc_us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain_720_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis_664" xlink:to="loc_us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain_720_default" use="optional" order="20" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_UnfundedLoanCommitmentMember" xlink:label="loc_us-gaap_UnfundedLoanCommitmentMember_721" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain_720" xlink:to="loc_us-gaap_UnfundedLoanCommitmentMember_721" use="optional" order="21" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_LoanOriginationFeesOnOriginalLoanPrincipalpercentage" xlink:label="loc_sach_LoanOriginationFeesOnOriginalLoanPrincipalpercentage_367" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_719" xlink:to="loc_sach_LoanOriginationFeesOnOriginalLoanPrincipalpercentage_367" use="optional" order="22" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_LoanOriginationFeesPercentage" xlink:label="loc_sach_LoanOriginationFeesPercentage_368" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_719" xlink:to="loc_sach_LoanOriginationFeesPercentage_368" use="optional" order="23" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LoanProcessingFee" xlink:label="loc_us-gaap_LoanProcessingFee_369" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_719" xlink:to="loc_us-gaap_LoanProcessingFee_369" use="optional" order="24" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_LoanServicingFeesdescription" xlink:label="loc_sach_LoanServicingFeesdescription_370" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_719" xlink:to="loc_sach_LoanServicingFeesdescription_370" use="optional" order="25" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_LoanServicingFeespercentage" xlink:label="loc_sach_LoanServicingFeespercentage_371" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_719" xlink:to="loc_sach_LoanServicingFeespercentage_371" use="optional" order="26" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LoanPortfolioExpense" xlink:label="loc_us-gaap_LoanPortfolioExpense_372" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_719" xlink:to="loc_us-gaap_LoanPortfolioExpense_372" use="optional" order="27" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherCommitment" xlink:label="loc_us-gaap_OtherCommitment_373" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_719" xlink:to="loc_us-gaap_OtherCommitment_373" use="optional" order="28" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/RelatedPartyTransactionsDetailsTextual">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:label="loc_us-gaap_RelatedPartyTransactionLineItems_784" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:label="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_386" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_784" xlink:to="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_386" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_387" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_386" xlink:to="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_387" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_396" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_387" xlink:to="loc_us-gaap_RelatedPartyDomain_396" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_396_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_387" xlink:to="loc_us-gaap_RelatedPartyDomain_396_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_JjvLlcMember" xlink:label="loc_sach_JjvLlcMember_397" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyDomain_396" xlink:to="loc_sach_JjvLlcMember_397" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_ManagerMember" xlink:label="loc_sach_ManagerMember_685" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyDomain_396" xlink:to="loc_sach_ManagerMember_685" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InvestorMember" xlink:label="loc_us-gaap_InvestorMember_698" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyDomain_396" xlink:to="loc_us-gaap_InvestorMember_698" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_JeffreyVillanoMember" xlink:label="loc_sach_JeffreyVillanoMember_724" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyDomain_396" xlink:to="loc_sach_JeffreyVillanoMember_724" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_ShareholdersMember" xlink:label="loc_sach_ShareholdersMember_757" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyDomain_396" xlink:to="loc_sach_ShareholdersMember_757" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_WifeOfExecutiveOfficerMember" xlink:label="loc_sach_WifeOfExecutiveOfficerMember_761" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyDomain_396" xlink:to="loc_sach_WifeOfExecutiveOfficerMember_761" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeStatementLocationAxis" xlink:label="loc_us-gaap_IncomeStatementLocationAxis_395" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_386" xlink:to="loc_us-gaap_IncomeStatementLocationAxis_395" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeStatementLocationDomain" xlink:label="loc_us-gaap_IncomeStatementLocationDomain_687" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_IncomeStatementLocationAxis_395" xlink:to="loc_us-gaap_IncomeStatementLocationDomain_687" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeStatementLocationDomain" xlink:label="loc_us-gaap_IncomeStatementLocationDomain_687_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_IncomeStatementLocationAxis_395" xlink:to="loc_us-gaap_IncomeStatementLocationDomain_687_default" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_RentAndOtherExpensesMember" xlink:label="loc_sach_RentAndOtherExpensesMember_688" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncomeStatementLocationDomain_687" xlink:to="loc_sach_RentAndOtherExpensesMember_688" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_OriginationFeesOnLoansMember" xlink:label="loc_sach_OriginationFeesOnLoansMember_690" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncomeStatementLocationDomain_687" xlink:to="loc_sach_OriginationFeesOnLoansMember_690" use="optional" order="15" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestIncomeMember" xlink:label="loc_us-gaap_InterestIncomeMember_697" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncomeStatementLocationDomain_687" xlink:to="loc_us-gaap_InterestIncomeMember_697" use="optional" order="16" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_AccountingAndFinancialServicesMember" xlink:label="loc_sach_AccountingAndFinancialServicesMember_766" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncomeStatementLocationDomain_687" xlink:to="loc_sach_AccountingAndFinancialServicesMember_766" use="optional" order="17" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BalanceSheetLocationAxis" xlink:label="loc_us-gaap_BalanceSheetLocationAxis_686" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_386" xlink:to="loc_us-gaap_BalanceSheetLocationAxis_686" use="optional" order="18" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BalanceSheetLocationDomain" xlink:label="loc_us-gaap_BalanceSheetLocationDomain_693" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_BalanceSheetLocationAxis_686" xlink:to="loc_us-gaap_BalanceSheetLocationDomain_693" use="optional" order="19" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BalanceSheetLocationDomain" xlink:label="loc_us-gaap_BalanceSheetLocationDomain_693_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_BalanceSheetLocationAxis_686" xlink:to="loc_us-gaap_BalanceSheetLocationDomain_693_default" use="optional" order="20" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_UnreimbursedCostsMember" xlink:label="loc_sach_UnreimbursedCostsMember_864" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_BalanceSheetLocationDomain_693" xlink:to="loc_sach_UnreimbursedCostsMember_864" use="optional" order="21" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis" xlink:label="loc_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis_692" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_386" xlink:to="loc_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis_692" use="optional" order="22" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ReceivableTypeDomain" xlink:label="loc_us-gaap_ReceivableTypeDomain_759" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis_692" xlink:to="loc_us-gaap_ReceivableTypeDomain_759" use="optional" order="23" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ReceivableTypeDomain" xlink:label="loc_us-gaap_ReceivableTypeDomain_759_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis_692" xlink:to="loc_us-gaap_ReceivableTypeDomain_759_default" use="optional" order="24" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageReceivablesMember" xlink:label="loc_us-gaap_MortgageReceivablesMember_760" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ReceivableTypeDomain_759" xlink:to="loc_us-gaap_MortgageReceivablesMember_760" use="optional" order="25" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="loc_us-gaap_SubsequentEventTypeAxis_758" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_386" xlink:to="loc_us-gaap_SubsequentEventTypeAxis_758" use="optional" order="26" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_us-gaap_SubsequentEventTypeDomain_785" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_SubsequentEventTypeAxis_758" xlink:to="loc_us-gaap_SubsequentEventTypeDomain_785" use="optional" order="27" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_us-gaap_SubsequentEventTypeDomain_785_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_SubsequentEventTypeAxis_758" xlink:to="loc_us-gaap_SubsequentEventTypeDomain_785_default" use="optional" order="28" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RepaymentsOfRelatedPartyDebt" xlink:label="loc_us-gaap_RepaymentsOfRelatedPartyDebt_684" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_784" xlink:to="loc_us-gaap_RepaymentsOfRelatedPartyDebt_684" use="optional" order="29" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LoansAndLeasesReceivableRelatedParties" xlink:label="loc_us-gaap_LoansAndLeasesReceivableRelatedParties_695" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_784" xlink:to="loc_us-gaap_LoansAndLeasesReceivableRelatedParties_695" use="optional" order="30" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromRelatedPartyDebt" xlink:label="loc_us-gaap_ProceedsFromRelatedPartyDebt_696" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_784" xlink:to="loc_us-gaap_ProceedsFromRelatedPartyDebt_696" use="optional" order="31" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OriginationOfNotesReceivableFromRelatedParties" xlink:label="loc_us-gaap_OriginationOfNotesReceivableFromRelatedParties_699" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_784" xlink:to="loc_us-gaap_OriginationOfNotesReceivableFromRelatedParties_699" use="optional" order="32" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInDueToOfficersAndStockholders" xlink:label="loc_us-gaap_IncreaseDecreaseInDueToOfficersAndStockholders_701" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_784" xlink:to="loc_us-gaap_IncreaseDecreaseInDueToOfficersAndStockholders_701" use="optional" order="33" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty" xlink:label="loc_us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty_703" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_784" xlink:to="loc_us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty_703" use="optional" order="34" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_722" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_784" xlink:to="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_722" use="optional" order="35" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsForRent" xlink:label="loc_us-gaap_PaymentsForRent_723" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_784" xlink:to="loc_us-gaap_PaymentsForRent_723" use="optional" order="36" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SalariesWagesAndOfficersCompensation" xlink:label="loc_us-gaap_SalariesWagesAndOfficersCompensation_751" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_784" xlink:to="loc_us-gaap_SalariesWagesAndOfficersCompensation_751" use="optional" order="37" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestIncomeRelatedParty" xlink:label="loc_us-gaap_InterestIncomeRelatedParty_754" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_784" xlink:to="loc_us-gaap_InterestIncomeRelatedParty_754" use="optional" order="38" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NotesReceivableRelatedParties" xlink:label="loc_us-gaap_NotesReceivableRelatedParties_755" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_784" xlink:to="loc_us-gaap_NotesReceivableRelatedParties_755" use="optional" order="39" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xlink:label="loc_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty_756" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_784" xlink:to="loc_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty_756" use="optional" order="40" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DueToOfficersOrStockholdersCurrentAndNoncurrent" xlink:label="loc_us-gaap_DueToOfficersOrStockholdersCurrentAndNoncurrent_861" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_784" xlink:to="loc_us-gaap_DueToOfficersOrStockholdersCurrentAndNoncurrent_861" use="optional" order="41" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/SubsequentEventsDetailsTextual">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventLineItems" xlink:label="loc_us-gaap_SubsequentEventLineItems_829" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTable" xlink:label="loc_us-gaap_SubsequentEventTable_403" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_SubsequentEventLineItems_829" xlink:to="loc_us-gaap_SubsequentEventTable_403" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_404" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_SubsequentEventTable_403" xlink:to="loc_dei_LegalEntityAxis_404" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_414" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_dei_LegalEntityAxis_404" xlink:to="loc_dei_EntityDomain_414" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_414_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_dei_LegalEntityAxis_404" xlink:to="loc_dei_EntityDomain_414_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="loc_us-gaap_SubsequentEventTypeAxis_413" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_SubsequentEventTable_403" xlink:to="loc_us-gaap_SubsequentEventTypeAxis_413" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_us-gaap_SubsequentEventTypeDomain_419" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_SubsequentEventTypeAxis_413" xlink:to="loc_us-gaap_SubsequentEventTypeDomain_419" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_us-gaap_SubsequentEventTypeDomain_419_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_SubsequentEventTypeAxis_413" xlink:to="loc_us-gaap_SubsequentEventTypeDomain_419_default" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="loc_us-gaap_SubsequentEventMember_420" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SubsequentEventTypeDomain_419" xlink:to="loc_us-gaap_SubsequentEventMember_420" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_us-gaap_StatementEquityComponentsAxis_418" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_SubsequentEventTable_403" xlink:to="loc_us-gaap_StatementEquityComponentsAxis_418" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain_505" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_418" xlink:to="loc_us-gaap_EquityComponentDomain_505" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain_505_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_418" xlink:to="loc_us-gaap_EquityComponentDomain_505_default" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsidiarySaleOfStockAxis" xlink:label="loc_us-gaap_SubsidiarySaleOfStockAxis_504" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_SubsequentEventTable_403" xlink:to="loc_us-gaap_SubsidiarySaleOfStockAxis_504" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="loc_us-gaap_SaleOfStockNameOfTransactionDomain_513" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_SubsidiarySaleOfStockAxis_504" xlink:to="loc_us-gaap_SaleOfStockNameOfTransactionDomain_513" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="loc_us-gaap_SaleOfStockNameOfTransactionDomain_513_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_SubsidiarySaleOfStockAxis_504" xlink:to="loc_us-gaap_SaleOfStockNameOfTransactionDomain_513_default" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CreditFacilityAxis" xlink:label="loc_us-gaap_CreditFacilityAxis_512" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_SubsequentEventTable_403" xlink:to="loc_us-gaap_CreditFacilityAxis_512" use="optional" order="15" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CreditFacilityDomain" xlink:label="loc_us-gaap_CreditFacilityDomain_827" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_CreditFacilityAxis_512" xlink:to="loc_us-gaap_CreditFacilityDomain_827" use="optional" order="16" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CreditFacilityDomain" xlink:label="loc_us-gaap_CreditFacilityDomain_827_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_CreditFacilityAxis_512" xlink:to="loc_us-gaap_CreditFacilityDomain_827_default" use="optional" order="17" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RevolvingCreditFacilityMember" xlink:label="loc_us-gaap_RevolvingCreditFacilityMember_828" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CreditFacilityDomain_827" xlink:to="loc_us-gaap_RevolvingCreditFacilityMember_828" use="optional" order="18" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_VariableRateAxis" xlink:label="loc_us-gaap_VariableRateAxis_826" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_SubsequentEventTable_403" xlink:to="loc_us-gaap_VariableRateAxis_826" use="optional" order="19" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_VariableRateDomain" xlink:label="loc_us-gaap_VariableRateDomain_830" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_VariableRateAxis_826" xlink:to="loc_us-gaap_VariableRateDomain_830" use="optional" order="20" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_VariableRateDomain" xlink:label="loc_us-gaap_VariableRateDomain_830_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_VariableRateAxis_826" xlink:to="loc_us-gaap_VariableRateDomain_830_default" use="optional" order="21" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:label="loc_us-gaap_LondonInterbankOfferedRateLIBORMember_831" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_VariableRateDomain_830" xlink:to="loc_us-gaap_LondonInterbankOfferedRateLIBORMember_831" use="optional" order="22" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockDividendsPerShareDeclared" xlink:label="loc_us-gaap_CommonStockDividendsPerShareDeclared_411" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SubsequentEventLineItems_829" xlink:to="loc_us-gaap_CommonStockDividendsPerShareDeclared_411" use="optional" order="23" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsOfDividends" xlink:label="loc_us-gaap_PaymentsOfDividends_412" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SubsequentEventLineItems_829" xlink:to="loc_us-gaap_PaymentsOfDividends_412" use="optional" order="24" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsAndNotesReceivableNet" xlink:label="loc_us-gaap_AccountsAndNotesReceivableNet_669" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SubsequentEventLineItems_829" xlink:to="loc_us-gaap_AccountsAndNotesReceivableNet_669" use="optional" order="25" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DividendsPayableDateDeclaredDayMonthAndYear" xlink:label="loc_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear_726" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SubsequentEventLineItems_829" xlink:to="loc_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear_726" use="optional" order="26" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DividendPayableDateToBePaidDayMonthAndYear" xlink:label="loc_us-gaap_DividendPayableDateToBePaidDayMonthAndYear_725" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SubsequentEventLineItems_829" xlink:to="loc_us-gaap_DividendPayableDateToBePaidDayMonthAndYear_725" use="optional" order="27" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DividendsPayableDateOfRecordDayMonthAndYear" xlink:label="loc_us-gaap_DividendsPayableDateOfRecordDayMonthAndYear_727" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SubsequentEventLineItems_829" xlink:to="loc_us-gaap_DividendsPayableDateOfRecordDayMonthAndYear_727" use="optional" order="28" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfLongTermDebt_824" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SubsequentEventLineItems_829" xlink:to="loc_us-gaap_ProceedsFromIssuanceOfLongTermDebt_824" use="optional" order="29" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_825" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SubsequentEventLineItems_829" xlink:to="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_825" use="optional" order="30" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MaximumPercentageOfBorrowingCapacity" xlink:label="loc_sach_MaximumPercentageOfBorrowingCapacity_836" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SubsequentEventLineItems_829" xlink:to="loc_sach_MaximumPercentageOfBorrowingCapacity_836" use="optional" order="31" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:label="loc_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_837" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SubsequentEventLineItems_829" xlink:to="loc_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_837" use="optional" order="32" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/StatementsOfCashFlowParenthetical">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_773" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_441" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_773" xlink:to="loc_us-gaap_StatementTable_441" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_442" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_441" xlink:to="loc_us-gaap_StatementClassOfStockAxis_442" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_443" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_442" xlink:to="loc_us-gaap_ClassOfStockDomain_443" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_443_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_442" xlink:to="loc_us-gaap_ClassOfStockDomain_443_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis" xlink:label="loc_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis_444" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_441" xlink:to="loc_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis_444" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ReceivableTypeDomain" xlink:label="loc_us-gaap_ReceivableTypeDomain_770" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis_444" xlink:to="loc_us-gaap_ReceivableTypeDomain_770" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ReceivableTypeDomain" xlink:label="loc_us-gaap_ReceivableTypeDomain_770_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis_444" xlink:to="loc_us-gaap_ReceivableTypeDomain_770_default" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_769" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_441" xlink:to="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_769" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_774" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_769" xlink:to="loc_us-gaap_RelatedPartyDomain_774" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_774_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_769" xlink:to="loc_us-gaap_RelatedPartyDomain_774_default" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1" xlink:label="loc_us-gaap_NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1_729" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_773" xlink:to="loc_us-gaap_NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1_729" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NotesIssued1" xlink:label="loc_us-gaap_NotesIssued1_821" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_773" xlink:to="loc_us-gaap_NotesIssued1_821" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_ProceedsFromMortgagesFundingPayable" xlink:label="loc_sach_ProceedsFromMortgagesFundingPayable_882" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_773" xlink:to="loc_sach_ProceedsFromMortgagesFundingPayable_882" use="optional" order="13" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/EscrowDepositsDetailsTextual">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_653" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_493" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_653" xlink:to="loc_us-gaap_StatementTable_493" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_494" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_493" xlink:to="loc_us-gaap_StatementClassOfStockAxis_494" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_495" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_494" xlink:to="loc_us-gaap_ClassOfStockDomain_495" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_495_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_494" xlink:to="loc_us-gaap_ClassOfStockDomain_495_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="loc_us-gaap_SubsequentEventTypeAxis_496" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_493" xlink:to="loc_us-gaap_SubsequentEventTypeAxis_496" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_us-gaap_SubsequentEventTypeDomain_654" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_SubsequentEventTypeAxis_496" xlink:to="loc_us-gaap_SubsequentEventTypeDomain_654" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_us-gaap_SubsequentEventTypeDomain_654_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_SubsequentEventTypeAxis_496" xlink:to="loc_us-gaap_SubsequentEventTypeDomain_654_default" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LoansReceivableNet" xlink:label="loc_us-gaap_LoansReceivableNet_499" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_653" xlink:to="loc_us-gaap_LoansReceivableNet_499" use="optional" order="8" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/OtherIncomeDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_843" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_840" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_843" xlink:to="loc_us-gaap_StatementTable_840" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_841" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_840" xlink:to="loc_us-gaap_StatementClassOfStockAxis_841" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_842" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_841" xlink:to="loc_us-gaap_ClassOfStockDomain_842" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_842_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_841" xlink:to="loc_us-gaap_ClassOfStockDomain_842_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_IncomeOnBorrowerCharges" xlink:label="loc_sach_IncomeOnBorrowerCharges_844" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_843" xlink:to="loc_sach_IncomeOnBorrowerCharges_844" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_IncomeOnLenderFees" xlink:label="loc_sach_IncomeOnLenderFees_845" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_843" xlink:to="loc_sach_IncomeOnLenderFees_845" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_IncomeOnInhouseLegalFees" xlink:label="loc_sach_IncomeOnInhouseLegalFees_846" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_843" xlink:to="loc_sach_IncomeOnInhouseLegalFees_846" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_IncomeOnModificationFees" xlink:label="loc_sach_IncomeOnModificationFees_847" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_843" xlink:to="loc_sach_IncomeOnModificationFees_847" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_IncomeAndOther" xlink:label="loc_sach_IncomeAndOther_848" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_843" xlink:to="loc_sach_IncomeAndOther_848" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherIncome" xlink:label="loc_us-gaap_OtherIncome_849" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_843" xlink:to="loc_us-gaap_OtherIncome_849" use="optional" order="10" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/MortgageFundingPayableDetailsTextual">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_877" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_874" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_877" xlink:to="loc_us-gaap_StatementTable_874" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_875" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_874" xlink:to="loc_us-gaap_StatementClassOfStockAxis_875" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_876" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_875" xlink:to="loc_us-gaap_ClassOfStockDomain_876" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_876_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_875" xlink:to="loc_us-gaap_ClassOfStockDomain_876_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_ProceedsFromMortgageFundingPayable" xlink:label="loc_sach_ProceedsFromMortgageFundingPayable_878" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_877" xlink:to="loc_sach_ProceedsFromMortgageFundingPayable_878" use="optional" order="5" />
  </definitionLink>
</linkbase>

</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>12
<FILENAME>sach-20180331_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8" ?>
<!-- Generated by DataTracks version 1.1.9 on 15-May-2018 [11:28:04] {AM} EST - www.datatracks.com -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel" />

  <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" />

  <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" />

  <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" />

  <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" />

  <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" />

  <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />

  <labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_DocumentAndEntityInformationAbstract" xlink:label="loc_sach_DocumentAndEntityInformationAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_DocumentAndEntityInformationAbstract" xml:lang="en-US">Document And Entity Information [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_DocumentAndEntityInformationAbstract" xlink:to="lab_sach_DocumentAndEntityInformationAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentInformationTable" xlink:label="loc_dei_DocumentInformationTable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentInformationTable" xml:lang="en-US">Document Information [Table]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentInformationTable" xlink:to="lab_dei_DocumentInformationTable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementClassOfStockAxis" xml:lang="en-US">Class of Stock [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementClassOfStockAxis" xlink:to="lab_us-gaap_StatementClassOfStockAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentType" xlink:label="loc_dei_DocumentType" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentType" xml:lang="en-US">Document Type</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentType" xlink:to="lab_dei_DocumentType" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentFlag" xlink:label="loc_dei_AmendmentFlag" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_AmendmentFlag" xml:lang="en-US">Amendment Flag</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AmendmentFlag" xlink:to="lab_dei_AmendmentFlag" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_dei_DocumentPeriodEndDate" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentPeriodEndDate" xml:lang="en-US">Document Period End Date</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentPeriodEndDate" xlink:to="lab_dei_DocumentPeriodEndDate" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="loc_dei_DocumentFiscalYearFocus" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentFiscalYearFocus" xml:lang="en-US">Document Fiscal Year Focus</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFiscalYearFocus" xlink:to="lab_dei_DocumentFiscalYearFocus" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="loc_dei_DocumentFiscalPeriodFocus" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentFiscalPeriodFocus" xml:lang="en-US">Document Fiscal Period Focus</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFiscalPeriodFocus" xlink:to="lab_dei_DocumentFiscalPeriodFocus" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityRegistrantName" xlink:label="loc_dei_EntityRegistrantName" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityRegistrantName" xml:lang="en-US">Entity Registrant Name</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityRegistrantName" xlink:to="lab_dei_EntityRegistrantName" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="loc_dei_EntityCentralIndexKey" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityCentralIndexKey" xml:lang="en-US">Entity Central Index Key</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCentralIndexKey" xlink:to="lab_dei_EntityCentralIndexKey" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="loc_dei_CurrentFiscalYearEndDate" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_CurrentFiscalYearEndDate" xml:lang="en-US">Current Fiscal Year End Date</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CurrentFiscalYearEndDate" xlink:to="lab_dei_CurrentFiscalYearEndDate" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityFilerCategory" xlink:label="loc_dei_EntityFilerCategory" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityFilerCategory" xml:lang="en-US">Entity Filer Category</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFilerCategory" xlink:to="lab_dei_EntityFilerCategory" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_TradingSymbol" xlink:label="loc_dei_TradingSymbol" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_TradingSymbol" xml:lang="en-US">Trading Symbol</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_TradingSymbol" xlink:to="lab_dei_TradingSymbol" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="loc_dei_EntityCommonStockSharesOutstanding" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xml:lang="en-US">Entity Common Stock, Shares Outstanding</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCommonStockSharesOutstanding" xlink:to="lab_dei_EntityCommonStockSharesOutstanding" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="loc_us-gaap_StatementOfFinancialPositionAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementOfFinancialPositionAbstract" xml:lang="en-US">Statement of Financial Position [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfFinancialPositionAbstract" xlink:to="lab_us-gaap_StatementOfFinancialPositionAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ClassOfStockDomain" xml:lang="en-US">Class of Stock [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ClassOfStockDomain" xlink:to="lab_us-gaap_ClassOfStockDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementLineItems" xml:lang="en-US">Statement [Line Items]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementLineItems" xlink:to="lab_us-gaap_StatementLineItems" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="loc_us-gaap_AssetsAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AssetsAbstract" xml:lang="en-US">Assets [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AssetsAbstract" xml:lang="en-US">Assets:</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsAbstract" xlink:to="lab_us-gaap_AssetsAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Cash" xlink:label="loc_us-gaap_Cash" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_Cash" xml:lang="en-US">Cash</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_Cash" xml:lang="en-US">Cash</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_Cash" xml:lang="en-US">CASH - BEGINNING OF PERIOD</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_Cash" xml:lang="en-US">CASH - END OF PERIOD</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Cash" xlink:to="lab_us-gaap_Cash" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EscrowDeposit" xlink:label="loc_us-gaap_EscrowDeposit" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EscrowDeposit" xml:lang="en-US">Escrow Deposit</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_EscrowDeposit" xml:lang="en-US">Escrow deposits</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EscrowDeposit" xlink:to="lab_us-gaap_EscrowDeposit" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstate" xlink:label="loc_us-gaap_MortgageLoansOnRealEstate" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_MortgageLoansOnRealEstate" xml:lang="en-US">Mortgage Loans on Real Estate</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_MortgageLoansOnRealEstate" xml:lang="en-US">Mortgages receivable</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgageLoansOnRealEstate" xlink:to="lab_us-gaap_MortgageLoansOnRealEstate" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MortgagesReceivableFromAffiliate" xlink:label="loc_sach_MortgagesReceivableFromAffiliate" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_MortgagesReceivableFromAffiliate" xml:lang="en-US">Mortgages Receivable From Affiliate</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_sach_MortgagesReceivableFromAffiliate" xml:lang="en-US">Mortgages receivable, affiliate</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_MortgagesReceivableFromAffiliate" xml:lang="en-US">Total carrying amount of mortgage loans receivable from affiliate as of the balance sheet date.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_MortgagesReceivableFromAffiliate" xlink:to="lab_sach_MortgagesReceivableFromAffiliate" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestReceivable" xlink:label="loc_us-gaap_InterestReceivable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_InterestReceivable" xml:lang="en-US">Interest Receivable</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_InterestReceivable" xml:lang="en-US">Interest and fees receivable</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestReceivable" xlink:to="lab_us-gaap_InterestReceivable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherReceivables" xlink:label="loc_us-gaap_OtherReceivables" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherReceivables" xml:lang="en-US">Other Receivables</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OtherReceivables" xml:lang="en-US">Other receivables</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherReceivables" xlink:to="lab_us-gaap_OtherReceivables" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DueFromAffiliates" xlink:label="loc_us-gaap_DueFromAffiliates" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DueFromAffiliates" xml:lang="en-US">Due from Affiliates</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_DueFromAffiliates" xml:lang="en-US">Due from borrowers</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DueFromAffiliates" xlink:to="lab_us-gaap_DueFromAffiliates" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PrepaidExpenseCurrentAndNoncurrent" xlink:label="loc_us-gaap_PrepaidExpenseCurrentAndNoncurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PrepaidExpenseCurrentAndNoncurrent" xml:lang="en-US">Prepaid Expense</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_PrepaidExpenseCurrentAndNoncurrent" xml:lang="en-US">Prepaid expenses</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PrepaidExpenseCurrentAndNoncurrent" xlink:to="lab_us-gaap_PrepaidExpenseCurrentAndNoncurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNet" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNet" xml:lang="en-US">Property, Plant and Equipment, Net</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNet" xml:lang="en-US">Property and equipment, net</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentNet" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentNet" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RealEstateInvestments" xlink:label="loc_us-gaap_RealEstateInvestments" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RealEstateInvestments" xml:lang="en-US">Real Estate Investments, Net</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_RealEstateInvestments" xml:lang="en-US">Real estate owned</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateInvestments" xlink:to="lab_us-gaap_RealEstateInvestments" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredFinanceCostsNet" xlink:label="loc_us-gaap_DeferredFinanceCostsNet" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredFinanceCostsNet" xml:lang="en-US">Debt Issuance Costs, Net</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_DeferredFinanceCostsNet" xml:lang="en-US">Deferred financing costs</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredFinanceCostsNet" xlink:to="lab_us-gaap_DeferredFinanceCostsNet" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Assets" xlink:label="loc_us-gaap_Assets" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_Assets" xml:lang="en-US">Assets</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_Assets" xml:lang="en-US">Total assets</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Assets" xlink:to="lab_us-gaap_Assets" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xml:lang="en-US">Liabilities and Equity [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xml:lang="en-US">Liabilities and Shareholders&#39; Equity</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilitiesAbstract" xlink:label="loc_us-gaap_LiabilitiesAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LiabilitiesAbstract" xml:lang="en-US">Liabilities [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_LiabilitiesAbstract" xml:lang="en-US">Liabilities:</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAbstract" xlink:to="lab_us-gaap_LiabilitiesAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCredit" xlink:label="loc_us-gaap_LineOfCredit" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LineOfCredit" xml:lang="en-US">Long-term Line of Credit</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_LineOfCredit" xml:lang="en-US">Line of credit</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCredit" xlink:to="lab_us-gaap_LineOfCredit" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NotesPayable" xlink:label="loc_us-gaap_NotesPayable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NotesPayable" xml:lang="en-US">Notes Payable</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NotesPayable" xml:lang="en-US">Mortgage payable</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NotesPayable" xlink:to="lab_us-gaap_NotesPayable" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MortgageFundingPayable" xlink:label="loc_sach_MortgageFundingPayable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_MortgageFundingPayable" xml:lang="en-US">Mortgage Funding Payable</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_sach_MortgageFundingPayable" xml:lang="en-US">Mortgage funding payable</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_MortgageFundingPayable" xml:lang="en-US">Including the current and noncurrent portions, aggregate carrying value as of the balance sheet date of mortgage funding payable.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_MortgageFundingPayable" xlink:to="lab_sach_MortgageFundingPayable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" xlink:label="loc_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" xml:lang="en-US">Accounts Payable and Accrued Liabilities</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" xml:lang="en-US">Accounts payable and accrued expenses</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" xlink:to="lab_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SecurityDepositLiability" xlink:label="loc_us-gaap_SecurityDepositLiability" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SecurityDepositLiability" xml:lang="en-US">Security Deposit Liability</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_SecurityDepositLiability" xml:lang="en-US">Security deposit held</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecurityDepositLiability" xlink:to="lab_us-gaap_SecurityDepositLiability" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdvancePaymentsByBorrowersForTaxesAndInsurance" xlink:label="loc_us-gaap_AdvancePaymentsByBorrowersForTaxesAndInsurance" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AdvancePaymentsByBorrowersForTaxesAndInsurance" xml:lang="en-US">Advance Payments by Borrowers for Taxes and Insurance</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AdvancePaymentsByBorrowersForTaxesAndInsurance" xml:lang="en-US">Advances from borrowers</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdvancePaymentsByBorrowersForTaxesAndInsurance" xlink:to="lab_us-gaap_AdvancePaymentsByBorrowersForTaxesAndInsurance" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_StockholdersAndMembersEquityAbstract" xlink:label="loc_sach_StockholdersAndMembersEquityAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_StockholdersAndMembersEquityAbstract" xml:lang="en-US">Stockholders And Members Equity [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_sach_StockholdersAndMembersEquityAbstract" xml:lang="en-US">Shareholders&#39; equity:</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_StockholdersAndMembersEquityAbstract" xlink:to="lab_sach_StockholdersAndMembersEquityAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="loc_us-gaap_PreferredStockValue" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PreferredStockValue" xml:lang="en-US">Preferred Stock, Value, Issued</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PreferredStockValue" xml:lang="en-US">Preferred shares - $.001 par value; 5,000,000 shares authorized; no shares issued</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockValue" xlink:to="lab_us-gaap_PreferredStockValue" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockValue" xlink:label="loc_us-gaap_CommonStockValue" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonStockValue" xml:lang="en-US">Common Stock, Value, Issued</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CommonStockValue" xml:lang="en-US">Common shares - $.001 par value; 50,000,000 shares authorized; 15,415,737 issued and outstanding</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockValue" xlink:to="lab_us-gaap_CommonStockValue" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="loc_us-gaap_AdditionalPaidInCapital" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AdditionalPaidInCapital" xml:lang="en-US">Additional Paid in Capital</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_AdditionalPaidInCapital" xml:lang="en-US">Paid-in capital</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdditionalPaidInCapital" xlink:to="lab_us-gaap_AdditionalPaidInCapital" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xml:lang="en-US">Retained Earnings (Accumulated Deficit)</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xml:lang="en-US">Retained earnings</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="lab_us-gaap_RetainedEarningsAccumulatedDeficit" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xml:lang="en-US">Liabilities and Equity</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xml:lang="en-US">Total liabilities and shareholders&#39; equity</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="lab_us-gaap_LiabilitiesAndStockholdersEquity" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementTable" xml:lang="en-US">Statement [Table]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementTable" xlink:to="lab_us-gaap_StatementTable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="loc_us-gaap_PreferredStockParOrStatedValuePerShare" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PreferredStockParOrStatedValuePerShare" xml:lang="en-US">Preferred Stock, Par or Stated Value Per Share</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockParOrStatedValuePerShare" xlink:to="lab_us-gaap_PreferredStockParOrStatedValuePerShare" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="loc_us-gaap_PreferredStockSharesAuthorized" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PreferredStockSharesAuthorized" xml:lang="en-US">Preferred Stock, Shares Authorized</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockSharesAuthorized" xlink:to="lab_us-gaap_PreferredStockSharesAuthorized" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="loc_us-gaap_PreferredStockSharesIssued" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PreferredStockSharesIssued" xml:lang="en-US">Preferred Stock, Shares Issued</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockSharesIssued" xlink:to="lab_us-gaap_PreferredStockSharesIssued" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="loc_us-gaap_CommonStockParOrStatedValuePerShare" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonStockParOrStatedValuePerShare" xml:lang="en-US">Common Stock, Par or Stated Value Per Share</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="lab_us-gaap_CommonStockParOrStatedValuePerShare" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="loc_us-gaap_CommonStockSharesAuthorized" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonStockSharesAuthorized" xml:lang="en-US">Common Stock, Shares Authorized</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesAuthorized" xlink:to="lab_us-gaap_CommonStockSharesAuthorized" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="loc_us-gaap_CommonStockSharesIssued" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonStockSharesIssued" xml:lang="en-US">Common Stock, Shares, Issued</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesIssued" xlink:to="lab_us-gaap_CommonStockSharesIssued" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_us-gaap_CommonStockSharesOutstanding" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xml:lang="en-US">Common Stock, Shares, Outstanding</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesOutstanding" xlink:to="lab_us-gaap_CommonStockSharesOutstanding" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="loc_us-gaap_IncomeStatementAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeStatementAbstract" xml:lang="en-US">Income Statement [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementAbstract" xlink:to="lab_us-gaap_IncomeStatementAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RevenuesAbstract" xlink:label="loc_us-gaap_RevenuesAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RevenuesAbstract" xml:lang="en-US">Revenues [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_RevenuesAbstract" xml:lang="en-US">Revenue:</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenuesAbstract" xlink:to="lab_us-gaap_RevenuesAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestAndFeeIncomeLoansAndLeases" xlink:label="loc_us-gaap_InterestAndFeeIncomeLoansAndLeases" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_InterestAndFeeIncomeLoansAndLeases" xml:lang="en-US">Interest and Fee Income, Loans and Leases</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_InterestAndFeeIncomeLoansAndLeases" xml:lang="en-US">Interest income from loans</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestAndFeeIncomeLoansAndLeases" xlink:to="lab_us-gaap_InterestAndFeeIncomeLoansAndLeases" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_OriginationFees" xlink:label="loc_sach_OriginationFees" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_OriginationFees" xml:lang="en-US">Origination Fees</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_sach_OriginationFees" xml:lang="en-US">Origination fees, net</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_OriginationFees" xml:lang="en-US">Origination incomes associated with the issuance of loans that have been taken into income in conformity with GAAP.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_OriginationFees" xlink:to="lab_sach_OriginationFees" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FeesAndCommissionsCreditAndDebitCards" xlink:label="loc_us-gaap_FeesAndCommissionsCreditAndDebitCards" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_FeesAndCommissionsCreditAndDebitCards" xml:lang="en-US">Fees and Commissions, Credit and Debit Cards</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_FeesAndCommissionsCreditAndDebitCards" xml:lang="en-US">Late and other fees</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FeesAndCommissionsCreditAndDebitCards" xlink:to="lab_us-gaap_FeesAndCommissionsCreditAndDebitCards" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_ProcessingFees" xlink:label="loc_sach_ProcessingFees" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_ProcessingFees" xml:lang="en-US">Processing Fees</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_sach_ProcessingFees" xml:lang="en-US">Processing fees</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_ProcessingFees" xml:lang="en-US">Amount of income earned from loan processing reporting during the period.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_ProcessingFees" xlink:to="lab_sach_ProcessingFees" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RentalIncomeNonoperating" xlink:label="loc_us-gaap_RentalIncomeNonoperating" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RentalIncomeNonoperating" xml:lang="en-US">Rental Income, Nonoperating</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_RentalIncomeNonoperating" xml:lang="en-US">Rental income, net</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RentalIncomeNonoperating" xlink:to="lab_us-gaap_RentalIncomeNonoperating" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherIncome" xlink:label="loc_us-gaap_OtherIncome" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherIncome" xml:lang="en-US">Other Income</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OtherIncome" xml:lang="en-US">Other income</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_OtherIncome" xml:lang="en-US">Total</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherIncome" xlink:to="lab_us-gaap_OtherIncome" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_GainOnSaleOfRealEstateInvestement" xlink:label="loc_sach_GainOnSaleOfRealEstateInvestement" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_GainOnSaleOfRealEstateInvestement" xml:lang="en-US">Gain On Sale Of Real Estate Investement</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_sach_GainOnSaleOfRealEstateInvestement" xml:lang="en-US">Gain on sale of real estate</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_GainOnSaleOfRealEstateInvestement" xml:lang="en-US">The increase, resulting in a gain, in the difference between the fair value and the carrying value, or in the comparative fair values, of securities held at each balance sheet date, that was included in earnings for the period.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_GainOnSaleOfRealEstateInvestement" xlink:to="lab_sach_GainOnSaleOfRealEstateInvestement" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OperatingCostsAndExpensesAbstract" xlink:label="loc_us-gaap_OperatingCostsAndExpensesAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OperatingCostsAndExpensesAbstract" xml:lang="en-US">Operating Costs and Expenses [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_OperatingCostsAndExpensesAbstract" xml:lang="en-US">Operating costs and expenses:</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingCostsAndExpensesAbstract" xlink:to="lab_us-gaap_OperatingCostsAndExpensesAbstract" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_InterestAndAmortizationOfDebtServiceCosts" xlink:label="loc_sach_InterestAndAmortizationOfDebtServiceCosts" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_InterestAndAmortizationOfDebtServiceCosts" xml:lang="en-US">Interest And Amortization Of Debt Service Costs</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_sach_InterestAndAmortizationOfDebtServiceCosts" xml:lang="en-US">Interest and amortization of deferred financing costs</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_InterestAndAmortizationOfDebtServiceCosts" xml:lang="en-US">Amount of the required periodic payment applied to interest and amortization of deferred financing costs.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_InterestAndAmortizationOfDebtServiceCosts" xlink:to="lab_sach_InterestAndAmortizationOfDebtServiceCosts" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LaborAndRelatedExpense" xlink:label="loc_us-gaap_LaborAndRelatedExpense" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LaborAndRelatedExpense" xml:lang="en-US">Labor and Related Expense</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_LaborAndRelatedExpense" xml:lang="en-US">Compensation and related costs</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LaborAndRelatedExpense" xlink:to="lab_us-gaap_LaborAndRelatedExpense" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SalariesAndWages" xlink:label="loc_us-gaap_SalariesAndWages" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SalariesAndWages" xml:lang="en-US">Compensation</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_SalariesAndWages" xml:lang="en-US">Compensation to manager</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SalariesAndWages" xlink:to="lab_us-gaap_SalariesAndWages" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProfessionalFees" xlink:label="loc_us-gaap_ProfessionalFees" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProfessionalFees" xml:lang="en-US">Professional Fees</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ProfessionalFees" xml:lang="en-US">Professional fees</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProfessionalFees" xlink:to="lab_us-gaap_ProfessionalFees" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TaxesAndLicenses" xlink:label="loc_us-gaap_TaxesAndLicenses" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_TaxesAndLicenses" xml:lang="en-US">Taxes and Licenses</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_TaxesAndLicenses" xml:lang="en-US">Other fees and taxes</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TaxesAndLicenses" xlink:to="lab_us-gaap_TaxesAndLicenses" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_us-gaap_NetIncomeLoss" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetIncomeLoss" xml:lang="en-US">Net Income (Loss) Attributable to Parent</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_NetIncomeLoss" xml:lang="en-US">Net income</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_NetIncomeLoss" xml:lang="en-US">Net income</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLoss" xlink:to="lab_us-gaap_NetIncomeLoss" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EarningsPerShareBasicAndDilutedAbstract" xlink:label="loc_us-gaap_EarningsPerShareBasicAndDilutedAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EarningsPerShareBasicAndDilutedAbstract" xml:lang="en-US">Earnings Per Share, Basic and Diluted [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_EarningsPerShareBasicAndDilutedAbstract" xml:lang="en-US">Basic and diluted net income per common share outstanding:</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareBasicAndDilutedAbstract" xlink:to="lab_us-gaap_EarningsPerShareBasicAndDilutedAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="loc_us-gaap_EarningsPerShareBasic" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EarningsPerShareBasic" xml:lang="en-US">Earnings Per Share, Basic</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_EarningsPerShareBasic" xml:lang="en-US">Basic</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareBasic" xlink:to="lab_us-gaap_EarningsPerShareBasic" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="loc_us-gaap_EarningsPerShareDiluted" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EarningsPerShareDiluted" xml:lang="en-US">Earnings Per Share, Diluted</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_EarningsPerShareDiluted" xml:lang="en-US">Diluted</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareDiluted" xlink:to="lab_us-gaap_EarningsPerShareDiluted" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract" xlink:label="loc_us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract" xml:lang="en-US">Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract" xml:lang="en-US">Weighted average number of common shares outstanding:</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract" xlink:to="lab_us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xml:lang="en-US">Weighted Average Number of Shares Outstanding, Basic</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xml:lang="en-US">Basic</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xml:lang="en-US">Weighted Average Number of Shares Outstanding, Diluted</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xml:lang="en-US">Diluted</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xml:lang="en-US">Organization, Consolidation and Presentation of Financial Statements [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:label="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xml:lang="en-US">Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:to="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsidiarySaleOfStockAxis" xlink:label="loc_us-gaap_SubsidiarySaleOfStockAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SubsidiarySaleOfStockAxis" xml:lang="en-US">Sale of Stock [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsidiarySaleOfStockAxis" xlink:to="lab_us-gaap_SubsidiarySaleOfStockAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="loc_us-gaap_StatementOfStockholdersEquityAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementOfStockholdersEquityAbstract" xml:lang="en-US">Statement of Stockholders&#39; Equity [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="lab_us-gaap_StatementOfStockholdersEquityAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_us-gaap_StatementEquityComponentsAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementEquityComponentsAxis" xml:lang="en-US">Equity Components [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementEquityComponentsAxis" xlink:to="lab_us-gaap_StatementEquityComponentsAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementScenarioAxis" xlink:label="loc_us-gaap_StatementScenarioAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementScenarioAxis" xml:lang="en-US">Scenario [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementScenarioAxis" xlink:to="lab_us-gaap_StatementScenarioAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EquityComponentDomain" xml:lang="en-US">Equity Component [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityComponentDomain" xlink:to="lab_us-gaap_EquityComponentDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaap_CommonStockMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonStockMember" xml:lang="en-US">Common Stock [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockMember" xlink:to="lab_us-gaap_CommonStockMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="loc_us-gaap_AdditionalPaidInCapitalMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AdditionalPaidInCapitalMember" xml:lang="en-US">Additional Paid-in Capital [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdditionalPaidInCapitalMember" xlink:to="lab_us-gaap_AdditionalPaidInCapitalMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="loc_us-gaap_RetainedEarningsMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RetainedEarningsMember" xml:lang="en-US">Retained Earnings [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetainedEarningsMember" xlink:to="lab_us-gaap_RetainedEarningsMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued" xlink:label="loc_us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued" xml:lang="en-US">Business Acquisition, Equity Interest Issued or Issuable, Number of Shares</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued" xlink:to="lab_us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="loc_us-gaap_SaleOfStockNameOfTransactionDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SaleOfStockNameOfTransactionDomain" xml:lang="en-US">Sale of Stock [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SaleOfStockNameOfTransactionDomain" xlink:to="lab_us-gaap_SaleOfStockNameOfTransactionDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IPOMember" xlink:label="loc_us-gaap_IPOMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IPOMember" xml:lang="en-US">IPO [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IPOMember" xlink:to="lab_us-gaap_IPOMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="loc_us-gaap_StockholdersEquity" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockholdersEquity" xml:lang="en-US">Stockholders&#39; Equity Attributable to Parent</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_StockholdersEquity" xml:lang="en-US">Beginning balance</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_StockholdersEquity" xml:lang="en-US">Total shareholders&#39; equity</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_StockholdersEquity" xml:lang="en-US">Balance</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquity" xlink:to="lab_us-gaap_StockholdersEquity" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SharesOutstanding" xlink:label="loc_us-gaap_SharesOutstanding" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SharesOutstanding" xml:lang="en-US">Shares, Outstanding</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_SharesOutstanding" xml:lang="en-US">Beginning balance (in shares)</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_SharesOutstanding" xml:lang="en-US">Balance (in shares)</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SharesOutstanding" xlink:to="lab_us-gaap_SharesOutstanding" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xml:lang="en-US">Stock Issued During Period, Shares, New Issues</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xml:lang="en-US">Initial public offering (in shares)</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SharesIssuedPricePerShare" xlink:label="loc_us-gaap_SharesIssuedPricePerShare" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SharesIssuedPricePerShare" xml:lang="en-US">Shares Issued, Price Per Share</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SharesIssuedPricePerShare" xlink:to="lab_us-gaap_SharesIssuedPricePerShare" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues" xml:lang="en-US">Stock Issued During Period, Value, New Issues</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues" xml:lang="en-US">Initial public offering</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FeesAndCommissions" xlink:label="loc_us-gaap_FeesAndCommissions" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_FeesAndCommissions" xml:lang="en-US">Fees and Commissions</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FeesAndCommissions" xlink:to="lab_us-gaap_FeesAndCommissions" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateAbstract" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateAbstract" xml:lang="en-US">Mortgage Loans on Real Estate [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateAbstract" xlink:to="lab_us-gaap_MortgageLoansOnRealEstateAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateByLoanDisclosureTextBlock" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateByLoanDisclosureTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateByLoanDisclosureTextBlock" xml:lang="en-US">Mortgage Loans on Real Estate, by Loan Disclosure [Text Block]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateByLoanDisclosureTextBlock" xlink:to="lab_us-gaap_MortgageLoansOnRealEstateByLoanDisclosureTextBlock" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MortagageReceivableTableTextBlock" xlink:label="loc_sach_MortagageReceivableTableTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_MortagageReceivableTableTextBlock" xml:lang="en-US">Mortagage Receivable [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_sach_MortagageReceivableTableTextBlock" xml:lang="en-US">Mortgages Receivable [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_MortagageReceivableTableTextBlock" xml:lang="en-US">Tabular disclosure of mortgage receivable by considering credit risk.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_MortagageReceivableTableTextBlock" xlink:to="lab_sach_MortagageReceivableTableTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="loc_us-gaap_StatementOfCashFlowsAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementOfCashFlowsAbstract" xml:lang="en-US">Statement of Cash Flows [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfCashFlowsAbstract" xlink:to="lab_us-gaap_StatementOfCashFlowsAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="loc_us-gaap_AccountingPoliciesAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AccountingPoliciesAbstract" xml:lang="en-US">Accounting Policies [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountingPoliciesAbstract" xlink:to="lab_us-gaap_AccountingPoliciesAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="loc_us-gaap_SignificantAccountingPoliciesTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SignificantAccountingPoliciesTextBlock" xml:lang="en-US">Significant Accounting Policies [Text Block]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="lab_us-gaap_SignificantAccountingPoliciesTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">CASH FLOWS FROM OPERATING ACTIVITIES</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_UnauditedFinancialStatementsPolicyPolicyTextBlock" xlink:label="loc_sach_UnauditedFinancialStatementsPolicyPolicyTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_UnauditedFinancialStatementsPolicyPolicyTextBlock" xml:lang="en-US">Unaudited Financial Statements , Policy [Policy Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_UnauditedFinancialStatementsPolicyPolicyTextBlock" xml:lang="en-US">Disclosure of accounting policy for the financial statements which are not audited at the end of period.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_UnauditedFinancialStatementsPolicyPolicyTextBlock" xlink:to="lab_sach_UnauditedFinancialStatementsPolicyPolicyTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_UseOfEstimates" xlink:label="loc_us-gaap_UseOfEstimates" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_UseOfEstimates" xml:lang="en-US">Use of Estimates, Policy [Policy Text Block]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UseOfEstimates" xlink:to="lab_us-gaap_UseOfEstimates" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConcentrationRiskCreditRisk" xlink:label="loc_us-gaap_ConcentrationRiskCreditRisk" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ConcentrationRiskCreditRisk" xml:lang="en-US">Concentration Risk, Credit Risk, Policy [Policy Text Block]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskCreditRisk" xlink:to="lab_us-gaap_ConcentrationRiskCreditRisk" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Adjustments to reconcile net income to net cash provided by operating activities:</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="lab_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AmortizationOfFinancingCosts" xlink:label="loc_us-gaap_AmortizationOfFinancingCosts" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AmortizationOfFinancingCosts" xml:lang="en-US">Amortization of Debt Issuance Costs</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AmortizationOfFinancingCosts" xml:lang="en-US">Amortization of deferred financing costs</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AmortizationOfFinancingCosts" xlink:to="lab_us-gaap_AmortizationOfFinancingCosts" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Depreciation" xlink:label="loc_us-gaap_Depreciation" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_Depreciation" xml:lang="en-US">Depreciation</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/definitionGuidance" xlink:label="lab_us-gaap_Depreciation" xml:lang="en-US">Depreciation expense</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_Depreciation" xml:lang="en-US">Depreciation</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Depreciation" xlink:to="lab_us-gaap_Depreciation" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock" xlink:label="loc_us-gaap_IncomeTaxPolicyTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeTaxPolicyTextBlock" xml:lang="en-US">Income Tax, Policy [Policy Text Block]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxPolicyTextBlock" xlink:to="lab_us-gaap_IncomeTaxPolicyTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xml:lang="en-US">Property, Plant and Equipment, Policy [Policy Text Block]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RevenueRecognitionPolicyTextBlock" xlink:label="loc_us-gaap_RevenueRecognitionPolicyTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RevenueRecognitionPolicyTextBlock" xml:lang="en-US">Revenue Recognition, Policy [Policy Text Block]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenueRecognitionPolicyTextBlock" xlink:to="lab_us-gaap_RevenueRecognitionPolicyTextBlock" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_DeferredFinancingCostsPolicyTextBlock" xlink:label="loc_sach_DeferredFinancingCostsPolicyTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_DeferredFinancingCostsPolicyTextBlock" xml:lang="en-US">Deferred Financing Costs [Policy Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_DeferredFinancingCostsPolicyTextBlock" xml:lang="en-US">Disclosure of accounting policy for Deferred financing costs entities.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_DeferredFinancingCostsPolicyTextBlock" xlink:to="lab_sach_DeferredFinancingCostsPolicyTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:label="loc_us-gaap_FairValueOfFinancialInstrumentsPolicy" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_FairValueOfFinancialInstrumentsPolicy" xml:lang="en-US">Fair Value of Financial Instruments, Policy [Policy Text Block]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:to="lab_us-gaap_FairValueOfFinancialInstrumentsPolicy" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GainsLossesOnSalesOfInvestmentRealEstate" xlink:label="loc_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate" xml:lang="en-US">Gains (Losses) on Sales of Investment Real Estate</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate" xml:lang="en-US">Gain on sale of real estate</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate" xlink:to="lab_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingAssetsAbstract" xlink:label="loc_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract" xml:lang="en-US">Increase (Decrease) in Operating Assets [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract" xml:lang="en-US">(Increase) decrease in:</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract" xlink:to="lab_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_IncreaseDecreaseInEscrowDeposit" xlink:label="loc_sach_IncreaseDecreaseInEscrowDeposit" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_IncreaseDecreaseInEscrowDeposit" xml:lang="en-US">Increase Decrease in Escrow Deposit</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_sach_IncreaseDecreaseInEscrowDeposit" xml:lang="en-US">Escrow deposit</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_IncreaseDecreaseInEscrowDeposit" xml:lang="en-US">Amount of increase (decrease) in escrow deposit.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_IncreaseDecreaseInEscrowDeposit" xlink:to="lab_sach_IncreaseDecreaseInEscrowDeposit" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_IncreaseDecreaseInInterestAndFeesReceivable" xlink:label="loc_sach_IncreaseDecreaseInInterestAndFeesReceivable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_IncreaseDecreaseInInterestAndFeesReceivable" xml:lang="en-US">Increase Decrease in Interest and Fees Receivable</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_sach_IncreaseDecreaseInInterestAndFeesReceivable" xml:lang="en-US">Interest and fees receivable</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_IncreaseDecreaseInInterestAndFeesReceivable" xml:lang="en-US">The increase (decrease) during the reporting period in the aggregate amount due to the entity in the form of unpaid interest and fees.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_IncreaseDecreaseInInterestAndFeesReceivable" xlink:to="lab_sach_IncreaseDecreaseInInterestAndFeesReceivable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInOtherReceivables" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherReceivables" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherReceivables" xml:lang="en-US">Increase (Decrease) in Other Receivables</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherReceivables" xml:lang="en-US">Other receivables</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOtherReceivables" xlink:to="lab_us-gaap_IncreaseDecreaseInOtherReceivables" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract" xlink:label="loc_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract" xml:lang="en-US">Increase (Decrease) in Operating Liabilities [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract" xml:lang="en-US">(Decrease) increase in:</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract" xlink:to="lab_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInDueToOfficersAndStockholders" xlink:label="loc_us-gaap_IncreaseDecreaseInDueToOfficersAndStockholders" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInDueToOfficersAndStockholders" xml:lang="en-US">Increase (Decrease) in Due to Officers and Stockholders</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInDueToOfficersAndStockholders" xml:lang="en-US">Due to member</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInDueToOfficersAndStockholders" xlink:to="lab_us-gaap_IncreaseDecreaseInDueToOfficersAndStockholders" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInNotesPayableCurrent" xlink:label="loc_us-gaap_IncreaseDecreaseInNotesPayableCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInNotesPayableCurrent" xml:lang="en-US">Increase (Decrease) in Notes Payable, Current</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInNotesPayableCurrent" xml:lang="en-US">Due to note purchaser</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInNotesPayableCurrent" xlink:to="lab_us-gaap_IncreaseDecreaseInNotesPayableCurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInInterestPayableNet" xlink:label="loc_us-gaap_IncreaseDecreaseInInterestPayableNet" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInInterestPayableNet" xml:lang="en-US">Increase (Decrease) in Interest Payable, Net</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInInterestPayableNet" xml:lang="en-US">Accrued interest</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInInterestPayableNet" xlink:to="lab_us-gaap_IncreaseDecreaseInInterestPayableNet" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xml:lang="en-US">Property, Plant and Equipment, Type [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain" xml:lang="en-US">Property, Plant and Equipment, Type [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LandAndBuildingMember" xlink:label="loc_us-gaap_LandAndBuildingMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LandAndBuildingMember" xml:lang="en-US">Land and Building [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LandAndBuildingMember" xlink:to="lab_us-gaap_LandAndBuildingMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedLiabilities" xlink:label="loc_us-gaap_IncreaseDecreaseInAccruedLiabilities" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInAccruedLiabilities" xml:lang="en-US">Increase (Decrease) in Accrued Liabilities</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInAccruedLiabilities" xml:lang="en-US">Accrued expenses</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccruedLiabilities" xlink:to="lab_us-gaap_IncreaseDecreaseInAccruedLiabilities" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CashFDICInsuredAmount" xlink:label="loc_us-gaap_CashFDICInsuredAmount" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CashFDICInsuredAmount" xml:lang="en-US">Cash, FDIC Insured Amount</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashFDICInsuredAmount" xlink:to="lab_us-gaap_CashFDICInsuredAmount" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xml:lang="en-US">NET CASH PROVIDED BY OPERATING ACTIVITIES</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xml:lang="en-US">Net Cash Provided by (Used in) Investing Activities [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xml:lang="en-US">CASH FLOWS FROM INVESTING ACTIVITIES</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromSaleOfRealEstate" xlink:label="loc_us-gaap_ProceedsFromSaleOfRealEstate" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProceedsFromSaleOfRealEstate" xml:lang="en-US">Proceeds from Sale of Real Estate</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ProceedsFromSaleOfRealEstate" xml:lang="en-US">Proceeds from sale of real estate owned</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromSaleOfRealEstate" xlink:to="lab_us-gaap_ProceedsFromSaleOfRealEstate" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquireRealEstate" xlink:label="loc_us-gaap_PaymentsToAcquireRealEstate" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PaymentsToAcquireRealEstate" xml:lang="en-US">Payments to Acquire Real Estate</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_PaymentsToAcquireRealEstate" xml:lang="en-US">Acquisitions of and improvements to real estate owned</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireRealEstate" xlink:to="lab_us-gaap_PaymentsToAcquireRealEstate" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquireFurnitureAndFixtures" xlink:label="loc_us-gaap_PaymentsToAcquireFurnitureAndFixtures" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PaymentsToAcquireFurnitureAndFixtures" xml:lang="en-US">Payments to Acquire Furniture and Fixtures</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_PaymentsToAcquireFurnitureAndFixtures" xml:lang="en-US">Purchase of furniture and equipment</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireFurnitureAndFixtures" xlink:to="lab_us-gaap_PaymentsToAcquireFurnitureAndFixtures" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialInstrumentPerformanceStatusAxis" xlink:label="loc_us-gaap_FinancialInstrumentPerformanceStatusAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_FinancialInstrumentPerformanceStatusAxis" xml:lang="en-US">Financial Instrument Performance Status [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancialInstrumentPerformanceStatusAxis" xlink:to="lab_us-gaap_FinancialInstrumentPerformanceStatusAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialInstrumentAxis" xlink:label="loc_us-gaap_FinancialInstrumentAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_FinancialInstrumentAxis" xml:lang="en-US">Financial Instrument [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancialInstrumentAxis" xlink:to="lab_us-gaap_FinancialInstrumentAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialInstrumentPerformanceStatusDomain" xlink:label="loc_us-gaap_FinancialInstrumentPerformanceStatusDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_FinancialInstrumentPerformanceStatusDomain" xml:lang="en-US">Financial Instrument Performance Status [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancialInstrumentPerformanceStatusDomain" xlink:to="lab_us-gaap_FinancialInstrumentPerformanceStatusDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xml:lang="en-US">Net Cash Provided by (Used in) Financing Activities [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xml:lang="en-US">CASH FLOWS FROM FINANCING ACTIVITIES</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromLinesOfCredit" xlink:label="loc_us-gaap_ProceedsFromLinesOfCredit" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProceedsFromLinesOfCredit" xml:lang="en-US">Proceeds from Lines of Credit</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ProceedsFromLinesOfCredit" xml:lang="en-US">Proceeds from line of credit</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromLinesOfCredit" xlink:to="lab_us-gaap_ProceedsFromLinesOfCredit" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RepaymentsOfLinesOfCredit" xlink:label="loc_us-gaap_RepaymentsOfLinesOfCredit" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RepaymentsOfLinesOfCredit" xml:lang="en-US">Repayments of Lines of Credit</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_RepaymentsOfLinesOfCredit" xml:lang="en-US">Repayment of line of credit</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RepaymentsOfLinesOfCredit" xlink:to="lab_us-gaap_RepaymentsOfLinesOfCredit" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsForProceedsFromMortgageDeposits" xlink:label="loc_us-gaap_PaymentsForProceedsFromMortgageDeposits" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PaymentsForProceedsFromMortgageDeposits" xml:lang="en-US">Payments for (Proceeds from) Mortgage Deposits</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_PaymentsForProceedsFromMortgageDeposits" xml:lang="en-US">Principal payments on mortgage payable</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForProceedsFromMortgageDeposits" xlink:to="lab_us-gaap_PaymentsForProceedsFromMortgageDeposits" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromIssuanceInitialPublicOffering" xlink:label="loc_us-gaap_ProceedsFromIssuanceInitialPublicOffering" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProceedsFromIssuanceInitialPublicOffering" xml:lang="en-US">Proceeds from Issuance Initial Public Offering</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ProceedsFromIssuanceInitialPublicOffering" xml:lang="en-US">Proceeds from IPO</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceInitialPublicOffering" xlink:to="lab_us-gaap_ProceedsFromIssuanceInitialPublicOffering" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsOfOrdinaryDividends" xlink:label="loc_us-gaap_PaymentsOfOrdinaryDividends" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PaymentsOfOrdinaryDividends" xml:lang="en-US">Payments of Ordinary Dividends</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_PaymentsOfOrdinaryDividends" xml:lang="en-US">Dividends paid</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsOfOrdinaryDividends" xlink:to="lab_us-gaap_PaymentsOfOrdinaryDividends" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:label="loc_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xml:lang="en-US">Financial Instruments [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:to="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_PreofferingCostsIncurred" xlink:label="loc_sach_PreofferingCostsIncurred" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_PreofferingCostsIncurred" xml:lang="en-US">Pre-offering Costs Incurred</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_sach_PreofferingCostsIncurred" xml:lang="en-US">Pre-offering costs incurred</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_PreofferingCostsIncurred" xml:lang="en-US">The cash outflow for Pre-offering Costs Incurred.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_PreofferingCostsIncurred" xlink:to="lab_sach_PreofferingCostsIncurred" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentOfFinancingAndStockIssuanceCosts" xlink:label="loc_us-gaap_PaymentOfFinancingAndStockIssuanceCosts" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PaymentOfFinancingAndStockIssuanceCosts" xml:lang="en-US">Payment of Financing and Stock Issuance Costs</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_PaymentOfFinancingAndStockIssuanceCosts" xml:lang="en-US">Financing costs incurred</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentOfFinancingAndStockIssuanceCosts" xlink:to="lab_us-gaap_PaymentOfFinancingAndStockIssuanceCosts" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommercialLoanMember" xlink:label="loc_us-gaap_CommercialLoanMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommercialLoanMember" xml:lang="en-US">Commercial Loan [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommercialLoanMember" xlink:to="lab_us-gaap_CommercialLoanMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CashPeriodIncreaseDecrease" xlink:label="loc_us-gaap_CashPeriodIncreaseDecrease" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CashPeriodIncreaseDecrease" xml:lang="en-US">Cash, Period Increase (Decrease)</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_CashPeriodIncreaseDecrease" xml:lang="en-US">NET DECREASE IN CASH</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashPeriodIncreaseDecrease" xlink:to="lab_us-gaap_CashPeriodIncreaseDecrease" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="loc_us-gaap_SupplementalCashFlowInformationAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SupplementalCashFlowInformationAbstract" xml:lang="en-US">Supplemental Cash Flow Information [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_SupplementalCashFlowInformationAbstract" xml:lang="en-US">SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="lab_us-gaap_SupplementalCashFlowInformationAbstract" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MexedUseMember" xlink:label="loc_sach_MexedUseMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_MexedUseMember" xml:lang="en-US">Mexed Use [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_MexedUseMember" xlink:to="lab_sach_MexedUseMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ResidentialMortgageMember" xlink:label="loc_us-gaap_ResidentialMortgageMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ResidentialMortgageMember" xml:lang="en-US">Residential Mortgage [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ResidentialMortgageMember" xlink:to="lab_us-gaap_ResidentialMortgageMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LandMember" xlink:label="loc_us-gaap_LandMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LandMember" xml:lang="en-US">Land [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LandMember" xlink:to="lab_us-gaap_LandMember" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MaturitiesOfMortagageReceivableYearOne" xlink:label="loc_sach_MaturitiesOfMortagageReceivableYearOne" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_MaturitiesOfMortagageReceivableYearOne" xml:lang="en-US">Maturities of Mortagage Receivable, Year One</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_sach_MaturitiesOfMortagageReceivableYearOne" xml:lang="en-US">2018</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_MaturitiesOfMortagageReceivableYearOne" xml:lang="en-US">Maturities for the first year following the date of the financial statements.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_MaturitiesOfMortagageReceivableYearOne" xlink:to="lab_sach_MaturitiesOfMortagageReceivableYearOne" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MaturitiesOfMortagageReceivableYearTwo" xlink:label="loc_sach_MaturitiesOfMortagageReceivableYearTwo" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_MaturitiesOfMortagageReceivableYearTwo" xml:lang="en-US">Maturities of Mortagage Receivable, Year Two</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_sach_MaturitiesOfMortagageReceivableYearTwo" xml:lang="en-US">2019</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_MaturitiesOfMortagageReceivableYearTwo" xml:lang="en-US">Maturities for the second year following the date of the financial statements.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_MaturitiesOfMortagageReceivableYearTwo" xlink:to="lab_sach_MaturitiesOfMortagageReceivableYearTwo" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MaturitiesOfMortagageReceivableYearThree" xlink:label="loc_sach_MaturitiesOfMortagageReceivableYearThree" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_MaturitiesOfMortagageReceivableYearThree" xml:lang="en-US">Maturities of Mortagage Receivable, Year Three</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_sach_MaturitiesOfMortagageReceivableYearThree" xml:lang="en-US">2020</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_MaturitiesOfMortagageReceivableYearThree" xml:lang="en-US">Maturities for the third year following the date of the financial statements.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_MaturitiesOfMortagageReceivableYearThree" xlink:to="lab_sach_MaturitiesOfMortagageReceivableYearThree" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MaturitiesOfMortagageReceivableYearFour" xlink:label="loc_sach_MaturitiesOfMortagageReceivableYearFour" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_MaturitiesOfMortagageReceivableYearFour" xml:lang="en-US">Maturities of Mortagage Receivable, Year Four</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_sach_MaturitiesOfMortagageReceivableYearFour" xml:lang="en-US">2021</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_MaturitiesOfMortagageReceivableYearFour" xml:lang="en-US">Maturities for the fourth year following the date of the financial statements.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_MaturitiesOfMortagageReceivableYearFour" xlink:to="lab_sach_MaturitiesOfMortagageReceivableYearFour" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BankingAndThriftAbstract" xlink:label="loc_us-gaap_BankingAndThriftAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_BankingAndThriftAbstract" xml:lang="en-US">Banking and Thrift [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BankingAndThriftAbstract" xlink:to="lab_us-gaap_BankingAndThriftAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RealEstateOwnedTextBlock" xlink:label="loc_us-gaap_RealEstateOwnedTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RealEstateOwnedTextBlock" xml:lang="en-US">Real Estate Owned [Text Block]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateOwnedTextBlock" xlink:to="lab_us-gaap_RealEstateOwnedTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_LegalEntityAxis" xml:lang="en-US">Legal Entity [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_LegalEntityAxis" xlink:to="lab_dei_LegalEntityAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RangeAxis" xml:lang="en-US">Range [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RangeAxis" xlink:to="lab_us-gaap_RangeAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityDomain" xml:lang="en-US">Entity [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityDomain" xlink:to="lab_dei_EntityDomain" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_JjvLlcMember" xlink:label="loc_sach_JjvLlcMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_JjvLlcMember" xml:lang="en-US">JJV LLC [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_JjvLlcMember" xlink:to="lab_sach_JjvLlcMember" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_EscrowDepositsAbstract" xlink:label="loc_sach_EscrowDepositsAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_EscrowDepositsAbstract" xml:lang="en-US">Escrow Deposits [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_EscrowDepositsAbstract" xlink:to="lab_sach_EscrowDepositsAbstract" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_EscrowDepositsTextBlock" xlink:label="loc_sach_EscrowDepositsTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_EscrowDepositsTextBlock" xml:lang="en-US">Escrow Deposits [Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_EscrowDepositsTextBlock" xml:lang="en-US">The entire disclosure for escrow deposits.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_EscrowDepositsTextBlock" xlink:to="lab_sach_EscrowDepositsTextBlock" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MortgageLoansOnRealEstateDefaultInterestRate" xlink:label="loc_sach_MortgageLoansOnRealEstateDefaultInterestRate" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_MortgageLoansOnRealEstateDefaultInterestRate" xml:lang="en-US">Mortgage Loans on Real Estate, Default Interest Rate</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_MortgageLoansOnRealEstateDefaultInterestRate" xml:lang="en-US">The default interest rate on the mortgage loan receivable.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_MortgageLoansOnRealEstateDefaultInterestRate" xlink:to="lab_sach_MortgageLoansOnRealEstateDefaultInterestRate" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_ExerciseOfOptionToSharepercentageOnDiscount" xlink:label="loc_sach_ExerciseOfOptionToSharepercentageOnDiscount" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_ExerciseOfOptionToSharepercentageOnDiscount" xml:lang="en-US">Exercise of Option To Share,Percentage on Discount</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_sach_ExerciseOfOptionToSharepercentageOnDiscount" xml:lang="en-US">Exercise of Option To Share, Percentage on Discount</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_ExerciseOfOptionToSharepercentageOnDiscount" xml:lang="en-US">It represents the percentage rate of option which exercises into share on discount.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_ExerciseOfOptionToSharepercentageOnDiscount" xlink:to="lab_sach_ExerciseOfOptionToSharepercentageOnDiscount" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="loc_us-gaap_DebtDisclosureAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DebtDisclosureAbstract" xml:lang="en-US">Debt Disclosure [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtDisclosureAbstract" xlink:to="lab_us-gaap_DebtDisclosureAbstract" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_PaymentsToAcquireMortgageReceivable" xlink:label="loc_sach_PaymentsToAcquireMortgageReceivable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_PaymentsToAcquireMortgageReceivable" xml:lang="en-US">Payments to Acquire Mortgage Receivable</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_sach_PaymentsToAcquireMortgageReceivable" xml:lang="en-US">Principal disbursements for mortgages receivable</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_PaymentsToAcquireMortgageReceivable" xml:lang="en-US">The cash outflow to acquire a mortgage receivable for a definite sum of money at a future date.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_PaymentsToAcquireMortgageReceivable" xlink:to="lab_sach_PaymentsToAcquireMortgageReceivable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages" xml:lang="en-US">Mortgage Loans on Real Estate, Face Amount of Mortgages</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages" xlink:to="lab_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateInterestRate" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateInterestRate" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateInterestRate" xml:lang="en-US">Mortgage Loans on Real Estate, Interest Rate</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateInterestRate" xlink:to="lab_us-gaap_MortgageLoansOnRealEstateInterestRate" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancingReceivablesPeriodPastDueAxis" xlink:label="loc_us-gaap_FinancingReceivablesPeriodPastDueAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_FinancingReceivablesPeriodPastDueAxis" xml:lang="en-US">Financing Receivables, Period Past Due [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivablesPeriodPastDueAxis" xlink:to="lab_us-gaap_FinancingReceivablesPeriodPastDueAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RangeMember" xml:lang="en-US">Range [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RangeMember" xlink:to="lab_us-gaap_RangeMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MinimumMember" xlink:label="loc_us-gaap_MinimumMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_MinimumMember" xml:lang="en-US">Minimum [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MinimumMember" xlink:to="lab_us-gaap_MinimumMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_us-gaap_MaximumMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_MaximumMember" xml:lang="en-US">Maximum [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MaximumMember" xlink:to="lab_us-gaap_MaximumMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtDisclosureTextBlock" xlink:label="loc_us-gaap_DebtDisclosureTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DebtDisclosureTextBlock" xml:lang="en-US">Debt Disclosure [Text Block]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtDisclosureTextBlock" xlink:to="lab_us-gaap_DebtDisclosureTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ContractualObligationFiscalYearMaturityScheduleTableTextBlock" xlink:label="loc_us-gaap_ContractualObligationFiscalYearMaturityScheduleTableTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ContractualObligationFiscalYearMaturityScheduleTableTextBlock" xml:lang="en-US">Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ContractualObligationFiscalYearMaturityScheduleTableTextBlock" xlink:to="lab_us-gaap_ContractualObligationFiscalYearMaturityScheduleTableTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="loc_us-gaap_LongtermDebtTypeAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LongtermDebtTypeAxis" xml:lang="en-US">Long-term Debt, Type [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongtermDebtTypeAxis" xlink:to="lab_us-gaap_LongtermDebtTypeAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_us-gaap_LongtermDebtTypeDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LongtermDebtTypeDomain" xml:lang="en-US">Long-term Debt, Type [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongtermDebtTypeDomain" xlink:to="lab_us-gaap_LongtermDebtTypeDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xml:lang="en-US">Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xml:lang="en-US">Year ending December 31, 2018</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xml:lang="en-US">Long-term Debt, Maturities, Repayments of Principal in Year Two</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xml:lang="en-US">2019</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xml:lang="en-US">Long-term Debt, Maturities, Repayments of Principal in Year Three</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xml:lang="en-US">2020</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xml:lang="en-US">Long-term Debt, Maturities, Repayments of Principal in Year Four</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xml:lang="en-US">2021</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xml:lang="en-US">Long-term Debt, Maturities, Repayments of Principal in Year Five</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xml:lang="en-US">2022</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebt" xlink:label="loc_us-gaap_LongTermDebt" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LongTermDebt" xml:lang="en-US">Long-term Debt</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_LongTermDebt" xml:lang="en-US">Total</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebt" xlink:to="lab_us-gaap_LongTermDebt" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CreditFacilityAxis" xlink:label="loc_us-gaap_CreditFacilityAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CreditFacilityAxis" xml:lang="en-US">Credit Facility [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditFacilityAxis" xlink:to="lab_us-gaap_CreditFacilityAxis" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_BankwellBankMember" xlink:label="loc_sach_BankwellBankMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_BankwellBankMember" xml:lang="en-US">Bankwell Bank[ [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_BankwellBankMember" xlink:to="lab_sach_BankwellBankMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CreditFacilityDomain" xlink:label="loc_us-gaap_CreditFacilityDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CreditFacilityDomain" xml:lang="en-US">Credit Facility [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditFacilityDomain" xlink:to="lab_us-gaap_CreditFacilityDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCreditMember" xlink:label="loc_us-gaap_LineOfCreditMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LineOfCreditMember" xml:lang="en-US">Line of Credit [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCreditMember" xlink:to="lab_us-gaap_LineOfCreditMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LossContingenciesByNatureOfContingencyAxis" xlink:label="loc_us-gaap_LossContingenciesByNatureOfContingencyAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LossContingenciesByNatureOfContingencyAxis" xml:lang="en-US">Loss Contingency Nature [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossContingenciesByNatureOfContingencyAxis" xlink:to="lab_us-gaap_LossContingenciesByNatureOfContingencyAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgagesMember" xlink:label="loc_us-gaap_MortgagesMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_MortgagesMember" xml:lang="en-US">Mortgages [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgagesMember" xlink:to="lab_us-gaap_MortgagesMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:label="loc_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xml:lang="en-US">Line of Credit Facility, Maximum Borrowing Capacity</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:to="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd" xlink:label="loc_us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd" xml:lang="en-US">Line of Credit Facility, Interest Rate at Period End</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd" xlink:to="lab_us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="loc_us-gaap_DebtInstrumentFaceAmount" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DebtInstrumentFaceAmount" xml:lang="en-US">Debt Instrument, Face Amount</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DebtInstrumentFaceAmount" xml:lang="en-US">Loan amount</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentFaceAmount" xlink:to="lab_us-gaap_DebtInstrumentFaceAmount" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage" xml:lang="en-US">Debt Instrument, Interest Rate, Stated Percentage</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:to="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentPeriodicPayment" xlink:label="loc_us-gaap_DebtInstrumentPeriodicPayment" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DebtInstrumentPeriodicPayment" xml:lang="en-US">Debt Instrument, Periodic Payment</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentPeriodicPayment" xlink:to="lab_us-gaap_DebtInstrumentPeriodicPayment" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentInterestRateTerms" xlink:label="loc_us-gaap_DebtInstrumentInterestRateTerms" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DebtInstrumentInterestRateTerms" xml:lang="en-US">Debt Instrument, Interest Rate Terms</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentInterestRateTerms" xlink:to="lab_us-gaap_DebtInstrumentInterestRateTerms" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xml:lang="en-US">Commitments and Contingencies Disclosure [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:to="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xml:lang="en-US">Commitments and Contingencies Disclosure [Text Block]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherCommitmentsTableTextBlock" xlink:label="loc_us-gaap_OtherCommitmentsTableTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherCommitmentsTableTextBlock" xml:lang="en-US">Other Commitments [Table Text Block]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherCommitmentsTableTextBlock" xlink:to="lab_us-gaap_OtherCommitmentsTableTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherCommitmentsTable" xlink:label="loc_us-gaap_OtherCommitmentsTable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherCommitmentsTable" xml:lang="en-US">Other Commitments [Table]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherCommitmentsTable" xlink:to="lab_us-gaap_OtherCommitmentsTable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LossContingencyNatureDomain" xlink:label="loc_us-gaap_LossContingencyNatureDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LossContingencyNatureDomain" xml:lang="en-US">Loss Contingency, Nature [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossContingencyNatureDomain" xlink:to="lab_us-gaap_LossContingencyNatureDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RegulatoryLiabilityAxis" xlink:label="loc_us-gaap_RegulatoryLiabilityAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RegulatoryLiabilityAxis" xml:lang="en-US">Regulatory Liability [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RegulatoryLiabilityAxis" xlink:to="lab_us-gaap_RegulatoryLiabilityAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherCommitmentDueInNextTwelveMonths" xlink:label="loc_us-gaap_OtherCommitmentDueInNextTwelveMonths" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherCommitmentDueInNextTwelveMonths" xml:lang="en-US">Other Commitment, Due in Next Twelve Months</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_OtherCommitmentDueInNextTwelveMonths" xml:lang="en-US">2019</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherCommitmentDueInNextTwelveMonths" xlink:to="lab_us-gaap_OtherCommitmentDueInNextTwelveMonths" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherCommitmentsLineItems" xlink:label="loc_us-gaap_OtherCommitmentsLineItems" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherCommitmentsLineItems" xml:lang="en-US">Other Commitments [Line Items]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherCommitmentsLineItems" xlink:to="lab_us-gaap_OtherCommitmentsLineItems" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RegulatoryLiabilityDomain" xlink:label="loc_us-gaap_RegulatoryLiabilityDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RegulatoryLiabilityDomain" xml:lang="en-US">Regulatory Liability [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RegulatoryLiabilityDomain" xlink:to="lab_us-gaap_RegulatoryLiabilityDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredLeaseRevenueMember" xlink:label="loc_us-gaap_DeferredLeaseRevenueMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredLeaseRevenueMember" xml:lang="en-US">Deferred Lease Revenue [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredLeaseRevenueMember" xlink:to="lab_us-gaap_DeferredLeaseRevenueMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherCommitmentDueInSecondYear" xlink:label="loc_us-gaap_OtherCommitmentDueInSecondYear" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherCommitmentDueInSecondYear" xml:lang="en-US">Other Commitment, Due in Second Year</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_OtherCommitmentDueInSecondYear" xml:lang="en-US">2020</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherCommitmentDueInSecondYear" xlink:to="lab_us-gaap_OtherCommitmentDueInSecondYear" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherCommitmentDueInThirdYear" xlink:label="loc_us-gaap_OtherCommitmentDueInThirdYear" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherCommitmentDueInThirdYear" xml:lang="en-US">Other Commitment, Due in Third Year</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_OtherCommitmentDueInThirdYear" xml:lang="en-US">2021</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherCommitmentDueInThirdYear" xlink:to="lab_us-gaap_OtherCommitmentDueInThirdYear" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherCommitment" xlink:label="loc_us-gaap_OtherCommitment" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherCommitment" xml:lang="en-US">Other Commitment</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_OtherCommitment" xml:lang="en-US">Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_OtherCommitment" xml:lang="en-US">Deferred Revenue, Beginning</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_OtherCommitment" xml:lang="en-US">Deferred Revenue Ending</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherCommitment" xlink:to="lab_us-gaap_OtherCommitment" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_LoanOriginationFeesOnOriginalLoanPrincipalpercentage" xlink:label="loc_sach_LoanOriginationFeesOnOriginalLoanPrincipalpercentage" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_LoanOriginationFeesOnOriginalLoanPrincipalpercentage" xml:lang="en-US">Loan Origination Fees On Original Loan Principal,Percentage</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_sach_LoanOriginationFeesOnOriginalLoanPrincipalpercentage" xml:lang="en-US">Loan Origination Fees On Original Loan Principal, Percentage</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_LoanOriginationFeesOnOriginalLoanPrincipalpercentage" xml:lang="en-US">It represents the percentage rate of loan origination fees on original loan principal.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_LoanOriginationFeesOnOriginalLoanPrincipalpercentage" xlink:to="lab_sach_LoanOriginationFeesOnOriginalLoanPrincipalpercentage" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_LoanOriginationFeesPercentage" xlink:label="loc_sach_LoanOriginationFeesPercentage" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_LoanOriginationFeesPercentage" xml:lang="en-US">Loan Origination Fees ,Percentage</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_LoanOriginationFeesPercentage" xml:lang="en-US">It represents the percentage rate of loan origination fees.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_LoanOriginationFeesPercentage" xlink:to="lab_sach_LoanOriginationFeesPercentage" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LoanProcessingFee" xlink:label="loc_us-gaap_LoanProcessingFee" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LoanProcessingFee" xml:lang="en-US">Loan Processing Fee</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoanProcessingFee" xlink:to="lab_us-gaap_LoanProcessingFee" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_LoanServicingFeesdescription" xlink:label="loc_sach_LoanServicingFeesdescription" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_LoanServicingFeesdescription" xml:lang="en-US">Loan Servicing Fees,Description</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_sach_LoanServicingFeesdescription" xml:lang="en-US">Loan Servicing Fees, Description</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_LoanServicingFeesdescription" xml:lang="en-US">It describes about the loan servicing fees.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_LoanServicingFeesdescription" xlink:to="lab_sach_LoanServicingFeesdescription" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_LoanServicingFeespercentage" xlink:label="loc_sach_LoanServicingFeespercentage" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_LoanServicingFeespercentage" xml:lang="en-US">Loan Servicing Fees,Percentage</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_sach_LoanServicingFeespercentage" xml:lang="en-US">Loan Servicing Fees, Percentage</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_LoanServicingFeespercentage" xml:lang="en-US">It represents the percentage rate of loan servicing fees.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_LoanServicingFeespercentage" xlink:to="lab_sach_LoanServicingFeespercentage" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LoanPortfolioExpense" xlink:label="loc_us-gaap_LoanPortfolioExpense" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LoanPortfolioExpense" xml:lang="en-US">Loan Portfolio Expense</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoanPortfolioExpense" xlink:to="lab_us-gaap_LoanPortfolioExpense" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xml:lang="en-US">Related Party [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="lab_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="loc_us-gaap_RelatedPartyTransactionsAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RelatedPartyTransactionsAbstract" xml:lang="en-US">Related Party Transactions [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionsAbstract" xlink:to="lab_us-gaap_RelatedPartyTransactionsAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="loc_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xml:lang="en-US">Related Party Transactions Disclosure [Text Block]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="lab_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:label="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xml:lang="en-US">Schedule of Related Party Transactions, by Related Party [Table]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:to="lab_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeStatementLocationAxis" xlink:label="loc_us-gaap_IncomeStatementLocationAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeStatementLocationAxis" xml:lang="en-US">Income Statement Location [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementLocationAxis" xlink:to="lab_us-gaap_IncomeStatementLocationAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RelatedPartyDomain" xml:lang="en-US">Related Party [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyDomain" xlink:to="lab_us-gaap_RelatedPartyDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventsAbstract" xlink:label="loc_us-gaap_SubsequentEventsAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SubsequentEventsAbstract" xml:lang="en-US">Subsequent Events [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventsAbstract" xlink:to="lab_us-gaap_SubsequentEventsAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventsTextBlock" xlink:label="loc_us-gaap_SubsequentEventsTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SubsequentEventsTextBlock" xml:lang="en-US">Subsequent Events [Text Block]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventsTextBlock" xlink:to="lab_us-gaap_SubsequentEventsTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTable" xlink:label="loc_us-gaap_SubsequentEventTable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SubsequentEventTable" xml:lang="en-US">Subsequent Event [Table]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventTable" xlink:to="lab_us-gaap_SubsequentEventTable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockDividendsPerShareDeclared" xlink:label="loc_us-gaap_CommonStockDividendsPerShareDeclared" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonStockDividendsPerShareDeclared" xml:lang="en-US">Common Stock, Dividends, Per Share, Declared</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CommonStockDividendsPerShareDeclared" xml:lang="en-US">Common Stock, Dividends, Per Share, Declared</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockDividendsPerShareDeclared" xlink:to="lab_us-gaap_CommonStockDividendsPerShareDeclared" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsOfDividends" xlink:label="loc_us-gaap_PaymentsOfDividends" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PaymentsOfDividends" xml:lang="en-US">Payments of Dividends</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsOfDividends" xlink:to="lab_us-gaap_PaymentsOfDividends" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="loc_us-gaap_SubsequentEventTypeAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SubsequentEventTypeAxis" xml:lang="en-US">Subsequent Event Type [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventTypeAxis" xlink:to="lab_us-gaap_SubsequentEventTypeAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_us-gaap_SubsequentEventTypeDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SubsequentEventTypeDomain" xml:lang="en-US">Subsequent Event Type [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventTypeDomain" xlink:to="lab_us-gaap_SubsequentEventTypeDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="loc_us-gaap_SubsequentEventMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SubsequentEventMember" xml:lang="en-US">Subsequent Event [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventMember" xlink:to="lab_us-gaap_SubsequentEventMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GuaranteeObligationsMember" xlink:label="loc_us-gaap_GuaranteeObligationsMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_GuaranteeObligationsMember" xml:lang="en-US">Guarantee Obligations [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GuaranteeObligationsMember" xlink:to="lab_us-gaap_GuaranteeObligationsMember" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_VariablerateaxisAxis" xlink:label="loc_sach_VariablerateaxisAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_VariablerateaxisAxis" xml:lang="en-US">VariableRate [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_VariablerateaxisAxis" xlink:to="lab_sach_VariablerateaxisAxis" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_ScheduleOfMaturitiesOfMortgagesReceivableTableTextBlock" xlink:label="loc_sach_ScheduleOfMaturitiesOfMortgagesReceivableTableTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_ScheduleOfMaturitiesOfMortgagesReceivableTableTextBlock" xml:lang="en-US">Schedule of Maturities of Mortgages Receivable [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_ScheduleOfMaturitiesOfMortgagesReceivableTableTextBlock" xml:lang="en-US">Tabular disclosure of maturities of mortgage receivable.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_ScheduleOfMaturitiesOfMortgagesReceivableTableTextBlock" xlink:to="lab_sach_ScheduleOfMaturitiesOfMortgagesReceivableTableTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConsolidatedEntitiesAxis" xlink:label="loc_us-gaap_ConsolidatedEntitiesAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ConsolidatedEntitiesAxis" xml:lang="en-US">Consolidated Entities [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConsolidatedEntitiesAxis" xlink:to="lab_us-gaap_ConsolidatedEntitiesAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain" xlink:label="loc_us-gaap_ScenarioUnspecifiedDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScenarioUnspecifiedDomain" xml:lang="en-US">Scenario, Unspecified [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScenarioUnspecifiedDomain" xlink:to="lab_us-gaap_ScenarioUnspecifiedDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ReceivableWithImputedInterestDiscount" xlink:label="loc_us-gaap_ReceivableWithImputedInterestDiscount" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ReceivableWithImputedInterestDiscount" xml:lang="en-US">Receivable with Imputed Interest, Discount</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReceivableWithImputedInterestDiscount" xlink:to="lab_us-gaap_ReceivableWithImputedInterestDiscount" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_ProceedsFromCollectionOfMortagageReceivable" xlink:label="loc_sach_ProceedsFromCollectionOfMortagageReceivable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_ProceedsFromCollectionOfMortagageReceivable" xml:lang="en-US">Proceeds from Collection of Mortagage Receivable</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_sach_ProceedsFromCollectionOfMortagageReceivable" xml:lang="en-US">Proceeds from Collection of Mortgages Receivable</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_sach_ProceedsFromCollectionOfMortagageReceivable" xml:lang="en-US">Principal collections on mortgages receivable</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_ProceedsFromCollectionOfMortagageReceivable" xml:lang="en-US">The cash inflow associated with principal collections from a mortgages receivable.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_ProceedsFromCollectionOfMortagageReceivable" xlink:to="lab_sach_ProceedsFromCollectionOfMortagageReceivable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis" xlink:label="loc_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis" xml:lang="en-US">Receivable Type [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis" xlink:to="lab_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentUsefulLife" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife" xml:lang="en-US">Property, Plant and Equipment, Useful Life</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent" xlink:label="loc_us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent" xml:lang="en-US">Notes Payable, Related Parties</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent" xml:lang="en-US">Due to note purchaser</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent" xlink:to="lab_us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="loc_us-gaap_GeneralAndAdministrativeExpense" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_GeneralAndAdministrativeExpense" xml:lang="en-US">General and Administrative Expense</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_GeneralAndAdministrativeExpense" xml:lang="en-US">General and administrative expenses</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GeneralAndAdministrativeExpense" xlink:to="lab_us-gaap_GeneralAndAdministrativeExpense" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ExciseAndSalesTaxes" xlink:label="loc_us-gaap_ExciseAndSalesTaxes" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ExciseAndSalesTaxes" xml:lang="en-US">Excise and Sales Taxes</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ExciseAndSalesTaxes" xml:lang="en-US">Excise tax</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ExciseAndSalesTaxes" xlink:to="lab_us-gaap_ExciseAndSalesTaxes" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Revenues" xlink:label="loc_us-gaap_Revenues" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_Revenues" xml:lang="en-US">Revenues</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_Revenues" xml:lang="en-US">Total revenue</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Revenues" xlink:to="lab_us-gaap_Revenues" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:label="loc_us-gaap_IncreaseDecreaseInDeferredRevenue" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInDeferredRevenue" xml:lang="en-US">Increase (Decrease) in Deferred Revenue</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInDeferredRevenue" xml:lang="en-US">Deferred revenue</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:to="lab_us-gaap_IncreaseDecreaseInDeferredRevenue" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquireInvestments" xlink:label="loc_us-gaap_PaymentsToAcquireInvestments" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PaymentsToAcquireInvestments" xml:lang="en-US">Payments to Acquire Investments</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_PaymentsToAcquireInvestments" xml:lang="en-US">Security deposit</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireInvestments" xlink:to="lab_us-gaap_PaymentsToAcquireInvestments" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xml:lang="en-US">Increase (Decrease) in Operating Capital [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xml:lang="en-US">Changes in operating assets and liabilities:</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidInsurance" xlink:label="loc_us-gaap_IncreaseDecreaseInPrepaidInsurance" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInPrepaidInsurance" xml:lang="en-US">Increase (Decrease) in Prepaid Insurance</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInPrepaidInsurance" xml:lang="en-US">Prepaid expenses</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInPrepaidInsurance" xlink:to="lab_us-gaap_IncreaseDecreaseInPrepaidInsurance" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInAdvancePaymentsByBorrowersForTaxesAndInsurance" xlink:label="loc_us-gaap_IncreaseDecreaseInAdvancePaymentsByBorrowersForTaxesAndInsurance" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInAdvancePaymentsByBorrowersForTaxesAndInsurance" xml:lang="en-US">Increase (Decrease) in Advance Payments by Borrowers for Taxes and Insurance</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInAdvancePaymentsByBorrowersForTaxesAndInsurance" xml:lang="en-US">Advances from borrowers</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAdvancePaymentsByBorrowersForTaxesAndInsurance" xlink:to="lab_us-gaap_IncreaseDecreaseInAdvancePaymentsByBorrowersForTaxesAndInsurance" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromPartnershipContribution" xlink:label="loc_us-gaap_ProceedsFromPartnershipContribution" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProceedsFromPartnershipContribution" xml:lang="en-US">Proceeds from Partnership Contribution</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ProceedsFromPartnershipContribution" xml:lang="en-US">Member contributions</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromPartnershipContribution" xlink:to="lab_us-gaap_ProceedsFromPartnershipContribution" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_OtherReceivablesAbstract" xlink:label="loc_sach_OtherReceivablesAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_OtherReceivablesAbstract" xml:lang="en-US">Other Receivables [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_OtherReceivablesAbstract" xlink:to="lab_sach_OtherReceivablesAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LoansReceivableNet" xlink:label="loc_us-gaap_LoansReceivableNet" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LoansReceivableNet" xml:lang="en-US">Loans Receivable, Net</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansReceivableNet" xlink:to="lab_us-gaap_LoansReceivableNet" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xml:lang="en-US">Real Estate, Type of Property [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:to="lab_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ReceivableTypeDomain" xlink:label="loc_us-gaap_ReceivableTypeDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ReceivableTypeDomain" xml:lang="en-US">Receivable [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReceivableTypeDomain" xlink:to="lab_us-gaap_ReceivableTypeDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DisposalGroupClassificationAxis" xlink:label="loc_us-gaap_DisposalGroupClassificationAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DisposalGroupClassificationAxis" xml:lang="en-US">Disposal Group Classification [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisposalGroupClassificationAxis" xlink:to="lab_us-gaap_DisposalGroupClassificationAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain" xml:lang="en-US">Real Estate [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:to="lab_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EarningsPerSharePolicyTextBlock" xlink:label="loc_us-gaap_EarningsPerSharePolicyTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EarningsPerSharePolicyTextBlock" xml:lang="en-US">Earnings Per Share, Policy [Policy Text Block]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerSharePolicyTextBlock" xlink:to="lab_us-gaap_EarningsPerSharePolicyTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:label="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xml:lang="en-US">Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xml:lang="en-US">Total adjustments</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:to="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_PaymentsOfPartnershipDistributions" xlink:label="loc_sach_PaymentsOfPartnershipDistributions" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_PaymentsOfPartnershipDistributions" xml:lang="en-US">Payments of Partnership Distributions</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_sach_PaymentsOfPartnershipDistributions" xml:lang="en-US">Member distributions</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_PaymentsOfPartnershipDistributions" xml:lang="en-US">The distributions of earnings to a partner with the reporting entity by means of direct or indirect ownership.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_PaymentsOfPartnershipDistributions" xlink:to="lab_sach_PaymentsOfPartnershipDistributions" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfCommonStock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfCommonStock" xml:lang="en-US">Proceeds from Issuance of Common Stock</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:to="lab_us-gaap_ProceedsFromIssuanceOfCommonStock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DividendsCommonStock" xlink:label="loc_us-gaap_DividendsCommonStock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DividendsCommonStock" xml:lang="en-US">Dividends, Common Stock</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_DividendsCommonStock" xml:lang="en-US">Dividends paid</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsCommonStock" xlink:to="lab_us-gaap_DividendsCommonStock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RealEstateInvestmentPropertyAtCost" xlink:label="loc_us-gaap_RealEstateInvestmentPropertyAtCost" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RealEstateInvestmentPropertyAtCost" xml:lang="en-US">Real Estate Investment Property, at Cost</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateInvestmentPropertyAtCost" xlink:to="lab_us-gaap_RealEstateInvestmentPropertyAtCost" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis" xlink:label="loc_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis" xml:lang="en-US">Name of Property [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis" xlink:to="lab_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DisposalGroupClassificationDomain" xlink:label="loc_us-gaap_DisposalGroupClassificationDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DisposalGroupClassificationDomain" xml:lang="en-US">Disposal Group Classification [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisposalGroupClassificationDomain" xlink:to="lab_us-gaap_DisposalGroupClassificationDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain" xlink:label="loc_us-gaap_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain" xml:lang="en-US">Name of Property [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain" xlink:to="lab_us-gaap_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_BankwellCreditLineMember" xlink:label="loc_sach_BankwellCreditLineMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_BankwellCreditLineMember" xml:lang="en-US">Bankwell Credit Line [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_BankwellCreditLineMember" xlink:to="lab_sach_BankwellCreditLineMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis" xlink:label="loc_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis" xml:lang="en-US">Class of Financing Receivable, Type [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis" xlink:to="lab_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_ManagerMember" xlink:label="loc_sach_ManagerMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_ManagerMember" xml:lang="en-US">Manager [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_ManagerMember" xlink:to="lab_sach_ManagerMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCreditFacilityInterestRateDuringPeriod" xlink:label="loc_us-gaap_LineOfCreditFacilityInterestRateDuringPeriod" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LineOfCreditFacilityInterestRateDuringPeriod" xml:lang="en-US">Line of Credit Facility, Interest Rate During Period</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCreditFacilityInterestRateDuringPeriod" xlink:to="lab_us-gaap_LineOfCreditFacilityInterestRateDuringPeriod" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsAndNotesReceivableNet" xlink:label="loc_us-gaap_AccountsAndNotesReceivableNet" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AccountsAndNotesReceivableNet" xml:lang="en-US">Accounts and Notes Receivable, Net</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsAndNotesReceivableNet" xlink:to="lab_us-gaap_AccountsAndNotesReceivableNet" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_VariableRateDomain" xlink:label="loc_us-gaap_VariableRateDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_VariableRateDomain" xml:lang="en-US">Variable Rate [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableRateDomain" xlink:to="lab_us-gaap_VariableRateDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PrimeRateMember" xlink:label="loc_us-gaap_PrimeRateMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PrimeRateMember" xml:lang="en-US">Prime Rate [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PrimeRateMember" xlink:to="lab_us-gaap_PrimeRateMember" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MinimumOwnershipRequiredForGuarantorShares" xlink:label="loc_sach_MinimumOwnershipRequiredForGuarantorShares" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_MinimumOwnershipRequiredForGuarantorShares" xml:lang="en-US">Minimum ownership required for guarantor, shares</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_MinimumOwnershipRequiredForGuarantorShares" xml:lang="en-US">The minimum number of shares required to be maintained by the guarantor</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_MinimumOwnershipRequiredForGuarantorShares" xlink:to="lab_sach_MinimumOwnershipRequiredForGuarantorShares" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RepaymentsOfRelatedPartyDebt" xlink:label="loc_us-gaap_RepaymentsOfRelatedPartyDebt" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RepaymentsOfRelatedPartyDebt" xml:lang="en-US">Repayments of Related Party Debt</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RepaymentsOfRelatedPartyDebt" xlink:to="lab_us-gaap_RepaymentsOfRelatedPartyDebt" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BalanceSheetLocationAxis" xlink:label="loc_us-gaap_BalanceSheetLocationAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_BalanceSheetLocationAxis" xml:lang="en-US">Balance Sheet Location [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BalanceSheetLocationAxis" xlink:to="lab_us-gaap_BalanceSheetLocationAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeStatementLocationDomain" xlink:label="loc_us-gaap_IncomeStatementLocationDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeStatementLocationDomain" xml:lang="en-US">Income Statement Location [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementLocationDomain" xlink:to="lab_us-gaap_IncomeStatementLocationDomain" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_RentAndOtherExpensesMember" xlink:label="loc_sach_RentAndOtherExpensesMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_RentAndOtherExpensesMember" xml:lang="en-US">Rent and Other Expenses [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_RentAndOtherExpensesMember" xlink:to="lab_sach_RentAndOtherExpensesMember" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_OriginationFeesOnLoansMember" xlink:label="loc_sach_OriginationFeesOnLoansMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_OriginationFeesOnLoansMember" xml:lang="en-US">Origination fees on loans [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_OriginationFeesOnLoansMember" xlink:to="lab_sach_OriginationFeesOnLoansMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BalanceSheetLocationDomain" xlink:label="loc_us-gaap_BalanceSheetLocationDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_BalanceSheetLocationDomain" xml:lang="en-US">Balance Sheet Location [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BalanceSheetLocationDomain" xlink:to="lab_us-gaap_BalanceSheetLocationDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LoansAndLeasesReceivableRelatedParties" xlink:label="loc_us-gaap_LoansAndLeasesReceivableRelatedParties" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LoansAndLeasesReceivableRelatedParties" xml:lang="en-US">Loans and Leases Receivable, Related Parties</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansAndLeasesReceivableRelatedParties" xlink:to="lab_us-gaap_LoansAndLeasesReceivableRelatedParties" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromRelatedPartyDebt" xlink:label="loc_us-gaap_ProceedsFromRelatedPartyDebt" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProceedsFromRelatedPartyDebt" xml:lang="en-US">Proceeds from Related Party Debt</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromRelatedPartyDebt" xlink:to="lab_us-gaap_ProceedsFromRelatedPartyDebt" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestIncomeMember" xlink:label="loc_us-gaap_InterestIncomeMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_InterestIncomeMember" xml:lang="en-US">Interest Income [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestIncomeMember" xlink:to="lab_us-gaap_InterestIncomeMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InvestorMember" xlink:label="loc_us-gaap_InvestorMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_InvestorMember" xml:lang="en-US">Investor [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestorMember" xlink:to="lab_us-gaap_InvestorMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OriginationOfNotesReceivableFromRelatedParties" xlink:label="loc_us-gaap_OriginationOfNotesReceivableFromRelatedParties" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OriginationOfNotesReceivableFromRelatedParties" xml:lang="en-US">Origination of Notes Receivable from Related Parties</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OriginationOfNotesReceivableFromRelatedParties" xlink:to="lab_us-gaap_OriginationOfNotesReceivableFromRelatedParties" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty" xlink:label="loc_us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty" xml:lang="en-US">Related Party Transaction, Purchases from Related Party</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty" xlink:to="lab_us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xlink:label="loc_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xml:lang="en-US">Debt Instrument, Description of Variable Rate Basis</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xlink:to="lab_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:label="loc_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xml:lang="en-US">Debt Instrument, Basis Spread on Variable Rate</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:to="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain" xlink:label="loc_us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain" xml:lang="en-US">Class of Financing Receivable, Type [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain" xlink:to="lab_us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_UnfundedLoanCommitmentMember" xlink:label="loc_us-gaap_UnfundedLoanCommitmentMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_UnfundedLoanCommitmentMember" xml:lang="en-US">Unfunded Loan Commitment [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnfundedLoanCommitmentMember" xlink:to="lab_us-gaap_UnfundedLoanCommitmentMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage" xml:lang="en-US">Equity Method Investment, Ownership Percentage</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:to="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsForRent" xlink:label="loc_us-gaap_PaymentsForRent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PaymentsForRent" xml:lang="en-US">Payments for Rent</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForRent" xlink:to="lab_us-gaap_PaymentsForRent" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_JeffreyVillanoMember" xlink:label="loc_sach_JeffreyVillanoMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_JeffreyVillanoMember" xml:lang="en-US">Jeffrey Villano [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_JeffreyVillanoMember" xlink:to="lab_sach_JeffreyVillanoMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DividendsPayableDateDeclaredDayMonthAndYear" xlink:label="loc_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear" xml:lang="en-US">Dividends Payable, Date Declared</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear" xlink:to="lab_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DividendPayableDateToBePaidDayMonthAndYear" xlink:label="loc_us-gaap_DividendPayableDateToBePaidDayMonthAndYear" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DividendPayableDateToBePaidDayMonthAndYear" xml:lang="en-US">Dividends Payable, Date to be Paid</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendPayableDateToBePaidDayMonthAndYear" xlink:to="lab_us-gaap_DividendPayableDateToBePaidDayMonthAndYear" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DividendsPayableDateOfRecordDayMonthAndYear" xlink:label="loc_us-gaap_DividendsPayableDateOfRecordDayMonthAndYear" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DividendsPayableDateOfRecordDayMonthAndYear" xml:lang="en-US">Dividends Payable, Date of Record</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsPayableDateOfRecordDayMonthAndYear" xlink:to="lab_us-gaap_DividendsPayableDateOfRecordDayMonthAndYear" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestPaidNet" xlink:label="loc_us-gaap_InterestPaidNet" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_InterestPaidNet" xml:lang="en-US">Interest Paid, Net</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_InterestPaidNet" xml:lang="en-US">Interest paid</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestPaidNet" xlink:to="lab_us-gaap_InterestPaidNet" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1" xlink:label="loc_us-gaap_NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1" xml:lang="en-US">Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Shares Issued</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1" xlink:to="lab_us-gaap_NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredRevenue" xlink:label="loc_us-gaap_DeferredRevenue" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredRevenue" xml:lang="en-US">Deferred Revenue</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_DeferredRevenue" xml:lang="en-US">Deferred revenue</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredRevenue" xlink:to="lab_us-gaap_DeferredRevenue" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SalariesWagesAndOfficersCompensation" xlink:label="loc_us-gaap_SalariesWagesAndOfficersCompensation" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SalariesWagesAndOfficersCompensation" xml:lang="en-US">Salaries, Wages and Officers&#39; Compensation</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SalariesWagesAndOfficersCompensation" xlink:to="lab_us-gaap_SalariesWagesAndOfficersCompensation" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestIncomeRelatedParty" xlink:label="loc_us-gaap_InterestIncomeRelatedParty" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_InterestIncomeRelatedParty" xml:lang="en-US">Interest Income, Related Party</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestIncomeRelatedParty" xlink:to="lab_us-gaap_InterestIncomeRelatedParty" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NotesReceivableRelatedParties" xlink:label="loc_us-gaap_NotesReceivableRelatedParties" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NotesReceivableRelatedParties" xml:lang="en-US">Notes Receivable, Related Parties</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NotesReceivableRelatedParties" xlink:to="lab_us-gaap_NotesReceivableRelatedParties" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xlink:label="loc_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xml:lang="en-US">Related Party Transaction, Expenses from Transactions with Related Party</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xlink:to="lab_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_ShareholdersMember" xlink:label="loc_sach_ShareholdersMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_ShareholdersMember" xml:lang="en-US">Shareholders [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_ShareholdersMember" xlink:to="lab_sach_ShareholdersMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageReceivablesMember" xlink:label="loc_us-gaap_MortgageReceivablesMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_MortgageReceivablesMember" xml:lang="en-US">Mortgage Receivable [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgageReceivablesMember" xlink:to="lab_us-gaap_MortgageReceivablesMember" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_WifeOfExecutiveOfficerMember" xlink:label="loc_sach_WifeOfExecutiveOfficerMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_WifeOfExecutiveOfficerMember" xml:lang="en-US">Wife of Executive Officer [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_WifeOfExecutiveOfficerMember" xlink:to="lab_sach_WifeOfExecutiveOfficerMember" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_AccountingAndFinancialServicesMember" xlink:label="loc_sach_AccountingAndFinancialServicesMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_AccountingAndFinancialServicesMember" xml:lang="en-US">Accounting and Financial Services [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_AccountingAndFinancialServicesMember" xlink:to="lab_sach_AccountingAndFinancialServicesMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessExitCosts1" xlink:label="loc_us-gaap_BusinessExitCosts1" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_BusinessExitCosts1" xml:lang="en-US">Business Exit Costs</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessExitCosts1" xlink:to="lab_us-gaap_BusinessExitCosts1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" xml:lang="en-US">Mortgage Loans on Real Estate, Carrying Amount of Mortgages</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" xml:lang="en-US">Total</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" xlink:to="lab_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:label="loc_us-gaap_RelatedPartyTransactionLineItems" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RelatedPartyTransactionLineItems" xml:lang="en-US">Related Party Transaction [Line Items]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems" xlink:to="lab_us-gaap_RelatedPartyTransactionLineItems" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestPayableCurrentAndNoncurrent" xlink:label="loc_us-gaap_InterestPayableCurrentAndNoncurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_InterestPayableCurrentAndNoncurrent" xml:lang="en-US">Interest Payable</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_InterestPayableCurrentAndNoncurrent" xml:lang="en-US">Accrued interest</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestPayableCurrentAndNoncurrent" xlink:to="lab_us-gaap_InterestPayableCurrentAndNoncurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancingReceivablesPeriodPastDueDomain" xlink:label="loc_us-gaap_FinancingReceivablesPeriodPastDueDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_FinancingReceivablesPeriodPastDueDomain" xml:lang="en-US">Financing Receivables, Period Past Due [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivablesPeriodPastDueDomain" xlink:to="lab_us-gaap_FinancingReceivablesPeriodPastDueDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember" xlink:label="loc_us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember" xml:lang="en-US">Financing Receivables, Equal to Greater than 90 Days Past Due [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember" xlink:to="lab_us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xml:lang="en-US">Net Cash Provided by (Used in) Financing Activities</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xml:lang="en-US">NET CASH PROVIDED BY FINANCING ACTIVITIES</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConsolidatedEntitiesDomain" xlink:label="loc_us-gaap_ConsolidatedEntitiesDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ConsolidatedEntitiesDomain" xml:lang="en-US">Consolidated Entities [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConsolidatedEntitiesDomain" xlink:to="lab_us-gaap_ConsolidatedEntitiesDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Liabilities" xlink:label="loc_us-gaap_Liabilities" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_Liabilities" xml:lang="en-US">Liabilities</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_Liabilities" xml:lang="en-US">Total liabilities</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Liabilities" xlink:to="lab_us-gaap_Liabilities" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CostsAndExpenses" xlink:label="loc_us-gaap_CostsAndExpenses" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CostsAndExpenses" xml:lang="en-US">Costs and Expenses</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_CostsAndExpenses" xml:lang="en-US">Total operating costs and expenses</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CostsAndExpenses" xlink:to="lab_us-gaap_CostsAndExpenses" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xml:lang="en-US">Net Cash Provided by (Used in) Investing Activities</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xml:lang="en-US">NET CASH USED FOR INVESTING ACTIVITIES</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NotesIssued1" xlink:label="loc_us-gaap_NotesIssued1" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NotesIssued1" xml:lang="en-US">Notes Issued</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NotesIssued1" xlink:to="lab_us-gaap_NotesIssued1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:label="loc_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xml:lang="en-US">New Accounting Pronouncements, Policy [Policy Text Block]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:to="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_AmortizationOfStockOptionDiscount" xlink:label="loc_sach_AmortizationOfStockOptionDiscount" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_AmortizationOfStockOptionDiscount" xml:lang="en-US">Amortization Of Stock Option Discount</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_AmortizationOfStockOptionDiscount" xml:lang="en-US">The amount of stock options expenses amortized.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_AmortizationOfStockOptionDiscount" xlink:to="lab_sach_AmortizationOfStockOptionDiscount" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfLongTermDebt" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfLongTermDebt" xml:lang="en-US">Proceeds from Issuance of Long-term Debt</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:to="lab_us-gaap_ProceedsFromIssuanceOfLongTermDebt" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_VariableRateAxis" xlink:label="loc_us-gaap_VariableRateAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_VariableRateAxis" xml:lang="en-US">Variable Rate [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableRateAxis" xlink:to="lab_us-gaap_VariableRateAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RevolvingCreditFacilityMember" xlink:label="loc_us-gaap_RevolvingCreditFacilityMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RevolvingCreditFacilityMember" xml:lang="en-US">Revolving Credit Facility [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevolvingCreditFacilityMember" xlink:to="lab_us-gaap_RevolvingCreditFacilityMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventLineItems" xlink:label="loc_us-gaap_SubsequentEventLineItems" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SubsequentEventLineItems" xml:lang="en-US">Subsequent Event [Line Items]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventLineItems" xlink:to="lab_us-gaap_SubsequentEventLineItems" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:label="loc_us-gaap_LondonInterbankOfferedRateLIBORMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LondonInterbankOfferedRateLIBORMember" xml:lang="en-US">London Interbank Offered Rate (LIBOR) [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:to="lab_us-gaap_LondonInterbankOfferedRateLIBORMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentInformationLineItems" xlink:label="loc_dei_DocumentInformationLineItems" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentInformationLineItems" xml:lang="en-US">Document Information [Line Items]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentInformationLineItems" xlink:to="lab_dei_DocumentInformationLineItems" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MaximumPercentageOfBorrowingCapacity" xlink:label="loc_sach_MaximumPercentageOfBorrowingCapacity" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_MaximumPercentageOfBorrowingCapacity" xml:lang="en-US">Maximum percentage of borrowing capacity</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_MaximumPercentageOfBorrowingCapacity" xml:lang="en-US">It represents the maximum percentage of borrowing capacity.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_MaximumPercentageOfBorrowingCapacity" xlink:to="lab_sach_MaximumPercentageOfBorrowingCapacity" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherIncomeAbstract" xlink:label="loc_us-gaap_OtherIncomeAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherIncomeAbstract" xml:lang="en-US">Component of Operating Income [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherIncomeAbstract" xlink:to="lab_us-gaap_OtherIncomeAbstract" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_IncomeOnBorrowerCharges" xlink:label="loc_sach_IncomeOnBorrowerCharges" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_IncomeOnBorrowerCharges" xml:lang="en-US">Income on borrower charges</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_IncomeOnBorrowerCharges" xml:lang="en-US">It represents the amount of income on borrower charges.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_IncomeOnBorrowerCharges" xlink:to="lab_sach_IncomeOnBorrowerCharges" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_IncomeOnLenderFees" xlink:label="loc_sach_IncomeOnLenderFees" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_IncomeOnLenderFees" xml:lang="en-US">Income on lender fees</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_sach_IncomeOnLenderFees" xml:lang="en-US">Lender fees</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_IncomeOnLenderFees" xml:lang="en-US">It represents the amount of income on lender fees.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_IncomeOnLenderFees" xlink:to="lab_sach_IncomeOnLenderFees" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_IncomeOnInhouseLegalFees" xlink:label="loc_sach_IncomeOnInhouseLegalFees" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_IncomeOnInhouseLegalFees" xml:lang="en-US">Income on in-house legal fees</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_sach_IncomeOnInhouseLegalFees" xml:lang="en-US">In-house legal fees</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_IncomeOnInhouseLegalFees" xml:lang="en-US">It represents the amount of income on in-house legal fees.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_IncomeOnInhouseLegalFees" xlink:to="lab_sach_IncomeOnInhouseLegalFees" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_IncomeOnModificationFees" xlink:label="loc_sach_IncomeOnModificationFees" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_IncomeOnModificationFees" xml:lang="en-US">Income on modification fees</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_sach_IncomeOnModificationFees" xml:lang="en-US">Modification fees</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_IncomeOnModificationFees" xml:lang="en-US">It represents the amount of income on modification fees.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_IncomeOnModificationFees" xlink:to="lab_sach_IncomeOnModificationFees" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_IncomeAndOther" xlink:label="loc_sach_IncomeAndOther" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_IncomeAndOther" xml:lang="en-US">Income and other</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_sach_IncomeAndOther" xml:lang="en-US">Other income</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_IncomeAndOther" xml:lang="en-US">It represents the amount of income on modification fees.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_IncomeAndOther" xlink:to="lab_sach_IncomeAndOther" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_OtherIncomeTextBlock" xlink:label="loc_sach_OtherIncomeTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_OtherIncomeTextBlock" xml:lang="en-US">Other income [Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_OtherIncomeTextBlock" xml:lang="en-US">The entire disclosure for information about other income.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_OtherIncomeTextBlock" xlink:to="lab_sach_OtherIncomeTextBlock" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_OtherIncomeTableTextBlock" xlink:label="loc_sach_OtherIncomeTableTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_OtherIncomeTableTextBlock" xml:lang="en-US">Other income [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_OtherIncomeTableTextBlock" xml:lang="en-US">Tabular disclosure of other income.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_OtherIncomeTableTextBlock" xlink:to="lab_sach_OtherIncomeTableTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DueToOfficersOrStockholdersCurrentAndNoncurrent" xlink:label="loc_us-gaap_DueToOfficersOrStockholdersCurrentAndNoncurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DueToOfficersOrStockholdersCurrentAndNoncurrent" xml:lang="en-US">Due to Officers or Stockholders</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DueToOfficersOrStockholdersCurrentAndNoncurrent" xml:lang="en-US">Due to shareholder/member</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DueToOfficersOrStockholdersCurrentAndNoncurrent" xlink:to="lab_us-gaap_DueToOfficersOrStockholdersCurrentAndNoncurrent" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_UnreimbursedCostsMember" xlink:label="loc_sach_UnreimbursedCostsMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_UnreimbursedCostsMember" xml:lang="en-US">Unreimbursed costs [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_UnreimbursedCostsMember" xlink:to="lab_sach_UnreimbursedCostsMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageNotesPayableDisclosureTextBlock" xlink:label="loc_us-gaap_MortgageNotesPayableDisclosureTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_MortgageNotesPayableDisclosureTextBlock" xml:lang="en-US">Mortgage Notes Payable Disclosure [Text Block]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgageNotesPayableDisclosureTextBlock" xlink:to="lab_us-gaap_MortgageNotesPayableDisclosureTextBlock" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_ProceedsFromMortgageFundingPayable" xlink:label="loc_sach_ProceedsFromMortgageFundingPayable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_ProceedsFromMortgageFundingPayable" xml:lang="en-US">Proceeds from Mortgage Funding Payable</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_ProceedsFromMortgageFundingPayable" xml:lang="en-US">The cash inflow from a mortgage funding during the year.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_ProceedsFromMortgageFundingPayable" xlink:to="lab_sach_ProceedsFromMortgageFundingPayable" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_ProceedsFromMortgagesFundingPayable" xlink:label="loc_sach_ProceedsFromMortgagesFundingPayable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_sach_ProceedsFromMortgagesFundingPayable" xml:lang="en-US">Proceeds From Mortgages Funding Payable</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_sach_ProceedsFromMortgagesFundingPayable" xml:lang="en-US">The cash inflow from a mortgage funding during the year.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sach_ProceedsFromMortgagesFundingPayable" xlink:to="lab_sach_ProceedsFromMortgagesFundingPayable" />
  </labelLink>
</linkbase>

</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>13
<FILENAME>sach-20180331_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8" ?>
<!-- Generated by DataTracks version 1.1.9 on 15-May-2018 [11:28:04] {AM} EST - www.datatracks.com -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#DocumentAndEntityInformation" roleURI="http://sachemcapital.com/role/DocumentAndEntityInformation" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#SignificantAccountingPolicies" roleURI="http://sachemcapital.com/role/SignificantAccountingPolicies" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#MortgagesReceivable" roleURI="http://sachemcapital.com/role/MortgagesReceivable" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#RealEstateOwned" roleURI="http://sachemcapital.com/role/RealEstateOwned" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#EscrowDeposits" roleURI="http://sachemcapital.com/role/EscrowDeposits" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#LineOfCreditAndMortgagePayable" roleURI="http://sachemcapital.com/role/LineOfCreditAndMortgagePayable" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#MortgageFundingPayable" roleURI="http://sachemcapital.com/role/MortgageFundingPayable" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#OtherIncome" roleURI="http://sachemcapital.com/role/OtherIncome" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#CommitmentsAndContingencies" roleURI="http://sachemcapital.com/role/CommitmentsAndContingencies" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#BalanceSheets" roleURI="http://sachemcapital.com/role/BalanceSheets" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#RelatedPartyTransactions" roleURI="http://sachemcapital.com/role/RelatedPartyTransactions" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#SubsequentEvents" roleURI="http://sachemcapital.com/role/SubsequentEvents" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#SignificantAccountingPoliciesPolicies" roleURI="http://sachemcapital.com/role/SignificantAccountingPoliciesPolicies" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#MortgagesReceivableTables" roleURI="http://sachemcapital.com/role/MortgagesReceivableTables" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#LineOfCreditAndMortgagePayableTables" roleURI="http://sachemcapital.com/role/LineOfCreditAndMortgagePayableTables" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#OtherIncomeTables" roleURI="http://sachemcapital.com/role/OtherIncomeTables" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#CommitmentsAndContingenciesTables" roleURI="http://sachemcapital.com/role/CommitmentsAndContingenciesTables" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#BalanceSheetsParenthetical" roleURI="http://sachemcapital.com/role/BalanceSheetsParenthetical" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#CompanyDetailsTextual" roleURI="http://sachemcapital.com/role/CompanyDetailsTextual" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#SignificantAccountingPoliciesDetailsTextual" roleURI="http://sachemcapital.com/role/SignificantAccountingPoliciesDetailsTextual" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#MortgagesReceivableDetails" roleURI="http://sachemcapital.com/role/MortgagesReceivableDetails" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#MortgagesReceivableDetails1" roleURI="http://sachemcapital.com/role/MortgagesReceivableDetails1" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#MortgagesReceivableDetailsTextual" roleURI="http://sachemcapital.com/role/MortgagesReceivableDetailsTextual" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#RealEstateOwnedDetailsTextual" roleURI="http://sachemcapital.com/role/RealEstateOwnedDetailsTextual" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#EscrowDepositsDetailsTextual" roleURI="http://sachemcapital.com/role/EscrowDepositsDetailsTextual" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#LineOfCreditAndMortgagePayableDetails" roleURI="http://sachemcapital.com/role/LineOfCreditAndMortgagePayableDetails" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#LineOfCreditAndMortgagePayableDetailsTextual" roleURI="http://sachemcapital.com/role/LineOfCreditAndMortgagePayableDetailsTextual" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#StatementsOfOperations" roleURI="http://sachemcapital.com/role/StatementsOfOperations" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#MortgageFundingPayableDetailsTextual" roleURI="http://sachemcapital.com/role/MortgageFundingPayableDetailsTextual" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#OtherIncomeDetails" roleURI="http://sachemcapital.com/role/OtherIncomeDetails" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#CommitmentsAndContingenciesDetails" roleURI="http://sachemcapital.com/role/CommitmentsAndContingenciesDetails" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#CommitmentsAndContingenciesDetailsTextual" roleURI="http://sachemcapital.com/role/CommitmentsAndContingenciesDetailsTextual" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#RelatedPartyTransactionsDetailsTextual" roleURI="http://sachemcapital.com/role/RelatedPartyTransactionsDetailsTextual" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#SubsequentEventsDetailsTextual" roleURI="http://sachemcapital.com/role/SubsequentEventsDetailsTextual" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#StatementOfChangesInShareholdersEquity" roleURI="http://sachemcapital.com/role/StatementOfChangesInShareholdersEquity" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#StatementsOfCashFlow" roleURI="http://sachemcapital.com/role/StatementsOfCashFlow" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#StatementsOfCashFlowParenthetical" roleURI="http://sachemcapital.com/role/StatementsOfCashFlowParenthetical" />

  <roleRef xlink:type="simple" xlink:href="sach-20180331.xsd#Company" roleURI="http://sachemcapital.com/role/Company" />

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/DocumentAndEntityInformation">
    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_DocumentAndEntityInformationAbstract" xlink:label="loc_sach_DocumentAndEntityInformationAbstract_2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentInformationTable" xlink:label="loc_dei_DocumentInformationTable_3" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_sach_DocumentAndEntityInformationAbstract_2" xlink:to="loc_dei_DocumentInformationTable_3" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_832" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_DocumentInformationTable_3" xlink:to="loc_us-gaap_StatementClassOfStockAxis_832" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_833" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_832" xlink:to="loc_us-gaap_ClassOfStockDomain_833" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentInformationLineItems" xlink:label="loc_dei_DocumentInformationLineItems_4" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_DocumentInformationTable_3" xlink:to="loc_dei_DocumentInformationLineItems_4" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentType" xlink:label="loc_dei_DocumentType_5" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_DocumentInformationLineItems_4" xlink:to="loc_dei_DocumentType_5" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentFlag" xlink:label="loc_dei_AmendmentFlag_6" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_DocumentInformationLineItems_4" xlink:to="loc_dei_AmendmentFlag_6" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_dei_DocumentPeriodEndDate_7" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_DocumentInformationLineItems_4" xlink:to="loc_dei_DocumentPeriodEndDate_7" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="loc_dei_DocumentFiscalYearFocus_8" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_DocumentInformationLineItems_4" xlink:to="loc_dei_DocumentFiscalYearFocus_8" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="loc_dei_DocumentFiscalPeriodFocus_9" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_DocumentInformationLineItems_4" xlink:to="loc_dei_DocumentFiscalPeriodFocus_9" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityRegistrantName" xlink:label="loc_dei_EntityRegistrantName_10" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_DocumentInformationLineItems_4" xlink:to="loc_dei_EntityRegistrantName_10" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="loc_dei_EntityCentralIndexKey_11" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_DocumentInformationLineItems_4" xlink:to="loc_dei_EntityCentralIndexKey_11" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="loc_dei_CurrentFiscalYearEndDate_12" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_DocumentInformationLineItems_4" xlink:to="loc_dei_CurrentFiscalYearEndDate_12" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityFilerCategory" xlink:label="loc_dei_EntityFilerCategory_13" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_DocumentInformationLineItems_4" xlink:to="loc_dei_EntityFilerCategory_13" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_TradingSymbol" xlink:label="loc_dei_TradingSymbol_14" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_DocumentInformationLineItems_4" xlink:to="loc_dei_TradingSymbol_14" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="loc_dei_EntityCommonStockSharesOutstanding_15" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_DocumentInformationLineItems_4" xlink:to="loc_dei_EntityCommonStockSharesOutstanding_15" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/SignificantAccountingPolicies">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="loc_us-gaap_AccountingPoliciesAbstract_153" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="loc_us-gaap_SignificantAccountingPoliciesTextBlock_154" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_153" xlink:to="loc_us-gaap_SignificantAccountingPoliciesTextBlock_154" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/MortgagesReceivable">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateAbstract" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateAbstract_139" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateByLoanDisclosureTextBlock" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateByLoanDisclosureTextBlock_140" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateAbstract_139" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateByLoanDisclosureTextBlock_140" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/RealEstateOwned">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BankingAndThriftAbstract" xlink:label="loc_us-gaap_BankingAndThriftAbstract_259" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RealEstateOwnedTextBlock" xlink:label="loc_us-gaap_RealEstateOwnedTextBlock_263" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_BankingAndThriftAbstract_259" xlink:to="loc_us-gaap_RealEstateOwnedTextBlock_263" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/EscrowDeposits">
    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_EscrowDepositsAbstract" xlink:label="loc_sach_EscrowDepositsAbstract_281" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_EscrowDepositsTextBlock" xlink:label="loc_sach_EscrowDepositsTextBlock_282" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_sach_EscrowDepositsAbstract_281" xlink:to="loc_sach_EscrowDepositsTextBlock_282" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/LineOfCreditAndMortgagePayable">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="loc_us-gaap_DebtDisclosureAbstract_289" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtDisclosureTextBlock" xlink:label="loc_us-gaap_DebtDisclosureTextBlock_302" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtDisclosureAbstract_289" xlink:to="loc_us-gaap_DebtDisclosureTextBlock_302" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/MortgageFundingPayable">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="loc_us-gaap_DebtDisclosureAbstract_871" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageNotesPayableDisclosureTextBlock" xlink:label="loc_us-gaap_MortgageNotesPayableDisclosureTextBlock_872" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtDisclosureAbstract_871" xlink:to="loc_us-gaap_MortgageNotesPayableDisclosureTextBlock_872" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/OtherIncome">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherIncomeAbstract" xlink:label="loc_us-gaap_OtherIncomeAbstract_851" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_OtherIncomeTextBlock" xlink:label="loc_sach_OtherIncomeTextBlock_852" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OtherIncomeAbstract_851" xlink:to="loc_sach_OtherIncomeTextBlock_852" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/CommitmentsAndContingencies">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_343" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_344" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_343" xlink:to="loc_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_344" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/BalanceSheets">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="loc_us-gaap_StatementOfFinancialPositionAbstract_18" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_19" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementOfFinancialPositionAbstract_18" xlink:to="loc_us-gaap_StatementTable_19" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_20" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_19" xlink:to="loc_us-gaap_StatementClassOfStockAxis_20" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_21" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_20" xlink:to="loc_us-gaap_ClassOfStockDomain_21" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_22" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_19" xlink:to="loc_us-gaap_StatementLineItems_22" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="loc_us-gaap_AssetsAbstract_23" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_22" xlink:to="loc_us-gaap_AssetsAbstract_23" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Cash" xlink:label="loc_us-gaap_Cash_24" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_23" xlink:to="loc_us-gaap_Cash_24" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EscrowDeposit" xlink:label="loc_us-gaap_EscrowDeposit_25" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_23" xlink:to="loc_us-gaap_EscrowDeposit_25" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstate" xlink:label="loc_us-gaap_MortgageLoansOnRealEstate_26" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_23" xlink:to="loc_us-gaap_MortgageLoansOnRealEstate_26" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MortgagesReceivableFromAffiliate" xlink:label="loc_sach_MortgagesReceivableFromAffiliate_27" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_23" xlink:to="loc_sach_MortgagesReceivableFromAffiliate_27" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestReceivable" xlink:label="loc_us-gaap_InterestReceivable_28" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_23" xlink:to="loc_us-gaap_InterestReceivable_28" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherReceivables" xlink:label="loc_us-gaap_OtherReceivables_29" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_23" xlink:to="loc_us-gaap_OtherReceivables_29" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DueFromAffiliates" xlink:label="loc_us-gaap_DueFromAffiliates_30" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_23" xlink:to="loc_us-gaap_DueFromAffiliates_30" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PrepaidExpenseCurrentAndNoncurrent" xlink:label="loc_us-gaap_PrepaidExpenseCurrentAndNoncurrent_31" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_23" xlink:to="loc_us-gaap_PrepaidExpenseCurrentAndNoncurrent_31" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNet_32" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_23" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentNet_32" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RealEstateInvestments" xlink:label="loc_us-gaap_RealEstateInvestments_33" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_23" xlink:to="loc_us-gaap_RealEstateInvestments_33" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredFinanceCostsNet" xlink:label="loc_us-gaap_DeferredFinanceCostsNet_36" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_23" xlink:to="loc_us-gaap_DeferredFinanceCostsNet_36" use="optional" order="16" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Assets" xlink:label="loc_us-gaap_Assets_37" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_23" xlink:to="loc_us-gaap_Assets_37" use="optional" order="17" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_38" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_22" xlink:to="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_38" use="optional" order="18" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilitiesAbstract" xlink:label="loc_us-gaap_LiabilitiesAbstract_39" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_38" xlink:to="loc_us-gaap_LiabilitiesAbstract_39" use="optional" order="19" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCredit" xlink:label="loc_us-gaap_LineOfCredit_40" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAbstract_39" xlink:to="loc_us-gaap_LineOfCredit_40" use="optional" order="20" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NotesPayable" xlink:label="loc_us-gaap_NotesPayable_41" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAbstract_39" xlink:to="loc_us-gaap_NotesPayable_41" use="optional" order="21" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MortgageFundingPayable" xlink:label="loc_sach_MortgageFundingPayable_818" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAbstract_39" xlink:to="loc_sach_MortgageFundingPayable_818" use="optional" order="22" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" xlink:label="loc_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_640" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAbstract_39" xlink:to="loc_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_640" use="optional" order="23" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SecurityDepositLiability" xlink:label="loc_us-gaap_SecurityDepositLiability_44" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAbstract_39" xlink:to="loc_us-gaap_SecurityDepositLiability_44" use="optional" order="24" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdvancePaymentsByBorrowersForTaxesAndInsurance" xlink:label="loc_us-gaap_AdvancePaymentsByBorrowersForTaxesAndInsurance_45" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAbstract_39" xlink:to="loc_us-gaap_AdvancePaymentsByBorrowersForTaxesAndInsurance_45" use="optional" order="25" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent" xlink:label="loc_us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent_750" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAbstract_39" xlink:to="loc_us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent_750" use="optional" order="26" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredRevenue" xlink:label="loc_us-gaap_DeferredRevenue_47" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAbstract_39" xlink:to="loc_us-gaap_DeferredRevenue_47" use="optional" order="27" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestPayableCurrentAndNoncurrent" xlink:label="loc_us-gaap_InterestPayableCurrentAndNoncurrent_48" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAbstract_39" xlink:to="loc_us-gaap_InterestPayableCurrentAndNoncurrent_48" use="optional" order="28" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Liabilities" xlink:label="loc_us-gaap_Liabilities_49" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAbstract_39" xlink:to="loc_us-gaap_Liabilities_49" use="optional" order="29" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_StockholdersAndMembersEquityAbstract" xlink:label="loc_sach_StockholdersAndMembersEquityAbstract_50" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_38" xlink:to="loc_sach_StockholdersAndMembersEquityAbstract_50" use="optional" order="30" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="loc_us-gaap_PreferredStockValue_51" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_sach_StockholdersAndMembersEquityAbstract_50" xlink:to="loc_us-gaap_PreferredStockValue_51" use="optional" order="31" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockValue" xlink:label="loc_us-gaap_CommonStockValue_52" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_sach_StockholdersAndMembersEquityAbstract_50" xlink:to="loc_us-gaap_CommonStockValue_52" use="optional" order="32" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="loc_us-gaap_AdditionalPaidInCapital_53" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_sach_StockholdersAndMembersEquityAbstract_50" xlink:to="loc_us-gaap_AdditionalPaidInCapital_53" use="optional" order="33" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit_55" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_sach_StockholdersAndMembersEquityAbstract_50" xlink:to="loc_us-gaap_RetainedEarningsAccumulatedDeficit_55" use="optional" order="34" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="loc_us-gaap_StockholdersEquity_489" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_sach_StockholdersAndMembersEquityAbstract_50" xlink:to="loc_us-gaap_StockholdersEquity_489" use="optional" order="35" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity_57" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_38" xlink:to="loc_us-gaap_LiabilitiesAndStockholdersEquity_57" use="optional" order="36" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/RelatedPartyTransactions">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="loc_us-gaap_RelatedPartyTransactionsAbstract_383" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="loc_us-gaap_RelatedPartyTransactionsDisclosureTextBlock_384" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionsAbstract_383" xlink:to="loc_us-gaap_RelatedPartyTransactionsDisclosureTextBlock_384" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/SubsequentEvents">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventsAbstract" xlink:label="loc_us-gaap_SubsequentEventsAbstract_400" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventsTextBlock" xlink:label="loc_us-gaap_SubsequentEventsTextBlock_401" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventsAbstract_400" xlink:to="loc_us-gaap_SubsequentEventsTextBlock_401" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/SignificantAccountingPoliciesPolicies">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="loc_us-gaap_AccountingPoliciesAbstract_156" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_UnauditedFinancialStatementsPolicyPolicyTextBlock" xlink:label="loc_sach_UnauditedFinancialStatementsPolicyPolicyTextBlock_822" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_156" xlink:to="loc_sach_UnauditedFinancialStatementsPolicyPolicyTextBlock_822" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_UseOfEstimates" xlink:label="loc_us-gaap_UseOfEstimates_158" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_156" xlink:to="loc_us-gaap_UseOfEstimates_158" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConcentrationRiskCreditRisk" xlink:label="loc_us-gaap_ConcentrationRiskCreditRisk_159" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_156" xlink:to="loc_us-gaap_ConcentrationRiskCreditRisk_159" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock" xlink:label="loc_us-gaap_IncomeTaxPolicyTextBlock_161" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_156" xlink:to="loc_us-gaap_IncomeTaxPolicyTextBlock_161" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_165" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_156" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_165" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RevenueRecognitionPolicyTextBlock" xlink:label="loc_us-gaap_RevenueRecognitionPolicyTextBlock_166" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_156" xlink:to="loc_us-gaap_RevenueRecognitionPolicyTextBlock_166" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_DeferredFinancingCostsPolicyTextBlock" xlink:label="loc_sach_DeferredFinancingCostsPolicyTextBlock_174" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_156" xlink:to="loc_sach_DeferredFinancingCostsPolicyTextBlock_174" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:label="loc_us-gaap_FairValueOfFinancialInstrumentsPolicy_168" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_156" xlink:to="loc_us-gaap_FairValueOfFinancialInstrumentsPolicy_168" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EarningsPerSharePolicyTextBlock" xlink:label="loc_us-gaap_EarningsPerSharePolicyTextBlock_169" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_156" xlink:to="loc_us-gaap_EarningsPerSharePolicyTextBlock_169" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:label="loc_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_171" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_156" xlink:to="loc_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_171" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/MortgagesReceivableTables">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateAbstract" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateAbstract_142" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MortagageReceivableTableTextBlock" xlink:label="loc_sach_MortagageReceivableTableTextBlock_143" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateAbstract_142" xlink:to="loc_sach_MortagageReceivableTableTextBlock_143" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_ScheduleOfMaturitiesOfMortgagesReceivableTableTextBlock" xlink:label="loc_sach_ScheduleOfMaturitiesOfMortgagesReceivableTableTextBlock_427" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateAbstract_142" xlink:to="loc_sach_ScheduleOfMaturitiesOfMortgagesReceivableTableTextBlock_427" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/LineOfCreditAndMortgagePayableTables">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="loc_us-gaap_DebtDisclosureAbstract_295" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ContractualObligationFiscalYearMaturityScheduleTableTextBlock" xlink:label="loc_us-gaap_ContractualObligationFiscalYearMaturityScheduleTableTextBlock_303" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtDisclosureAbstract_295" xlink:to="loc_us-gaap_ContractualObligationFiscalYearMaturityScheduleTableTextBlock_303" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/OtherIncomeTables">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherIncomeAbstract" xlink:label="loc_us-gaap_OtherIncomeAbstract_854" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_OtherIncomeTableTextBlock" xlink:label="loc_sach_OtherIncomeTableTextBlock_855" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OtherIncomeAbstract_854" xlink:to="loc_sach_OtherIncomeTableTextBlock_855" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/CommitmentsAndContingenciesTables">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_348" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherCommitmentsTableTextBlock" xlink:label="loc_us-gaap_OtherCommitmentsTableTextBlock_349" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_348" xlink:to="loc_us-gaap_OtherCommitmentsTableTextBlock_349" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/BalanceSheetsParenthetical">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="loc_us-gaap_StatementOfFinancialPositionAbstract_58" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_59" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementOfFinancialPositionAbstract_58" xlink:to="loc_us-gaap_StatementTable_59" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_60" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_59" xlink:to="loc_us-gaap_StatementClassOfStockAxis_60" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_61" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_60" xlink:to="loc_us-gaap_ClassOfStockDomain_61" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_62" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_59" xlink:to="loc_us-gaap_StatementLineItems_62" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="loc_us-gaap_PreferredStockParOrStatedValuePerShare_63" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_62" xlink:to="loc_us-gaap_PreferredStockParOrStatedValuePerShare_63" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="loc_us-gaap_PreferredStockSharesAuthorized_64" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_62" xlink:to="loc_us-gaap_PreferredStockSharesAuthorized_64" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="loc_us-gaap_PreferredStockSharesIssued_65" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_62" xlink:to="loc_us-gaap_PreferredStockSharesIssued_65" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="loc_us-gaap_CommonStockParOrStatedValuePerShare_66" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_62" xlink:to="loc_us-gaap_CommonStockParOrStatedValuePerShare_66" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="loc_us-gaap_CommonStockSharesAuthorized_67" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_62" xlink:to="loc_us-gaap_CommonStockSharesAuthorized_67" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="loc_us-gaap_CommonStockSharesIssued_68" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_62" xlink:to="loc_us-gaap_CommonStockSharesIssued_68" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_us-gaap_CommonStockSharesOutstanding_69" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_62" xlink:to="loc_us-gaap_CommonStockSharesOutstanding_69" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/CompanyDetailsTextual">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_104" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_106" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_104" xlink:to="loc_us-gaap_StatementTable_106" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_107" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_106" xlink:to="loc_us-gaap_StatementClassOfStockAxis_107" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_108" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_107" xlink:to="loc_us-gaap_ClassOfStockDomain_108" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsidiarySaleOfStockAxis" xlink:label="loc_us-gaap_SubsidiarySaleOfStockAxis_109" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_106" xlink:to="loc_us-gaap_SubsidiarySaleOfStockAxis_109" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="loc_us-gaap_SaleOfStockNameOfTransactionDomain_123" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsidiarySaleOfStockAxis_109" xlink:to="loc_us-gaap_SaleOfStockNameOfTransactionDomain_123" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IPOMember" xlink:label="loc_us-gaap_IPOMember_124" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SaleOfStockNameOfTransactionDomain_123" xlink:to="loc_us-gaap_IPOMember_124" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_122" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_106" xlink:to="loc_us-gaap_StatementLineItems_122" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued" xlink:label="loc_us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_121" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_122" xlink:to="loc_us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_121" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues_134" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_122" xlink:to="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues_134" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SharesIssuedPricePerShare" xlink:label="loc_us-gaap_SharesIssuedPricePerShare_135" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_122" xlink:to="loc_us-gaap_SharesIssuedPricePerShare_135" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_136" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_122" xlink:to="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_136" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FeesAndCommissions" xlink:label="loc_us-gaap_FeesAndCommissions_137" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_122" xlink:to="loc_us-gaap_FeesAndCommissions_137" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromIssuanceInitialPublicOffering" xlink:label="loc_us-gaap_ProceedsFromIssuanceInitialPublicOffering_448" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_122" xlink:to="loc_us-gaap_ProceedsFromIssuanceInitialPublicOffering_448" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfCommonStock_624" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_122" xlink:to="loc_us-gaap_ProceedsFromIssuanceOfCommonStock_624" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/SignificantAccountingPoliciesDetailsTextual">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="loc_us-gaap_AccountingPoliciesAbstract_185" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_187" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_185" xlink:to="loc_us-gaap_StatementTable_187" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_188" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_187" xlink:to="loc_us-gaap_StatementClassOfStockAxis_188" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_189" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_188" xlink:to="loc_us-gaap_ClassOfStockDomain_189" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis_190" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_187" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis_190" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_196" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis_190" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_196" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LandAndBuildingMember" xlink:label="loc_us-gaap_LandAndBuildingMember_197" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_196" xlink:to="loc_us-gaap_LandAndBuildingMember_197" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_195" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_187" xlink:to="loc_us-gaap_StatementLineItems_195" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CashFDICInsuredAmount" xlink:label="loc_us-gaap_CashFDICInsuredAmount_199" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_195" xlink:to="loc_us-gaap_CashFDICInsuredAmount_199" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentUsefulLife_449" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_195" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentUsefulLife_449" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/MortgagesReceivableDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateAbstract" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateAbstract_206" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_208" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateAbstract_206" xlink:to="loc_us-gaap_StatementTable_208" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_209" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_208" xlink:to="loc_us-gaap_StatementClassOfStockAxis_209" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_210" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_209" xlink:to="loc_us-gaap_ClassOfStockDomain_210" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialInstrumentPerformanceStatusAxis" xlink:label="loc_us-gaap_FinancialInstrumentPerformanceStatusAxis_211" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_208" xlink:to="loc_us-gaap_FinancialInstrumentPerformanceStatusAxis_211" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialInstrumentPerformanceStatusDomain" xlink:label="loc_us-gaap_FinancialInstrumentPerformanceStatusDomain_214" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FinancialInstrumentPerformanceStatusAxis_211" xlink:to="loc_us-gaap_FinancialInstrumentPerformanceStatusDomain_214" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialInstrumentAxis" xlink:label="loc_us-gaap_FinancialInstrumentAxis_213" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_208" xlink:to="loc_us-gaap_FinancialInstrumentAxis_213" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:label="loc_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_226" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FinancialInstrumentAxis_213" xlink:to="loc_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_226" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommercialLoanMember" xlink:label="loc_us-gaap_CommercialLoanMember_231" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_226" xlink:to="loc_us-gaap_CommercialLoanMember_231" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MexedUseMember" xlink:label="loc_sach_MexedUseMember_237" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_226" xlink:to="loc_sach_MexedUseMember_237" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ResidentialMortgageMember" xlink:label="loc_us-gaap_ResidentialMortgageMember_238" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_226" xlink:to="loc_us-gaap_ResidentialMortgageMember_238" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis_224" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_208" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis_224" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_244" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis_224" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_244" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LandMember" xlink:label="loc_us-gaap_LandMember_245" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_244" xlink:to="loc_us-gaap_LandMember_245" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_243" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_208" xlink:to="loc_us-gaap_StatementLineItems_243" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages_782" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_243" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages_782" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/MortgagesReceivableDetails1">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateAbstract" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateAbstract_247" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_248" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateAbstract_247" xlink:to="loc_us-gaap_StatementTable_248" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_249" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_248" xlink:to="loc_us-gaap_StatementClassOfStockAxis_249" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_250" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_249" xlink:to="loc_us-gaap_ClassOfStockDomain_250" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_251" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_248" xlink:to="loc_us-gaap_StatementLineItems_251" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MaturitiesOfMortagageReceivableYearOne" xlink:label="loc_sach_MaturitiesOfMortagageReceivableYearOne_252" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_251" xlink:to="loc_sach_MaturitiesOfMortagageReceivableYearOne_252" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MaturitiesOfMortagageReceivableYearTwo" xlink:label="loc_sach_MaturitiesOfMortagageReceivableYearTwo_253" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_251" xlink:to="loc_sach_MaturitiesOfMortagageReceivableYearTwo_253" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MaturitiesOfMortagageReceivableYearThree" xlink:label="loc_sach_MaturitiesOfMortagageReceivableYearThree_254" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_251" xlink:to="loc_sach_MaturitiesOfMortagageReceivableYearThree_254" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MaturitiesOfMortagageReceivableYearFour" xlink:label="loc_sach_MaturitiesOfMortagageReceivableYearFour_255" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_251" xlink:to="loc_sach_MaturitiesOfMortagageReceivableYearFour_255" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages_783" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_251" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages_783" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/MortgagesReceivableDetailsTextual">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateAbstract" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateAbstract_264" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_265" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateAbstract_264" xlink:to="loc_us-gaap_StatementTable_265" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_266" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_265" xlink:to="loc_us-gaap_StatementClassOfStockAxis_266" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_267" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_266" xlink:to="loc_us-gaap_ClassOfStockDomain_267" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_268" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_265" xlink:to="loc_dei_LegalEntityAxis_268" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_275" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_LegalEntityAxis_268" xlink:to="loc_dei_EntityDomain_275" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_JjvLlcMember" xlink:label="loc_sach_JjvLlcMember_278" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_275" xlink:to="loc_sach_JjvLlcMember_278" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis_274" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_265" xlink:to="loc_us-gaap_RangeAxis_274" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_297" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeAxis_274" xlink:to="loc_us-gaap_RangeMember_297" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MinimumMember" xlink:label="loc_us-gaap_MinimumMember_298" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeMember_297" xlink:to="loc_us-gaap_MinimumMember_298" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_us-gaap_MaximumMember_299" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeMember_297" xlink:to="loc_us-gaap_MaximumMember_299" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancingReceivablesPeriodPastDueAxis" xlink:label="loc_us-gaap_FinancingReceivablesPeriodPastDueAxis_296" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_265" xlink:to="loc_us-gaap_FinancingReceivablesPeriodPastDueAxis_296" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancingReceivablesPeriodPastDueDomain" xlink:label="loc_us-gaap_FinancingReceivablesPeriodPastDueDomain_800" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FinancingReceivablesPeriodPastDueAxis_296" xlink:to="loc_us-gaap_FinancingReceivablesPeriodPastDueDomain_800" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember" xlink:label="loc_us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember_801" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FinancingReceivablesPeriodPastDueDomain_800" xlink:to="loc_us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember_801" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="loc_us-gaap_LongtermDebtTypeAxis_799" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_265" xlink:to="loc_us-gaap_LongtermDebtTypeAxis_799" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_us-gaap_LongtermDebtTypeDomain_859" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LongtermDebtTypeAxis_799" xlink:to="loc_us-gaap_LongtermDebtTypeDomain_859" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgagesMember" xlink:label="loc_us-gaap_MortgagesMember_860" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LongtermDebtTypeDomain_859" xlink:to="loc_us-gaap_MortgagesMember_860" use="optional" order="16" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_858" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_265" xlink:to="loc_us-gaap_StatementLineItems_858" use="optional" order="17" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MortgageLoansOnRealEstateDefaultInterestRate" xlink:label="loc_sach_MortgageLoansOnRealEstateDefaultInterestRate_283" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_858" xlink:to="loc_sach_MortgageLoansOnRealEstateDefaultInterestRate_283" use="optional" order="18" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_ExerciseOfOptionToSharepercentageOnDiscount" xlink:label="loc_sach_ExerciseOfOptionToSharepercentageOnDiscount_284" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_858" xlink:to="loc_sach_ExerciseOfOptionToSharepercentageOnDiscount_284" use="optional" order="19" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_PaymentsToAcquireMortgageReceivable" xlink:label="loc_sach_PaymentsToAcquireMortgageReceivable_437" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_858" xlink:to="loc_sach_PaymentsToAcquireMortgageReceivable_437" use="optional" order="20" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages_292" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_858" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages_292" use="optional" order="21" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateInterestRate" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateInterestRate_293" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_858" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateInterestRate_293" use="optional" order="22" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ReceivableWithImputedInterestDiscount" xlink:label="loc_us-gaap_ReceivableWithImputedInterestDiscount_294" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_858" xlink:to="loc_us-gaap_ReceivableWithImputedInterestDiscount_294" use="optional" order="23" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_ProceedsFromCollectionOfMortagageReceivable" xlink:label="loc_sach_ProceedsFromCollectionOfMortagageReceivable_438" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_858" xlink:to="loc_sach_ProceedsFromCollectionOfMortagageReceivable_438" use="optional" order="24" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages_797" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_858" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages_797" use="optional" order="25" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_AmortizationOfStockOptionDiscount" xlink:label="loc_sach_AmortizationOfStockOptionDiscount_823" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_858" xlink:to="loc_sach_AmortizationOfStockOptionDiscount_823" use="optional" order="26" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/RealEstateOwnedDetailsTextual">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BankingAndThriftAbstract" xlink:label="loc_us-gaap_BankingAndThriftAbstract_269" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_270" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_BankingAndThriftAbstract_269" xlink:to="loc_us-gaap_StatementTable_270" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_271" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_270" xlink:to="loc_us-gaap_StatementClassOfStockAxis_271" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_272" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_271" xlink:to="loc_us-gaap_ClassOfStockDomain_272" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_273" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_270" xlink:to="loc_dei_LegalEntityAxis_273" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_536" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_LegalEntityAxis_273" xlink:to="loc_dei_EntityDomain_536" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis" xlink:label="loc_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis_535" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_270" xlink:to="loc_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis_535" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ReceivableTypeDomain" xlink:label="loc_us-gaap_ReceivableTypeDomain_541" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis_535" xlink:to="loc_us-gaap_ReceivableTypeDomain_541" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_540" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_270" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_540" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_546" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_540" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_546" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DisposalGroupClassificationAxis" xlink:label="loc_us-gaap_DisposalGroupClassificationAxis_545" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_270" xlink:to="loc_us-gaap_DisposalGroupClassificationAxis_545" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DisposalGroupClassificationDomain" xlink:label="loc_us-gaap_DisposalGroupClassificationDomain_632" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DisposalGroupClassificationAxis_545" xlink:to="loc_us-gaap_DisposalGroupClassificationDomain_632" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis" xlink:label="loc_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_631" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_270" xlink:to="loc_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_631" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain" xlink:label="loc_us-gaap_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain_637" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_631" xlink:to="loc_us-gaap_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain_637" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_636" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_270" xlink:to="loc_us-gaap_StatementLineItems_636" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RealEstateInvestmentPropertyAtCost" xlink:label="loc_us-gaap_RealEstateInvestmentPropertyAtCost_627" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_636" xlink:to="loc_us-gaap_RealEstateInvestmentPropertyAtCost_627" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/EscrowDepositsDetailsTextual">
    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_OtherReceivablesAbstract" xlink:label="loc_sach_OtherReceivablesAbstract_492" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_493" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_sach_OtherReceivablesAbstract_492" xlink:to="loc_us-gaap_StatementTable_493" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_494" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_493" xlink:to="loc_us-gaap_StatementClassOfStockAxis_494" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_495" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_494" xlink:to="loc_us-gaap_ClassOfStockDomain_495" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="loc_us-gaap_SubsequentEventTypeAxis_496" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_493" xlink:to="loc_us-gaap_SubsequentEventTypeAxis_496" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_us-gaap_SubsequentEventTypeDomain_654" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTypeAxis_496" xlink:to="loc_us-gaap_SubsequentEventTypeDomain_654" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_653" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_493" xlink:to="loc_us-gaap_StatementLineItems_653" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LoansReceivableNet" xlink:label="loc_us-gaap_LoansReceivableNet_499" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_653" xlink:to="loc_us-gaap_LoansReceivableNet_499" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/LineOfCreditAndMortgagePayableDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="loc_us-gaap_DebtDisclosureAbstract_300" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_304" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtDisclosureAbstract_300" xlink:to="loc_us-gaap_StatementTable_304" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_305" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_304" xlink:to="loc_us-gaap_StatementClassOfStockAxis_305" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_306" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_305" xlink:to="loc_us-gaap_ClassOfStockDomain_306" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="loc_us-gaap_LongtermDebtTypeAxis_307" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_304" xlink:to="loc_us-gaap_LongtermDebtTypeAxis_307" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_us-gaap_LongtermDebtTypeDomain_309" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LongtermDebtTypeAxis_307" xlink:to="loc_us-gaap_LongtermDebtTypeDomain_309" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_308" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_304" xlink:to="loc_us-gaap_StatementLineItems_308" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_311" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_308" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_311" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_312" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_308" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_312" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_313" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_308" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_313" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_314" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_308" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_314" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_315" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_308" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_315" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebt" xlink:label="loc_us-gaap_LongTermDebt_317" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_308" xlink:to="loc_us-gaap_LongTermDebt_317" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/LineOfCreditAndMortgagePayableDetailsTextual">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="loc_us-gaap_DebtDisclosureAbstract_301" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_318" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtDisclosureAbstract_301" xlink:to="loc_us-gaap_StatementTable_318" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_319" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_318" xlink:to="loc_us-gaap_StatementClassOfStockAxis_319" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_320" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_319" xlink:to="loc_us-gaap_ClassOfStockDomain_320" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_321" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_318" xlink:to="loc_dei_LegalEntityAxis_321" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_323" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_LegalEntityAxis_321" xlink:to="loc_dei_EntityDomain_323" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_BankwellBankMember" xlink:label="loc_sach_BankwellBankMember_324" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_323" xlink:to="loc_sach_BankwellBankMember_324" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CreditFacilityAxis" xlink:label="loc_us-gaap_CreditFacilityAxis_322" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_318" xlink:to="loc_us-gaap_CreditFacilityAxis_322" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CreditFacilityDomain" xlink:label="loc_us-gaap_CreditFacilityDomain_326" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CreditFacilityAxis_322" xlink:to="loc_us-gaap_CreditFacilityDomain_326" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCreditMember" xlink:label="loc_us-gaap_LineOfCreditMember_327" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CreditFacilityDomain_326" xlink:to="loc_us-gaap_LineOfCreditMember_327" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_BankwellCreditLineMember" xlink:label="loc_sach_BankwellCreditLineMember_662" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CreditFacilityDomain_326" xlink:to="loc_sach_BankwellCreditLineMember_662" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="loc_us-gaap_LongtermDebtTypeAxis_325" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_318" xlink:to="loc_us-gaap_LongtermDebtTypeAxis_325" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_us-gaap_LongtermDebtTypeDomain_329" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LongtermDebtTypeAxis_325" xlink:to="loc_us-gaap_LongtermDebtTypeDomain_329" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgagesMember" xlink:label="loc_us-gaap_MortgagesMember_330" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LongtermDebtTypeDomain_329" xlink:to="loc_us-gaap_MortgagesMember_330" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LossContingenciesByNatureOfContingencyAxis" xlink:label="loc_us-gaap_LossContingenciesByNatureOfContingencyAxis_328" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_318" xlink:to="loc_us-gaap_LossContingenciesByNatureOfContingencyAxis_328" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LossContingencyNatureDomain" xlink:label="loc_us-gaap_LossContingencyNatureDomain_422" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LossContingenciesByNatureOfContingencyAxis_328" xlink:to="loc_us-gaap_LossContingencyNatureDomain_422" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GuaranteeObligationsMember" xlink:label="loc_us-gaap_GuaranteeObligationsMember_423" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LossContingencyNatureDomain_422" xlink:to="loc_us-gaap_GuaranteeObligationsMember_423" use="optional" order="16" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis_421" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_318" xlink:to="loc_us-gaap_RangeAxis_421" use="optional" order="17" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_425" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeAxis_421" xlink:to="loc_us-gaap_RangeMember_425" use="optional" order="18" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_us-gaap_MaximumMember_426" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeMember_425" xlink:to="loc_us-gaap_MaximumMember_426" use="optional" order="19" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MinimumMember" xlink:label="loc_us-gaap_MinimumMember_676" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeMember_425" xlink:to="loc_us-gaap_MinimumMember_676" use="optional" order="20" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_VariablerateaxisAxis" xlink:label="loc_sach_VariablerateaxisAxis_424" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_318" xlink:to="loc_sach_VariablerateaxisAxis_424" use="optional" order="21" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_VariableRateDomain" xlink:label="loc_us-gaap_VariableRateDomain_674" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_sach_VariablerateaxisAxis_424" xlink:to="loc_us-gaap_VariableRateDomain_674" use="optional" order="22" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PrimeRateMember" xlink:label="loc_us-gaap_PrimeRateMember_675" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VariableRateDomain_674" xlink:to="loc_us-gaap_PrimeRateMember_675" use="optional" order="23" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_673" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_318" xlink:to="loc_us-gaap_StatementLineItems_673" use="optional" order="24" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:label="loc_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_331" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_673" xlink:to="loc_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_331" use="optional" order="25" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd" xlink:label="loc_us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd_332" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_673" xlink:to="loc_us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd_332" use="optional" order="26" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="loc_us-gaap_DebtInstrumentFaceAmount_334" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_673" xlink:to="loc_us-gaap_DebtInstrumentFaceAmount_334" use="optional" order="27" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_335" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_673" xlink:to="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_335" use="optional" order="28" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentPeriodicPayment" xlink:label="loc_us-gaap_DebtInstrumentPeriodicPayment_336" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_673" xlink:to="loc_us-gaap_DebtInstrumentPeriodicPayment_336" use="optional" order="29" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentInterestRateTerms" xlink:label="loc_us-gaap_DebtInstrumentInterestRateTerms_337" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_673" xlink:to="loc_us-gaap_DebtInstrumentInterestRateTerms_337" use="optional" order="30" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCredit" xlink:label="loc_us-gaap_LineOfCredit_341" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_673" xlink:to="loc_us-gaap_LineOfCredit_341" use="optional" order="31" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCreditFacilityInterestRateDuringPeriod" xlink:label="loc_us-gaap_LineOfCreditFacilityInterestRateDuringPeriod_668" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_673" xlink:to="loc_us-gaap_LineOfCreditFacilityInterestRateDuringPeriod_668" use="optional" order="32" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MinimumOwnershipRequiredForGuarantorShares" xlink:label="loc_sach_MinimumOwnershipRequiredForGuarantorShares_678" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_673" xlink:to="loc_sach_MinimumOwnershipRequiredForGuarantorShares_678" use="optional" order="33" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xlink:label="loc_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis_707" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_673" xlink:to="loc_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis_707" use="optional" order="34" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:label="loc_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_708" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_673" xlink:to="loc_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_708" use="optional" order="35" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessExitCosts1" xlink:label="loc_us-gaap_BusinessExitCosts1_777" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_673" xlink:to="loc_us-gaap_BusinessExitCosts1_777" use="optional" order="36" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/StatementsOfOperations">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="loc_us-gaap_IncomeStatementAbstract_71" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_72" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementAbstract_71" xlink:to="loc_us-gaap_StatementTable_72" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_73" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_72" xlink:to="loc_us-gaap_StatementClassOfStockAxis_73" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_74" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_73" xlink:to="loc_us-gaap_ClassOfStockDomain_74" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_75" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_72" xlink:to="loc_us-gaap_StatementLineItems_75" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RevenuesAbstract" xlink:label="loc_us-gaap_RevenuesAbstract_76" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_75" xlink:to="loc_us-gaap_RevenuesAbstract_76" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestAndFeeIncomeLoansAndLeases" xlink:label="loc_us-gaap_InterestAndFeeIncomeLoansAndLeases_77" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RevenuesAbstract_76" xlink:to="loc_us-gaap_InterestAndFeeIncomeLoansAndLeases_77" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_OriginationFees" xlink:label="loc_sach_OriginationFees_78" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RevenuesAbstract_76" xlink:to="loc_sach_OriginationFees_78" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FeesAndCommissionsCreditAndDebitCards" xlink:label="loc_us-gaap_FeesAndCommissionsCreditAndDebitCards_79" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RevenuesAbstract_76" xlink:to="loc_us-gaap_FeesAndCommissionsCreditAndDebitCards_79" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_ProcessingFees" xlink:label="loc_sach_ProcessingFees_80" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RevenuesAbstract_76" xlink:to="loc_sach_ProcessingFees_80" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RentalIncomeNonoperating" xlink:label="loc_us-gaap_RentalIncomeNonoperating_81" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RevenuesAbstract_76" xlink:to="loc_us-gaap_RentalIncomeNonoperating_81" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherIncome" xlink:label="loc_us-gaap_OtherIncome_82" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RevenuesAbstract_76" xlink:to="loc_us-gaap_OtherIncome_82" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_GainOnSaleOfRealEstateInvestement" xlink:label="loc_sach_GainOnSaleOfRealEstateInvestement_471" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RevenuesAbstract_76" xlink:to="loc_sach_GainOnSaleOfRealEstateInvestement_471" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Revenues" xlink:label="loc_us-gaap_Revenues_84" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RevenuesAbstract_76" xlink:to="loc_us-gaap_Revenues_84" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OperatingCostsAndExpensesAbstract" xlink:label="loc_us-gaap_OperatingCostsAndExpensesAbstract_85" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_75" xlink:to="loc_us-gaap_OperatingCostsAndExpensesAbstract_85" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_InterestAndAmortizationOfDebtServiceCosts" xlink:label="loc_sach_InterestAndAmortizationOfDebtServiceCosts_86" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OperatingCostsAndExpensesAbstract_85" xlink:to="loc_sach_InterestAndAmortizationOfDebtServiceCosts_86" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LaborAndRelatedExpense" xlink:label="loc_us-gaap_LaborAndRelatedExpense_752" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OperatingCostsAndExpensesAbstract_85" xlink:to="loc_us-gaap_LaborAndRelatedExpense_752" use="optional" order="16" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SalariesAndWages" xlink:label="loc_us-gaap_SalariesAndWages_87" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OperatingCostsAndExpensesAbstract_85" xlink:to="loc_us-gaap_SalariesAndWages_87" use="optional" order="17" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProfessionalFees" xlink:label="loc_us-gaap_ProfessionalFees_88" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OperatingCostsAndExpensesAbstract_85" xlink:to="loc_us-gaap_ProfessionalFees_88" use="optional" order="18" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TaxesAndLicenses" xlink:label="loc_us-gaap_TaxesAndLicenses_89" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OperatingCostsAndExpensesAbstract_85" xlink:to="loc_us-gaap_TaxesAndLicenses_89" use="optional" order="19" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Depreciation" xlink:label="loc_us-gaap_Depreciation_90" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OperatingCostsAndExpensesAbstract_85" xlink:to="loc_us-gaap_Depreciation_90" use="optional" order="20" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="loc_us-gaap_GeneralAndAdministrativeExpense_91" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OperatingCostsAndExpensesAbstract_85" xlink:to="loc_us-gaap_GeneralAndAdministrativeExpense_91" use="optional" order="21" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ExciseAndSalesTaxes" xlink:label="loc_us-gaap_ExciseAndSalesTaxes_819" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OperatingCostsAndExpensesAbstract_85" xlink:to="loc_us-gaap_ExciseAndSalesTaxes_819" use="optional" order="22" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CostsAndExpenses" xlink:label="loc_us-gaap_CostsAndExpenses_92" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OperatingCostsAndExpensesAbstract_85" xlink:to="loc_us-gaap_CostsAndExpenses_92" use="optional" order="23" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_us-gaap_NetIncomeLoss_93" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_75" xlink:to="loc_us-gaap_NetIncomeLoss_93" use="optional" order="24" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EarningsPerShareBasicAndDilutedAbstract" xlink:label="loc_us-gaap_EarningsPerShareBasicAndDilutedAbstract_94" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_75" xlink:to="loc_us-gaap_EarningsPerShareBasicAndDilutedAbstract_94" use="optional" order="25" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="loc_us-gaap_EarningsPerShareBasic_95" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EarningsPerShareBasicAndDilutedAbstract_94" xlink:to="loc_us-gaap_EarningsPerShareBasic_95" use="optional" order="26" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="loc_us-gaap_EarningsPerShareDiluted_96" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EarningsPerShareBasicAndDilutedAbstract_94" xlink:to="loc_us-gaap_EarningsPerShareDiluted_96" use="optional" order="27" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract" xlink:label="loc_us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract_97" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_75" xlink:to="loc_us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract_97" use="optional" order="28" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_98" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract_97" xlink:to="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_98" use="optional" order="29" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_99" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract_97" xlink:to="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_99" use="optional" order="30" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/MortgageFundingPayableDetailsTextual">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="loc_us-gaap_DebtDisclosureAbstract_873" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_874" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtDisclosureAbstract_873" xlink:to="loc_us-gaap_StatementTable_874" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_875" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_874" xlink:to="loc_us-gaap_StatementClassOfStockAxis_875" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_876" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_875" xlink:to="loc_us-gaap_ClassOfStockDomain_876" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_877" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_874" xlink:to="loc_us-gaap_StatementLineItems_877" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_ProceedsFromMortgageFundingPayable" xlink:label="loc_sach_ProceedsFromMortgageFundingPayable_878" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_877" xlink:to="loc_sach_ProceedsFromMortgageFundingPayable_878" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/OtherIncomeDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherIncomeAbstract" xlink:label="loc_us-gaap_OtherIncomeAbstract_839" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_840" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OtherIncomeAbstract_839" xlink:to="loc_us-gaap_StatementTable_840" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_841" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_840" xlink:to="loc_us-gaap_StatementClassOfStockAxis_841" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_842" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_841" xlink:to="loc_us-gaap_ClassOfStockDomain_842" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_843" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_840" xlink:to="loc_us-gaap_StatementLineItems_843" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_IncomeOnBorrowerCharges" xlink:label="loc_sach_IncomeOnBorrowerCharges_844" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_843" xlink:to="loc_sach_IncomeOnBorrowerCharges_844" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_IncomeOnLenderFees" xlink:label="loc_sach_IncomeOnLenderFees_845" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_843" xlink:to="loc_sach_IncomeOnLenderFees_845" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_IncomeOnInhouseLegalFees" xlink:label="loc_sach_IncomeOnInhouseLegalFees_846" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_843" xlink:to="loc_sach_IncomeOnInhouseLegalFees_846" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_IncomeOnModificationFees" xlink:label="loc_sach_IncomeOnModificationFees_847" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_843" xlink:to="loc_sach_IncomeOnModificationFees_847" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_IncomeAndOther" xlink:label="loc_sach_IncomeAndOther_848" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_843" xlink:to="loc_sach_IncomeAndOther_848" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherIncome" xlink:label="loc_us-gaap_OtherIncome_849" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_843" xlink:to="loc_us-gaap_OtherIncome_849" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/CommitmentsAndContingenciesDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_350" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherCommitmentsTable" xlink:label="loc_us-gaap_OtherCommitmentsTable_351" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_350" xlink:to="loc_us-gaap_OtherCommitmentsTable_351" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LossContingenciesByNatureOfContingencyAxis" xlink:label="loc_us-gaap_LossContingenciesByNatureOfContingencyAxis_352" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OtherCommitmentsTable_351" xlink:to="loc_us-gaap_LossContingenciesByNatureOfContingencyAxis_352" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LossContingencyNatureDomain" xlink:label="loc_us-gaap_LossContingencyNatureDomain_353" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LossContingenciesByNatureOfContingencyAxis_352" xlink:to="loc_us-gaap_LossContingencyNatureDomain_353" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RegulatoryLiabilityAxis" xlink:label="loc_us-gaap_RegulatoryLiabilityAxis_354" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OtherCommitmentsTable_351" xlink:to="loc_us-gaap_RegulatoryLiabilityAxis_354" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RegulatoryLiabilityDomain" xlink:label="loc_us-gaap_RegulatoryLiabilityDomain_357" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RegulatoryLiabilityAxis_354" xlink:to="loc_us-gaap_RegulatoryLiabilityDomain_357" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredLeaseRevenueMember" xlink:label="loc_us-gaap_DeferredLeaseRevenueMember_358" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RegulatoryLiabilityDomain_357" xlink:to="loc_us-gaap_DeferredLeaseRevenueMember_358" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherCommitmentsLineItems" xlink:label="loc_us-gaap_OtherCommitmentsLineItems_356" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OtherCommitmentsTable_351" xlink:to="loc_us-gaap_OtherCommitmentsLineItems_356" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherCommitmentDueInNextTwelveMonths" xlink:label="loc_us-gaap_OtherCommitmentDueInNextTwelveMonths_355" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OtherCommitmentsLineItems_356" xlink:to="loc_us-gaap_OtherCommitmentDueInNextTwelveMonths_355" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherCommitmentDueInSecondYear" xlink:label="loc_us-gaap_OtherCommitmentDueInSecondYear_359" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OtherCommitmentsLineItems_356" xlink:to="loc_us-gaap_OtherCommitmentDueInSecondYear_359" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherCommitmentDueInThirdYear" xlink:label="loc_us-gaap_OtherCommitmentDueInThirdYear_360" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OtherCommitmentsLineItems_356" xlink:to="loc_us-gaap_OtherCommitmentDueInThirdYear_360" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherCommitment" xlink:label="loc_us-gaap_OtherCommitment_361" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OtherCommitmentsLineItems_356" xlink:to="loc_us-gaap_OtherCommitment_361" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/CommitmentsAndContingenciesDetailsTextual">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_362" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_363" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_362" xlink:to="loc_us-gaap_StatementTable_363" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_364" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_363" xlink:to="loc_us-gaap_StatementClassOfStockAxis_364" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_365" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_364" xlink:to="loc_us-gaap_ClassOfStockDomain_365" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_366" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_363" xlink:to="loc_dei_LegalEntityAxis_366" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_375" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_LegalEntityAxis_366" xlink:to="loc_dei_EntityDomain_375" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_JjvLlcMember" xlink:label="loc_sach_JjvLlcMember_376" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_375" xlink:to="loc_sach_JjvLlcMember_376" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis_374" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_363" xlink:to="loc_us-gaap_RangeAxis_374" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_378" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeAxis_374" xlink:to="loc_us-gaap_RangeMember_378" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MinimumMember" xlink:label="loc_us-gaap_MinimumMember_379" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeMember_378" xlink:to="loc_us-gaap_MinimumMember_379" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_us-gaap_MaximumMember_380" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeMember_378" xlink:to="loc_us-gaap_MaximumMember_380" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_377" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_363" xlink:to="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_377" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_665" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_377" xlink:to="loc_us-gaap_RelatedPartyDomain_665" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_ManagerMember" xlink:label="loc_sach_ManagerMember_666" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyDomain_665" xlink:to="loc_sach_ManagerMember_666" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis" xlink:label="loc_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis_664" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_363" xlink:to="loc_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis_664" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain" xlink:label="loc_us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain_720" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis_664" xlink:to="loc_us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain_720" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_UnfundedLoanCommitmentMember" xlink:label="loc_us-gaap_UnfundedLoanCommitmentMember_721" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain_720" xlink:to="loc_us-gaap_UnfundedLoanCommitmentMember_721" use="optional" order="16" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_719" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_363" xlink:to="loc_us-gaap_StatementLineItems_719" use="optional" order="17" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_LoanOriginationFeesOnOriginalLoanPrincipalpercentage" xlink:label="loc_sach_LoanOriginationFeesOnOriginalLoanPrincipalpercentage_367" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_719" xlink:to="loc_sach_LoanOriginationFeesOnOriginalLoanPrincipalpercentage_367" use="optional" order="18" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_LoanOriginationFeesPercentage" xlink:label="loc_sach_LoanOriginationFeesPercentage_368" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_719" xlink:to="loc_sach_LoanOriginationFeesPercentage_368" use="optional" order="19" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LoanProcessingFee" xlink:label="loc_us-gaap_LoanProcessingFee_369" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_719" xlink:to="loc_us-gaap_LoanProcessingFee_369" use="optional" order="20" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_LoanServicingFeesdescription" xlink:label="loc_sach_LoanServicingFeesdescription_370" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_719" xlink:to="loc_sach_LoanServicingFeesdescription_370" use="optional" order="21" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_LoanServicingFeespercentage" xlink:label="loc_sach_LoanServicingFeespercentage_371" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_719" xlink:to="loc_sach_LoanServicingFeespercentage_371" use="optional" order="22" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LoanPortfolioExpense" xlink:label="loc_us-gaap_LoanPortfolioExpense_372" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_719" xlink:to="loc_us-gaap_LoanPortfolioExpense_372" use="optional" order="23" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherCommitment" xlink:label="loc_us-gaap_OtherCommitment_373" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_719" xlink:to="loc_us-gaap_OtherCommitment_373" use="optional" order="24" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/RelatedPartyTransactionsDetailsTextual">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="loc_us-gaap_RelatedPartyTransactionsAbstract_385" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:label="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_386" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionsAbstract_385" xlink:to="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_386" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_387" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_386" xlink:to="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_387" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_396" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_387" xlink:to="loc_us-gaap_RelatedPartyDomain_396" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_JjvLlcMember" xlink:label="loc_sach_JjvLlcMember_397" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyDomain_396" xlink:to="loc_sach_JjvLlcMember_397" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_ManagerMember" xlink:label="loc_sach_ManagerMember_685" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyDomain_396" xlink:to="loc_sach_ManagerMember_685" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InvestorMember" xlink:label="loc_us-gaap_InvestorMember_698" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyDomain_396" xlink:to="loc_us-gaap_InvestorMember_698" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_JeffreyVillanoMember" xlink:label="loc_sach_JeffreyVillanoMember_724" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyDomain_396" xlink:to="loc_sach_JeffreyVillanoMember_724" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_ShareholdersMember" xlink:label="loc_sach_ShareholdersMember_757" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyDomain_396" xlink:to="loc_sach_ShareholdersMember_757" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_WifeOfExecutiveOfficerMember" xlink:label="loc_sach_WifeOfExecutiveOfficerMember_761" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyDomain_396" xlink:to="loc_sach_WifeOfExecutiveOfficerMember_761" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeStatementLocationAxis" xlink:label="loc_us-gaap_IncomeStatementLocationAxis_395" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_386" xlink:to="loc_us-gaap_IncomeStatementLocationAxis_395" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeStatementLocationDomain" xlink:label="loc_us-gaap_IncomeStatementLocationDomain_687" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementLocationAxis_395" xlink:to="loc_us-gaap_IncomeStatementLocationDomain_687" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_RentAndOtherExpensesMember" xlink:label="loc_sach_RentAndOtherExpensesMember_688" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementLocationDomain_687" xlink:to="loc_sach_RentAndOtherExpensesMember_688" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_OriginationFeesOnLoansMember" xlink:label="loc_sach_OriginationFeesOnLoansMember_690" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementLocationDomain_687" xlink:to="loc_sach_OriginationFeesOnLoansMember_690" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestIncomeMember" xlink:label="loc_us-gaap_InterestIncomeMember_697" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementLocationDomain_687" xlink:to="loc_us-gaap_InterestIncomeMember_697" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_AccountingAndFinancialServicesMember" xlink:label="loc_sach_AccountingAndFinancialServicesMember_766" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementLocationDomain_687" xlink:to="loc_sach_AccountingAndFinancialServicesMember_766" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BalanceSheetLocationAxis" xlink:label="loc_us-gaap_BalanceSheetLocationAxis_686" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_386" xlink:to="loc_us-gaap_BalanceSheetLocationAxis_686" use="optional" order="16" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BalanceSheetLocationDomain" xlink:label="loc_us-gaap_BalanceSheetLocationDomain_693" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_BalanceSheetLocationAxis_686" xlink:to="loc_us-gaap_BalanceSheetLocationDomain_693" use="optional" order="17" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_UnreimbursedCostsMember" xlink:label="loc_sach_UnreimbursedCostsMember_864" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_BalanceSheetLocationDomain_693" xlink:to="loc_sach_UnreimbursedCostsMember_864" use="optional" order="18" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis" xlink:label="loc_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis_692" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_386" xlink:to="loc_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis_692" use="optional" order="19" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ReceivableTypeDomain" xlink:label="loc_us-gaap_ReceivableTypeDomain_759" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis_692" xlink:to="loc_us-gaap_ReceivableTypeDomain_759" use="optional" order="20" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageReceivablesMember" xlink:label="loc_us-gaap_MortgageReceivablesMember_760" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ReceivableTypeDomain_759" xlink:to="loc_us-gaap_MortgageReceivablesMember_760" use="optional" order="21" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="loc_us-gaap_SubsequentEventTypeAxis_758" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_386" xlink:to="loc_us-gaap_SubsequentEventTypeAxis_758" use="optional" order="22" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_us-gaap_SubsequentEventTypeDomain_785" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTypeAxis_758" xlink:to="loc_us-gaap_SubsequentEventTypeDomain_785" use="optional" order="23" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:label="loc_us-gaap_RelatedPartyTransactionLineItems_784" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_386" xlink:to="loc_us-gaap_RelatedPartyTransactionLineItems_784" use="optional" order="24" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RepaymentsOfRelatedPartyDebt" xlink:label="loc_us-gaap_RepaymentsOfRelatedPartyDebt_684" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_784" xlink:to="loc_us-gaap_RepaymentsOfRelatedPartyDebt_684" use="optional" order="25" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LoansAndLeasesReceivableRelatedParties" xlink:label="loc_us-gaap_LoansAndLeasesReceivableRelatedParties_695" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_784" xlink:to="loc_us-gaap_LoansAndLeasesReceivableRelatedParties_695" use="optional" order="26" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromRelatedPartyDebt" xlink:label="loc_us-gaap_ProceedsFromRelatedPartyDebt_696" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_784" xlink:to="loc_us-gaap_ProceedsFromRelatedPartyDebt_696" use="optional" order="27" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OriginationOfNotesReceivableFromRelatedParties" xlink:label="loc_us-gaap_OriginationOfNotesReceivableFromRelatedParties_699" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_784" xlink:to="loc_us-gaap_OriginationOfNotesReceivableFromRelatedParties_699" use="optional" order="28" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInDueToOfficersAndStockholders" xlink:label="loc_us-gaap_IncreaseDecreaseInDueToOfficersAndStockholders_701" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_784" xlink:to="loc_us-gaap_IncreaseDecreaseInDueToOfficersAndStockholders_701" use="optional" order="29" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty" xlink:label="loc_us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty_703" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_784" xlink:to="loc_us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty_703" use="optional" order="30" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_722" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_784" xlink:to="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_722" use="optional" order="31" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsForRent" xlink:label="loc_us-gaap_PaymentsForRent_723" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_784" xlink:to="loc_us-gaap_PaymentsForRent_723" use="optional" order="32" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SalariesWagesAndOfficersCompensation" xlink:label="loc_us-gaap_SalariesWagesAndOfficersCompensation_751" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_784" xlink:to="loc_us-gaap_SalariesWagesAndOfficersCompensation_751" use="optional" order="33" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestIncomeRelatedParty" xlink:label="loc_us-gaap_InterestIncomeRelatedParty_754" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_784" xlink:to="loc_us-gaap_InterestIncomeRelatedParty_754" use="optional" order="34" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NotesReceivableRelatedParties" xlink:label="loc_us-gaap_NotesReceivableRelatedParties_755" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_784" xlink:to="loc_us-gaap_NotesReceivableRelatedParties_755" use="optional" order="35" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xlink:label="loc_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty_756" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_784" xlink:to="loc_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty_756" use="optional" order="36" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DueToOfficersOrStockholdersCurrentAndNoncurrent" xlink:label="loc_us-gaap_DueToOfficersOrStockholdersCurrentAndNoncurrent_861" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_784" xlink:to="loc_us-gaap_DueToOfficersOrStockholdersCurrentAndNoncurrent_861" use="optional" order="37" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/SubsequentEventsDetailsTextual">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventsAbstract" xlink:label="loc_us-gaap_SubsequentEventsAbstract_402" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTable" xlink:label="loc_us-gaap_SubsequentEventTable_403" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventsAbstract_402" xlink:to="loc_us-gaap_SubsequentEventTable_403" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_404" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTable_403" xlink:to="loc_dei_LegalEntityAxis_404" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_414" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_LegalEntityAxis_404" xlink:to="loc_dei_EntityDomain_414" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="loc_us-gaap_SubsequentEventTypeAxis_413" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTable_403" xlink:to="loc_us-gaap_SubsequentEventTypeAxis_413" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_us-gaap_SubsequentEventTypeDomain_419" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTypeAxis_413" xlink:to="loc_us-gaap_SubsequentEventTypeDomain_419" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="loc_us-gaap_SubsequentEventMember_420" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTypeDomain_419" xlink:to="loc_us-gaap_SubsequentEventMember_420" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_us-gaap_StatementEquityComponentsAxis_418" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTable_403" xlink:to="loc_us-gaap_StatementEquityComponentsAxis_418" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain_505" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_418" xlink:to="loc_us-gaap_EquityComponentDomain_505" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsidiarySaleOfStockAxis" xlink:label="loc_us-gaap_SubsidiarySaleOfStockAxis_504" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTable_403" xlink:to="loc_us-gaap_SubsidiarySaleOfStockAxis_504" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="loc_us-gaap_SaleOfStockNameOfTransactionDomain_513" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsidiarySaleOfStockAxis_504" xlink:to="loc_us-gaap_SaleOfStockNameOfTransactionDomain_513" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CreditFacilityAxis" xlink:label="loc_us-gaap_CreditFacilityAxis_512" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTable_403" xlink:to="loc_us-gaap_CreditFacilityAxis_512" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CreditFacilityDomain" xlink:label="loc_us-gaap_CreditFacilityDomain_827" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CreditFacilityAxis_512" xlink:to="loc_us-gaap_CreditFacilityDomain_827" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RevolvingCreditFacilityMember" xlink:label="loc_us-gaap_RevolvingCreditFacilityMember_828" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CreditFacilityDomain_827" xlink:to="loc_us-gaap_RevolvingCreditFacilityMember_828" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_VariableRateAxis" xlink:label="loc_us-gaap_VariableRateAxis_826" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTable_403" xlink:to="loc_us-gaap_VariableRateAxis_826" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_VariableRateDomain" xlink:label="loc_us-gaap_VariableRateDomain_830" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VariableRateAxis_826" xlink:to="loc_us-gaap_VariableRateDomain_830" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:label="loc_us-gaap_LondonInterbankOfferedRateLIBORMember_831" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VariableRateDomain_830" xlink:to="loc_us-gaap_LondonInterbankOfferedRateLIBORMember_831" use="optional" order="16" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventLineItems" xlink:label="loc_us-gaap_SubsequentEventLineItems_829" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTable_403" xlink:to="loc_us-gaap_SubsequentEventLineItems_829" use="optional" order="17" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockDividendsPerShareDeclared" xlink:label="loc_us-gaap_CommonStockDividendsPerShareDeclared_411" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_829" xlink:to="loc_us-gaap_CommonStockDividendsPerShareDeclared_411" use="optional" order="18" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsOfDividends" xlink:label="loc_us-gaap_PaymentsOfDividends_412" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_829" xlink:to="loc_us-gaap_PaymentsOfDividends_412" use="optional" order="19" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsAndNotesReceivableNet" xlink:label="loc_us-gaap_AccountsAndNotesReceivableNet_669" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_829" xlink:to="loc_us-gaap_AccountsAndNotesReceivableNet_669" use="optional" order="20" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DividendsPayableDateDeclaredDayMonthAndYear" xlink:label="loc_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear_726" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_829" xlink:to="loc_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear_726" use="optional" order="21" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DividendPayableDateToBePaidDayMonthAndYear" xlink:label="loc_us-gaap_DividendPayableDateToBePaidDayMonthAndYear_725" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_829" xlink:to="loc_us-gaap_DividendPayableDateToBePaidDayMonthAndYear_725" use="optional" order="22" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DividendsPayableDateOfRecordDayMonthAndYear" xlink:label="loc_us-gaap_DividendsPayableDateOfRecordDayMonthAndYear_727" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_829" xlink:to="loc_us-gaap_DividendsPayableDateOfRecordDayMonthAndYear_727" use="optional" order="23" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfLongTermDebt_824" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_829" xlink:to="loc_us-gaap_ProceedsFromIssuanceOfLongTermDebt_824" use="optional" order="24" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_825" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_829" xlink:to="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_825" use="optional" order="25" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_MaximumPercentageOfBorrowingCapacity" xlink:label="loc_sach_MaximumPercentageOfBorrowingCapacity_836" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_829" xlink:to="loc_sach_MaximumPercentageOfBorrowingCapacity_836" use="optional" order="26" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:label="loc_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_837" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_829" xlink:to="loc_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_837" use="optional" order="27" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/StatementOfChangesInShareholdersEquity">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="loc_us-gaap_StatementOfStockholdersEquityAbstract_110" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_111" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementOfStockholdersEquityAbstract_110" xlink:to="loc_us-gaap_StatementTable_111" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_112" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_111" xlink:to="loc_us-gaap_StatementClassOfStockAxis_112" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_113" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_112" xlink:to="loc_us-gaap_ClassOfStockDomain_113" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_us-gaap_StatementEquityComponentsAxis_114" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_111" xlink:to="loc_us-gaap_StatementEquityComponentsAxis_114" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain_117" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_114" xlink:to="loc_us-gaap_EquityComponentDomain_117" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaap_CommonStockMember_118" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityComponentDomain_117" xlink:to="loc_us-gaap_CommonStockMember_118" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="loc_us-gaap_AdditionalPaidInCapitalMember_119" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityComponentDomain_117" xlink:to="loc_us-gaap_AdditionalPaidInCapitalMember_119" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="loc_us-gaap_RetainedEarningsMember_120" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityComponentDomain_117" xlink:to="loc_us-gaap_RetainedEarningsMember_120" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementScenarioAxis" xlink:label="loc_us-gaap_StatementScenarioAxis_116" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_111" xlink:to="loc_us-gaap_StatementScenarioAxis_116" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain" xlink:label="loc_us-gaap_ScenarioUnspecifiedDomain_431" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementScenarioAxis_116" xlink:to="loc_us-gaap_ScenarioUnspecifiedDomain_431" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConsolidatedEntitiesAxis" xlink:label="loc_us-gaap_ConsolidatedEntitiesAxis_430" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_111" xlink:to="loc_us-gaap_ConsolidatedEntitiesAxis_430" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConsolidatedEntitiesDomain" xlink:label="loc_us-gaap_ConsolidatedEntitiesDomain_815" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConsolidatedEntitiesAxis_430" xlink:to="loc_us-gaap_ConsolidatedEntitiesDomain_815" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_814" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_111" xlink:to="loc_us-gaap_StatementLineItems_814" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="loc_us-gaap_StockholdersEquity_451" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_814" xlink:to="loc_us-gaap_StockholdersEquity_451" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SharesOutstanding" xlink:label="loc_us-gaap_SharesOutstanding_125" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_814" xlink:to="loc_us-gaap_SharesOutstanding_125" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DividendsCommonStock" xlink:label="loc_us-gaap_DividendsCommonStock_480" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_814" xlink:to="loc_us-gaap_DividendsCommonStock_480" use="optional" order="16" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_us-gaap_NetIncomeLoss_857" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_814" xlink:to="loc_us-gaap_NetIncomeLoss_857" use="optional" order="17" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="loc_us-gaap_StockholdersEquity_452" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_814" xlink:to="loc_us-gaap_StockholdersEquity_452" use="optional" order="18" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SharesOutstanding" xlink:label="loc_us-gaap_SharesOutstanding_146" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_814" xlink:to="loc_us-gaap_SharesOutstanding_146" use="optional" order="19" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/StatementsOfCashFlow">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="loc_us-gaap_StatementOfCashFlowsAbstract_148" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_149" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementOfCashFlowsAbstract_148" xlink:to="loc_us-gaap_StatementTable_149" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_150" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_149" xlink:to="loc_us-gaap_StatementClassOfStockAxis_150" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_151" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_150" xlink:to="loc_us-gaap_ClassOfStockDomain_151" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_152" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_149" xlink:to="loc_us-gaap_StatementLineItems_152" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_157" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_152" xlink:to="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_157" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_us-gaap_NetIncomeLoss_160" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_157" xlink:to="loc_us-gaap_NetIncomeLoss_160" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_162" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_157" xlink:to="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_162" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AmortizationOfFinancingCosts" xlink:label="loc_us-gaap_AmortizationOfFinancingCosts_163" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_162" xlink:to="loc_us-gaap_AmortizationOfFinancingCosts_163" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Depreciation" xlink:label="loc_us-gaap_Depreciation_164" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_162" xlink:to="loc_us-gaap_Depreciation_164" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/definitionGuidance" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GainsLossesOnSalesOfInvestmentRealEstate" xlink:label="loc_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate_172" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_162" xlink:to="loc_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate_172" use="optional" order="10" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_173" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_162" xlink:to="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_173" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingAssetsAbstract" xlink:label="loc_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract_175" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_173" xlink:to="loc_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract_175" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_IncreaseDecreaseInEscrowDeposit" xlink:label="loc_sach_IncreaseDecreaseInEscrowDeposit_176" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract_175" xlink:to="loc_sach_IncreaseDecreaseInEscrowDeposit_176" use="optional" order="13" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_IncreaseDecreaseInInterestAndFeesReceivable" xlink:label="loc_sach_IncreaseDecreaseInInterestAndFeesReceivable_177" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract_175" xlink:to="loc_sach_IncreaseDecreaseInInterestAndFeesReceivable_177" use="optional" order="14" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInOtherReceivables" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherReceivables_178" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract_175" xlink:to="loc_us-gaap_IncreaseDecreaseInOtherReceivables_178" use="optional" order="15" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidInsurance" xlink:label="loc_us-gaap_IncreaseDecreaseInPrepaidInsurance_633" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract_175" xlink:to="loc_us-gaap_IncreaseDecreaseInPrepaidInsurance_633" use="optional" order="16" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract" xlink:label="loc_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract_180" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_173" xlink:to="loc_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract_180" use="optional" order="17" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInDueToOfficersAndStockholders" xlink:label="loc_us-gaap_IncreaseDecreaseInDueToOfficersAndStockholders_181" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract_180" xlink:to="loc_us-gaap_IncreaseDecreaseInDueToOfficersAndStockholders_181" use="optional" order="18" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInNotesPayableCurrent" xlink:label="loc_us-gaap_IncreaseDecreaseInNotesPayableCurrent_868" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract_180" xlink:to="loc_us-gaap_IncreaseDecreaseInNotesPayableCurrent_868" use="optional" order="19" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInInterestPayableNet" xlink:label="loc_us-gaap_IncreaseDecreaseInInterestPayableNet_182" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract_180" xlink:to="loc_us-gaap_IncreaseDecreaseInInterestPayableNet_182" use="optional" order="20" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedLiabilities" xlink:label="loc_us-gaap_IncreaseDecreaseInAccruedLiabilities_184" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract_180" xlink:to="loc_us-gaap_IncreaseDecreaseInAccruedLiabilities_184" use="optional" order="21" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:label="loc_us-gaap_IncreaseDecreaseInDeferredRevenue_186" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract_180" xlink:to="loc_us-gaap_IncreaseDecreaseInDeferredRevenue_186" use="optional" order="22" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInAdvancePaymentsByBorrowersForTaxesAndInsurance" xlink:label="loc_us-gaap_IncreaseDecreaseInAdvancePaymentsByBorrowersForTaxesAndInsurance_340" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract_180" xlink:to="loc_us-gaap_IncreaseDecreaseInAdvancePaymentsByBorrowersForTaxesAndInsurance_340" use="optional" order="23" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:label="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_198" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_162" xlink:to="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_198" use="optional" order="24" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_200" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_157" xlink:to="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_200" use="optional" order="25" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_202" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_152" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_202" use="optional" order="26" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromSaleOfRealEstate" xlink:label="loc_us-gaap_ProceedsFromSaleOfRealEstate_203" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_202" xlink:to="loc_us-gaap_ProceedsFromSaleOfRealEstate_203" use="optional" order="27" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquireRealEstate" xlink:label="loc_us-gaap_PaymentsToAcquireRealEstate_204" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_202" xlink:to="loc_us-gaap_PaymentsToAcquireRealEstate_204" use="optional" order="28" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquireFurnitureAndFixtures" xlink:label="loc_us-gaap_PaymentsToAcquireFurnitureAndFixtures_588" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_202" xlink:to="loc_us-gaap_PaymentsToAcquireFurnitureAndFixtures_588" use="optional" order="29" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquireInvestments" xlink:label="loc_us-gaap_PaymentsToAcquireInvestments_590" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_202" xlink:to="loc_us-gaap_PaymentsToAcquireInvestments_590" use="optional" order="30" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_PaymentsToAcquireMortgageReceivable" xlink:label="loc_sach_PaymentsToAcquireMortgageReceivable_212" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_202" xlink:to="loc_sach_PaymentsToAcquireMortgageReceivable_212" use="optional" order="31" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_ProceedsFromCollectionOfMortagageReceivable" xlink:label="loc_sach_ProceedsFromCollectionOfMortagageReceivable_216" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_202" xlink:to="loc_sach_ProceedsFromCollectionOfMortagageReceivable_216" use="optional" order="32" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_809" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_202" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_809" use="optional" order="33" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_218" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_152" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_218" use="optional" order="34" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromLinesOfCredit" xlink:label="loc_us-gaap_ProceedsFromLinesOfCredit_219" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_218" xlink:to="loc_us-gaap_ProceedsFromLinesOfCredit_219" use="optional" order="35" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RepaymentsOfLinesOfCredit" xlink:label="loc_us-gaap_RepaymentsOfLinesOfCredit_220" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_218" xlink:to="loc_us-gaap_RepaymentsOfLinesOfCredit_220" use="optional" order="36" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsForProceedsFromMortgageDeposits" xlink:label="loc_us-gaap_PaymentsForProceedsFromMortgageDeposits_813" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_218" xlink:to="loc_us-gaap_PaymentsForProceedsFromMortgageDeposits_813" use="optional" order="37" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromIssuanceInitialPublicOffering" xlink:label="loc_us-gaap_ProceedsFromIssuanceInitialPublicOffering_222" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_218" xlink:to="loc_us-gaap_ProceedsFromIssuanceInitialPublicOffering_222" use="optional" order="38" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsOfOrdinaryDividends" xlink:label="loc_us-gaap_PaymentsOfOrdinaryDividends_485" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_218" xlink:to="loc_us-gaap_PaymentsOfOrdinaryDividends_485" use="optional" order="39" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_PreofferingCostsIncurred" xlink:label="loc_sach_PreofferingCostsIncurred_223" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_218" xlink:to="loc_sach_PreofferingCostsIncurred_223" use="optional" order="40" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentOfFinancingAndStockIssuanceCosts" xlink:label="loc_us-gaap_PaymentOfFinancingAndStockIssuanceCosts_225" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_218" xlink:to="loc_us-gaap_PaymentOfFinancingAndStockIssuanceCosts_225" use="optional" order="41" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromPartnershipContribution" xlink:label="loc_us-gaap_ProceedsFromPartnershipContribution_227" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_218" xlink:to="loc_us-gaap_ProceedsFromPartnershipContribution_227" use="optional" order="42" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_PaymentsOfPartnershipDistributions" xlink:label="loc_sach_PaymentsOfPartnershipDistributions_228" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_218" xlink:to="loc_sach_PaymentsOfPartnershipDistributions_228" use="optional" order="43" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_810" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_218" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_810" use="optional" order="44" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CashPeriodIncreaseDecrease" xlink:label="loc_us-gaap_CashPeriodIncreaseDecrease_232" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_152" xlink:to="loc_us-gaap_CashPeriodIncreaseDecrease_232" use="optional" order="45" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Cash" xlink:label="loc_us-gaap_Cash_233" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_152" xlink:to="loc_us-gaap_Cash_233" use="optional" order="46" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Cash" xlink:label="loc_us-gaap_Cash_234" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_152" xlink:to="loc_us-gaap_Cash_234" use="optional" order="47" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="loc_us-gaap_SupplementalCashFlowInformationAbstract_235" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_152" xlink:to="loc_us-gaap_SupplementalCashFlowInformationAbstract_235" use="optional" order="48" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestPaidNet" xlink:label="loc_us-gaap_InterestPaidNet_728" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SupplementalCashFlowInformationAbstract_235" xlink:to="loc_us-gaap_InterestPaidNet_728" use="optional" order="49" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/StatementsOfCashFlowParenthetical">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="loc_us-gaap_StatementOfCashFlowsAbstract_440" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_441" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementOfCashFlowsAbstract_440" xlink:to="loc_us-gaap_StatementTable_441" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_442" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_441" xlink:to="loc_us-gaap_StatementClassOfStockAxis_442" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_443" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_442" xlink:to="loc_us-gaap_ClassOfStockDomain_443" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis" xlink:label="loc_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis_444" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_441" xlink:to="loc_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis_444" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ReceivableTypeDomain" xlink:label="loc_us-gaap_ReceivableTypeDomain_770" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis_444" xlink:to="loc_us-gaap_ReceivableTypeDomain_770" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_769" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_441" xlink:to="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_769" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_774" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_769" xlink:to="loc_us-gaap_RelatedPartyDomain_774" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_773" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_441" xlink:to="loc_us-gaap_StatementLineItems_773" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1" xlink:label="loc_us-gaap_NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1_729" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_773" xlink:to="loc_us-gaap_NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1_729" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NotesIssued1" xlink:label="loc_us-gaap_NotesIssued1_821" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_773" xlink:to="loc_us-gaap_NotesIssued1_821" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="sach-20180331.xsd#sach_ProceedsFromMortgagesFundingPayable" xlink:label="loc_sach_ProceedsFromMortgagesFundingPayable_882" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_773" xlink:to="loc_sach_ProceedsFromMortgagesFundingPayable_882" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/Company">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_101" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:label="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_102" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_101" xlink:to="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_102" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>
</linkbase>

</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>14
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6811919744">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document And Entity Information - shares<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2018</div></th>
<th class="th"><div>May 14, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">10-Q<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Mar. 31,  2018<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2018<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">Q1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Sachem Capital Corp.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001682220<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Smaller Reporting Company<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">SACH<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,415,737<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>If the value is true, then the document is an amendment to previously-filed/accepted document.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fiscalPeriodItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>15
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6817893648">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>BALANCE SHEETS - USD ($)<br></strong></div></th>
<th class="th"><div>Mar. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>Assets:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Cash', window );">Cash</a></td>
<td class="nump">$ 562,508<span></span>
</td>
<td class="nump">$ 954,223<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EscrowDeposit', window );">Escrow deposits</a></td>
<td class="nump">175,330<span></span>
</td>
<td class="nump">111,189<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstate', window );">Mortgages receivable</a></td>
<td class="nump">68,613,043<span></span>
</td>
<td class="nump">62,166,937<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_MortgagesReceivableFromAffiliate', window );">Mortgages receivable, affiliate</a></td>
<td class="nump">969,457<span></span>
</td>
<td class="nump">1,104,022<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestReceivable', window );">Interest and fees receivable</a></td>
<td class="nump">779,516<span></span>
</td>
<td class="nump">645,493<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherReceivables', window );">Other receivables</a></td>
<td class="nump">59,158<span></span>
</td>
<td class="nump">234,570<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueFromAffiliates', window );">Due from borrowers</a></td>
<td class="nump">370,241<span></span>
</td>
<td class="nump">451,795<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseCurrentAndNoncurrent', window );">Prepaid expenses</a></td>
<td class="nump">32,773<span></span>
</td>
<td class="nump">4,520<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
<td class="nump">496,172<span></span>
</td>
<td class="nump">501,819<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestments', window );">Real estate owned</a></td>
<td class="nump">1,235,409<span></span>
</td>
<td class="nump">1,224,409<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredFinanceCostsNet', window );">Deferred financing costs</a></td>
<td class="nump">136,002<span></span>
</td>
<td class="nump">95,560<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="nump">73,429,609<span></span>
</td>
<td class="nump">67,494,537<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAbstract', window );"><strong>Liabilities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCredit', window );">Line of credit</a></td>
<td class="nump">14,147,465<span></span>
</td>
<td class="nump">9,841,613<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesPayable', window );">Mortgage payable</a></td>
<td class="nump">298,569<span></span>
</td>
<td class="nump">301,101<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_MortgageFundingPayable', window );">Mortgage funding payable</a></td>
<td class="nump">2,000,000<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent', window );">Accounts payable and accrued expenses</a></td>
<td class="nump">158,838<span></span>
</td>
<td class="nump">390,758<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SecurityDepositLiability', window );">Security deposit held</a></td>
<td class="nump">2,550<span></span>
</td>
<td class="nump">2,550<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdvancePaymentsByBorrowersForTaxesAndInsurance', window );">Advances from borrowers</a></td>
<td class="nump">733,287<span></span>
</td>
<td class="nump">519,764<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent', window );">Due to note purchaser</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">723,478<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenue', window );">Deferred revenue</a></td>
<td class="nump">1,168,622<span></span>
</td>
<td class="nump">1,108,400<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPayableCurrentAndNoncurrent', window );">Accrued interest</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">40,592<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
<td class="nump">18,509,331<span></span>
</td>
<td class="nump">12,928,256<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_StockholdersAndMembersEquityAbstract', window );"><strong>Shareholders' equity:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Preferred shares - $.001 par value; 5,000,000 shares authorized; no shares issued</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common shares - $.001 par value; 50,000,000 shares authorized; 15,415,737 issued and outstanding</a></td>
<td class="nump">15,416<span></span>
</td>
<td class="nump">15,416<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapital', window );">Paid-in capital</a></td>
<td class="nump">53,315,772<span></span>
</td>
<td class="nump">53,315,772<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Retained earnings</a></td>
<td class="nump">1,589,090<span></span>
</td>
<td class="nump">1,235,093<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total shareholders' equity</a></td>
<td class="nump">54,920,278<span></span>
</td>
<td class="nump">54,566,281<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and shareholders' equity</a></td>
<td class="nump">$ 73,429,609<span></span>
</td>
<td class="nump">$ 67,494,537<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_MortgageFundingPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Including the current and noncurrent portions, aggregate carrying value as of the balance sheet date of mortgage funding payable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_MortgageFundingPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_MortgagesReceivableFromAffiliate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total carrying amount of mortgage loans receivable from affiliate as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_MortgagesReceivableFromAffiliate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_StockholdersAndMembersEquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_StockholdersAndMembersEquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying values as of the balance sheet date of obligations incurred through that date, including liabilities incurred and payable to vendors for goods and services received, taxes, interest, rent and utilities, compensation costs, payroll taxes and fringe benefits (other than pension and postretirement obligations), contractual rights and obligations, and statutory obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.15(1),(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.15)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdditionalPaidInCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdvancePaymentsByBorrowersForTaxesAndInsurance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount of accumulated prepayments received by financial institutions from borrowers for taxes (for example, property taxes) and insurance (for example, property and catastrophe) which will periodically be remitted to the appropriate governmental agency or vendor on behalf of the borrower.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.15(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdvancePaymentsByBorrowersForTaxesAndInsurance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Cash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Cash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredFinanceCostsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after accumulated amortization, of debt issuance costs. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=64930785&amp;loc=d3e28555-108399<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredFinanceCostsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred revenue as of balance sheet date. Deferred revenue represents collections of cash or other assets related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.4(a).Q1)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueFromAffiliates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For an unclassified balance sheet, amount of receivables due from an entity that is affiliated with the reporting entity by means of direct or indirect ownership.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39599-107864<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DueFromAffiliates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EscrowDeposit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The designation of funds furnished by a borrower to a lender to assure future payments of the borrower's real estate taxes and insurance obligations with respect to a mortgaged property. Escrow deposits may be made for a variety of other purposes such as earnest money and contingent payments. This element excludes replacement reserves which are an escrow separately provided for within the US GAAP taxonomy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.10)<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EscrowDeposit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPayableCurrentAndNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of interest payable on debt, including, but not limited to, trade payables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.15(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.15(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestPayableCurrentAndNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of interest earned but not received. Also called accrued interest or accrued interest receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.8)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19-26)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(25))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(32))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesAndStockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCredit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCredit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total carrying amount of mortgage loans as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 948<br> -SubTopic 310<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-29.6)<br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NotesPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Including the current and noncurrent portions, aggregate carrying amount of all types of notes payable, as of the balance sheet date, with initial maturities beyond one year or beyond the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NotesPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount for notes payable (written promise to pay), due to related parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount due from parties in nontrade transactions, classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.8)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseCurrentAndNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of expenditures made in advance of when the economic benefit of the cost will be realized, and which will be expensed in future periods with the passage of time or when a triggering event occurs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.10)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.10)<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PrepaidExpenseCurrentAndNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(13))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(14))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of real estate investments, net of accumulated depreciation, which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; (7) other real estate investments; (8) real estate joint ventures; and (9) unconsolidated real estate and other joint ventures not separately presented.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.1(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealEstateInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(23)(a)(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RetainedEarningsAccumulatedDeficit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SecurityDepositLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents money paid in advance to protect the provider of a product or service, such as a lessor, against damage or nonpayment by the buyer or tenant (lessee) during the term of the agreement. Such damages may include physical damage to the property, theft of property, and other contractual breaches. Security deposits held may be interest or noninterest bearing.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.15(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SecurityDepositLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>16
<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6817942512">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>BALANCE SHEETS (Parenthetical) - $ / shares<br></strong></div></th>
<th class="th"><div>Mar. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockParOrStatedValuePerShare', window );">Preferred Stock, Par or Stated Value Per Share</a></td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Preferred Stock, Shares Authorized</a></td>
<td class="nump">5,000,000<span></span>
</td>
<td class="nump">5,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Preferred Stock, Shares Issued</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common Stock, Par or Stated Value Per Share</a></td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common Stock, Shares Authorized</a></td>
<td class="nump">50,000,000<span></span>
</td>
<td class="nump">50,000,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common Stock, Shares, Issued</a></td>
<td class="nump">15,415,737<span></span>
</td>
<td class="nump">15,415,737<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common Stock, Shares, Outstanding</a></td>
<td class="nump">15,415,737<span></span>
</td>
<td class="nump">15,415,737<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=84159872&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>17
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6818559152">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>STATEMENTS OF OPERATIONS - USD ($)<br></strong></div></th>
<th class="th" colspan="3">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2018</div></th>
<th class="th" colspan="2"><div>Mar. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesAbstract', window );"><strong>Revenue:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestAndFeeIncomeLoansAndLeases', window );">Interest income from loans</a></td>
<td class="nump">$ 1,962,373<span></span>
</td>
<td class="nump">$ 1,036,840<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_OriginationFees', window );">Origination fees, net</a></td>
<td class="nump">348,548<span></span>
</td>
<td class="nump">97,461<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FeesAndCommissionsCreditAndDebitCards', window );">Late and other fees</a></td>
<td class="nump">34,096<span></span>
</td>
<td class="nump">29,982<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_ProcessingFees', window );">Processing fees</a></td>
<td class="nump">33,130<span></span>
</td>
<td class="nump">24,925<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RentalIncomeNonoperating', window );">Rental income, net</a></td>
<td class="nump">43,756<span></span>
</td>
<td class="nump">27,383<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherIncome', window );">Other income</a></td>
<td class="nump">294,747<span></span>
</td>
<td class="nump">46,147<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_GainOnSaleOfRealEstateInvestement', window );">Gain on sale of real estate</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">26,478<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Total revenue</a></td>
<td class="nump">2,716,650<span></span>
</td>
<td class="nump">1,289,216<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingCostsAndExpensesAbstract', window );"><strong>Operating costs and expenses:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_InterestAndAmortizationOfDebtServiceCosts', window );">Interest and amortization of deferred financing costs</a></td>
<td class="nump">222,956<span></span>
</td>
<td class="nump">116,270<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LaborAndRelatedExpense', window );">Compensation and related costs</a></td>
<td class="nump">245,575<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalariesAndWages', window );">Compensation to manager</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">35,847<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfessionalFees', window );">Professional fees</a></td>
<td class="nump">116,322<span></span>
</td>
<td class="nump">83,739<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TaxesAndLicenses', window );">Other fees and taxes</a></td>
<td class="nump">34,480<span></span>
</td>
<td class="nump">105,839<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Depreciation</a></td>
<td class="nump">7,634<span></span>
</td>
<td class="nump">5,156<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative expenses</a></td>
<td class="nump">98,033<span></span>
</td>
<td class="nump">45,587<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ExciseAndSalesTaxes', window );">Excise tax</a></td>
<td class="nump">19,000<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpenses', window );">Total operating costs and expenses</a></td>
<td class="nump">744,000<span></span>
</td>
<td class="nump">392,438<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="nump">$ 1,972,650<span></span>
</td>
<td class="nump">$ 896,778<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDilutedAbstract', window );"><strong>Basic and diluted net income per common share outstanding:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Basic</a></td>
<td class="nump">$ 0.13<span></span>
</td>
<td class="nump">$ 0.06<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">Diluted</a></td>
<td class="nump">$ 0.13<span></span>
</td>
<td class="nump">$ 0.06<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract', window );"><strong>Weighted average number of common shares outstanding:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Basic</a></td>
<td class="nump">15,415,737<span></span>
</td>
<td class="nump">11,103,237<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Diluted</a></td>
<td class="nump">15,415,737<span></span>
</td>
<td class="nump">11,103,237<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Basic and diluted net income per common share outstanding and weighted average number of common shares outstanding are calculated for the period beginning February 9, 2017 (i.e., the effective date of the company&#8217;s initial public offering) and ending March 31, 2017.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_GainOnSaleOfRealEstateInvestement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase, resulting in a gain, in the difference between the fair value and the carrying value, or in the comparative fair values, of securities held at each balance sheet date, that was included in earnings for the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_GainOnSaleOfRealEstateInvestement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_InterestAndAmortizationOfDebtServiceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the required periodic payment applied to interest and amortization of deferred financing costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_InterestAndAmortizationOfDebtServiceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_OriginationFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Origination incomes associated with the issuance of loans that have been taken into income in conformity with GAAP.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_OriginationFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_ProcessingFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of income earned from loan processing reporting during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_ProcessingFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostsAndExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total costs of sales and operating expenses for the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostsAndExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Depreciation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Depreciation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 55<br> -Paragraph 52<br> -URI http://asc.fasb.org/extlink&amp;oid=96948231&amp;loc=d3e4984-109258<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=96947427&amp;loc=d3e1252-109256<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDilutedAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasicAndDilutedAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=96947427&amp;loc=d3e1252-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ExciseAndSalesTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of excise and sales taxes included in sales and revenues, which are then deducted as a cost of sales. Includes excise taxes, which are applied to specific types of transactions or items (such as gasoline or alcohol); and sales, use and value added taxes, which are applied to a broad class of revenue-producing transactions involving a wide range of goods and services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 45<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=68080631&amp;loc=d3e61097-111654<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ExciseAndSalesTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FeesAndCommissionsCreditAndDebitCards">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of income earned from credit card services (including late, over limit, and annual fees) and debit card services (including interchange fees, annual fees and other fees). Excludes interest income earned on credit card balances and transactions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FeesAndCommissionsCreditAndDebitCards</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestAndFeeIncomeLoansAndLeases">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate interest and fee income generated by: (1) loans the Entity has positive intent and ability to hold for the foreseeable future, or until maturity or payoff, including commercial and consumer loans, whether domestic or foreign, which may consist of: (a) industrial and agricultural; (b) real estate; and (c) real estate construction loans; (d) trade financing; (e) lease financing; (f) home equity lines-of-credit; (g) automobile and other vehicle loans; and (h) credit card and other revolving-type loans and (2) loans and leases held-for-sale which may include mortgage loans, direct financing, and sales-type leases.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestAndFeeIncomeLoansAndLeases</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LaborAndRelatedExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of expenditures for salaries, wages, profit sharing and incentive compensation, and other employee benefits, including equity-based compensation, and pension and other postretirement benefit expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LaborAndRelatedExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingCostsAndExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingCostsAndExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of revenue and income classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfessionalFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07.2(a),(b),(c),(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=6488393&amp;loc=d3e606610-122999<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 225<br> -Section 45<br> -Paragraph 3<br> -Subparagraph (k)<br> -URI http://asc.fasb.org/extlink&amp;oid=6488370&amp;loc=d3e13550-115849<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProfessionalFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RentalIncomeNonoperating">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Income earned by providing the use of assets to an outside party in exchange for a payment or series of payments that is nonoperating in nature.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RentalIncomeNonoperating</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Revenues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Revenues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenuesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RevenuesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SalariesAndWages">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expenditures for salaries other than officers. Does not include allocated share-based compensation, pension and post-retirement benefit expense or other labor-related non-salary expense. For commercial and industrial companies, excludes any direct and overhead labor that is included in cost of goods sold.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SalariesAndWages</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TaxesAndLicenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of tax expense, excluding income, excise, production and property taxes, and licenses and fees not related to production.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TaxesAndLicenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=96947427&amp;loc=d3e1505-109256<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=96947427&amp;loc=d3e1448-109256<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>18
<FILENAME>R5.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6805648272">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>STATEMENT OF CHANGES IN SHAREHOLDERS&#8217; EQUITY - 3 months ended Mar. 31, 2018 - USD ($)<br></strong></div></th>
<th class="th"><div>Total</div></th>
<th class="th"><div>Common Stock [Member]</div></th>
<th class="th"><div>Additional Paid-in Capital [Member]</div></th>
<th class="th"><div>Retained Earnings [Member]</div></th>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Beginning balance at Dec. 31, 2017</a></td>
<td class="nump">$ 54,566,281<span></span>
</td>
<td class="nump">$ 15,416<span></span>
</td>
<td class="nump">$ 53,315,772<span></span>
</td>
<td class="nump">$ 1,235,093<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Beginning balance (in shares) at Dec. 31, 2017</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,415,737<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCommonStock', window );">Dividends paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(1,618,653)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="nump">1,972,650<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">1,972,650<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Mar. 31, 2018</a></td>
<td class="nump">$ 54,920,278<span></span>
</td>
<td class="nump">$ 15,416<span></span>
</td>
<td class="nump">$ 53,315,772<span></span>
</td>
<td class="nump">$ 1,589,090<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance (in shares) at Mar. 31, 2018</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,415,737<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid common stock dividends declared with the form of settlement in cash, stock and payment-in-kind (PIK).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 405<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued which are neither cancelled nor held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>19
<FILENAME>R6.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6812150464">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>STATEMENTS OF CASH FLOW - USD ($)<br></strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2018</div></th>
<th class="th"><div>Mar. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>CASH FLOWS FROM OPERATING ACTIVITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="nump">$ 1,972,650<span></span>
</td>
<td class="nump">$ 896,778<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net income to net cash provided by operating activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfFinancingCosts', window );">Amortization of deferred financing costs</a></td>
<td class="nump">14,558<span></span>
</td>
<td class="nump">14,559<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Depreciation expense</a></td>
<td class="nump">7,634<span></span>
</td>
<td class="nump">5,156<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate', window );">Gain on sale of real estate</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(26,478)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract', window );"><strong>(Increase) decrease in:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_IncreaseDecreaseInEscrowDeposit', window );">Escrow deposit</a></td>
<td class="num">(64,141)<span></span>
</td>
<td class="num">(596,070)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_IncreaseDecreaseInInterestAndFeesReceivable', window );">Interest and fees receivable</a></td>
<td class="num">(134,023)<span></span>
</td>
<td class="num">(19,495)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherReceivables', window );">Other receivables</a></td>
<td class="nump">256,966<span></span>
</td>
<td class="nump">4,611<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidInsurance', window );">Prepaid expenses</a></td>
<td class="num">(28,253)<span></span>
</td>
<td class="num">(32,260)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract', window );"><strong>(Decrease) increase in:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDueToOfficersAndStockholders', window );">Due to member</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(630,728)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInNotesPayableCurrent', window );">Due to note purchaser</a></td>
<td class="num">(723,478)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInInterestPayableNet', window );">Accrued interest</a></td>
<td class="num">(40,771)<span></span>
</td>
<td class="num">(11,315)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccruedLiabilities', window );">Accrued expenses</a></td>
<td class="num">(231,740)<span></span>
</td>
<td class="nump">314,870<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDeferredRevenue', window );">Deferred revenue</a></td>
<td class="nump">60,222<span></span>
</td>
<td class="nump">112,310<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAdvancePaymentsByBorrowersForTaxesAndInsurance', window );">Advances from borrowers</a></td>
<td class="nump">213,522<span></span>
</td>
<td class="nump">307,543<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities', window );">Total adjustments</a></td>
<td class="num">(669,504)<span></span>
</td>
<td class="num">(557,297)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">NET CASH PROVIDED BY OPERATING ACTIVITIES</a></td>
<td class="nump">1,303,146<span></span>
</td>
<td class="nump">339,481<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>CASH FLOWS FROM INVESTING ACTIVITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfRealEstate', window );">Proceeds from sale of real estate owned</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">90,123<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireRealEstate', window );">Acquisitions of and improvements to real estate owned</a></td>
<td class="num">(11,000)<span></span>
</td>
<td class="num">(18,482)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireFurnitureAndFixtures', window );">Purchase of furniture and equipment</a></td>
<td class="num">(1,987)<span></span>
</td>
<td class="num">(102,327)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireInvestments', window );">Security deposit</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(32,000)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_PaymentsToAcquireMortgageReceivable', window );">Principal disbursements for mortgages receivable</a></td>
<td class="num">(10,345,784)<span></span>
</td>
<td class="num">(10,091,528)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_ProceedsFromCollectionOfMortagageReceivable', window );">Principal collections on mortgages receivable</a></td>
<td class="nump">6,034,243<span></span>
</td>
<td class="nump">3,938,601<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">NET CASH USED FOR INVESTING ACTIVITIES</a></td>
<td class="num">(4,324,528)<span></span>
</td>
<td class="num">(6,215,613)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>CASH FLOWS FROM FINANCING ACTIVITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromLinesOfCredit', window );">Proceeds from line of credit</a></td>
<td class="nump">13,288,435<span></span>
</td>
<td class="nump">7,595,766<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfLinesOfCredit', window );">Repayment of line of credit</a></td>
<td class="num">(8,982,583)<span></span>
</td>
<td class="num">(11,559,609)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForProceedsFromMortgageDeposits', window );">Principal payments on mortgage payable</a></td>
<td class="num">(2,532)<span></span>
</td>
<td class="num">(1,657)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceInitialPublicOffering', window );">Proceeds from IPO</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">13,000,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfOrdinaryDividends', window );">Dividends paid</a></td>
<td class="num">(1,618,653)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_PreofferingCostsIncurred', window );">Pre-offering costs incurred</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(1,544,197)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentOfFinancingAndStockIssuanceCosts', window );">Financing costs incurred</a></td>
<td class="num">(55,000)<span></span>
</td>
<td class="num">(13,650)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromPartnershipContribution', window );">Member contributions</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">653,646<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_PaymentsOfPartnershipDistributions', window );">Member distributions</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(2,460,125)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">NET CASH PROVIDED BY FINANCING ACTIVITIES</a></td>
<td class="nump">2,629,667<span></span>
</td>
<td class="nump">5,670,174<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashPeriodIncreaseDecrease', window );">NET DECREASE IN CASH</a></td>
<td class="num">(391,715)<span></span>
</td>
<td class="num">(205,958)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Cash', window );">CASH - BEGINNING OF PERIOD</a></td>
<td class="nump">954,223<span></span>
</td>
<td class="nump">1,561,863<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Cash', window );">CASH - END OF PERIOD</a></td>
<td class="nump">562,508<span></span>
</td>
<td class="nump">1,355,905<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SupplementalCashFlowInformationAbstract', window );"><strong>SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPaidNet', window );">Interest paid</a></td>
<td class="nump">$ 208,398<span></span>
</td>
<td class="nump">$ 101,711<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_IncreaseDecreaseInEscrowDeposit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in escrow deposit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_IncreaseDecreaseInEscrowDeposit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_IncreaseDecreaseInInterestAndFeesReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate amount due to the entity in the form of unpaid interest and fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_IncreaseDecreaseInInterestAndFeesReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_PaymentsOfPartnershipDistributions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The distributions of earnings to a partner with the reporting entity by means of direct or indirect ownership.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_PaymentsOfPartnershipDistributions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_PaymentsToAcquireMortgageReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to acquire a mortgage receivable for a definite sum of money at a future date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_PaymentsToAcquireMortgageReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_PreofferingCostsIncurred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for Pre-offering Costs Incurred.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_PreofferingCostsIncurred</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_ProceedsFromCollectionOfMortagageReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with principal collections from a mortgages receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_ProceedsFromCollectionOfMortagageReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The sum of adjustments which are added to or deducted from net income or loss, including the portion attributable to noncontrolling interest, to reflect cash provided by or used in operating activities, in accordance with the indirect cash flow method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfFinancingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization expense attributable to debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=64930785&amp;loc=d3e28555-108399<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AmortizationOfFinancingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Cash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Cash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashPeriodIncreaseDecrease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in cash. Cash is the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Includes effect from exchange rate changes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 230<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=98513438&amp;loc=d3e33268-110906<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashPeriodIncreaseDecrease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Depreciation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Depreciation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net gain (loss) resulting from sales and other disposals of real estate owned for investment purposes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.14(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainsLossesOnSalesOfInvestmentRealEstate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccruedLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccruedLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAdvancePaymentsByBorrowersForTaxesAndInsurance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in prepayments received from borrowers for taxes and insurance remitted to the appropriate tax authority or insurer on behalf of the borrower.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAdvancePaymentsByBorrowersForTaxesAndInsurance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDeferredRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInDeferredRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDueToOfficersAndStockholders">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease), during an accounting period, in total obligations owed to the reporting entity's executives and owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInDueToOfficersAndStockholders</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInInterestPayableNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in interest payable, which represents the amount owed to note holders, bond holders, and other parties for interest earned on loans or credit extended to the reporting entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInInterestPayableNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInNotesPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in current portion (due within one year or one business cycle) of obligations evidenced by formal promissory notes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInNotesPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOperatingAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in receivables classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidInsurance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) of consideration paid in advance for insurance that provides economic benefits in future periods.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInPrepaidInsurance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPaidNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash paid, after deduction of cash paid for capitalized interest, for interest. Includes, but is not limited to, payment to settle zero-coupon bond for accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=d3e4297-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestPaidNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3574-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3574-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3536-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentOfFinancingAndStockIssuanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of the cash outflow during the period which has been paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt and the cost incurred directly for the issuance of equity securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentOfFinancingAndStockIssuanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForProceedsFromMortgageDeposits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net cash outflow or inflow from the amount given in advance to show intention to complete the mortgage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3213-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3179-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsForProceedsFromMortgageDeposits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfOrdinaryDividends">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash outflow in the form of ordinary dividends to common shareholders, preferred shareholders and noncontrolling interests, generally out of earnings.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfOrdinaryDividends</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireFurnitureAndFixtures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for acquisition of furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireFurnitureAndFixtures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the purchase of all investments (debt, security, other) during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireRealEstate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow from the acquisition of a piece of land, anything permanently fixed to it, including buildings, structures on it and so forth; includes real estate intended to generate income for the owner; excludes real estate acquired for use by the owner.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireRealEstate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceInitialPublicOffering">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the amount received from entity's first offering of stock to the public.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceInitialPublicOffering</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromLinesOfCredit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow from contractual arrangement with the lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3255-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(f))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromLinesOfCredit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromPartnershipContribution">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the capital received in cash from a partner in a partnership during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromPartnershipContribution</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfRealEstate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash received for the sale of real estate that is not part of an investing activity during the current period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3179-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromSaleOfRealEstate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfLinesOfCredit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow for payment of an obligation from a lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3291-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(f))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RepaymentsOfLinesOfCredit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SupplementalCashFlowInformationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SupplementalCashFlowInformationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>20
<FILENAME>R7.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6786271728">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>STATEMENTS OF CASH FLOW (Parenthetical) - USD ($)<br></strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Feb. 08, 2017</div></th>
<th class="th"><div>Mar. 31, 2018</div></th>
<th class="th"><div>Mar. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1', window );">Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Shares Issued</a></td>
<td class="nump">6,283,237<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesIssued1', window );">Notes Issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 169,338<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_ProceedsFromMortgagesFundingPayable', window );">Proceeds From Mortgages Funding Payable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_ProceedsFromMortgagesFundingPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from a mortgage funding during the year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_ProceedsFromMortgagesFundingPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued as [noncash or part noncash] consideration for a business or asset acquired. Noncash is defined as transactions during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=d3e4304-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=d3e4332-108586<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=d3e4313-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NotesIssued1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of notes issued in noncash investing and financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=d3e4332-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=d3e4304-108586<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=d3e4313-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NotesIssued1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>21
<FILENAME>R8.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6805463520">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>The Company<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>Organization, Consolidation and Presentation of Financial Statements [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock', window );">Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="center"></div> <table style="clear:both;WIDTH: 100%; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <b><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1.</font></b></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><b><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">The Company</font></b></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left">Sachem Capital Corp. (the &#8220;Company&#8221;) was formed under the name HML Capital Corp. in January 2016 under the State of New York Business Corporation Law. On February 8, 2017, the Company completed an exchange transaction (the &#8220;Exchange&#8221;) with Sachem Capital Partners, LLC (&#8220;SCP&#8221;), a Connecticut limited liability company located in Branford, Connecticut, which commenced operations on December 8, 2010. In the Exchange SCP transferred all its assets to the Company for <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 6,283,237</font> of the Company&#8217;s common shares and the assumption by the Company of all of SCP&#8217;s liabilities. Prior to the consummation of the Exchange, the Company was not engaged in any business or investment activities and had only nominal assets and no liabilities. Prior to the Exchange, SCP was managed by JJV, LLC (the &#8220;Manager&#8221;), a Connecticut limited liability company and related party.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left">On February 9, 2017, the Company&#8217;s registration statement on Form S-11 was declared effective by the U.S. Securities and Exchange Commission. Pursuant to such registration statement, the Company issued and sold <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,600,000</font> common shares at a price of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5.00</font> per share, or $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">13</font> million of gross proceeds (the &#8220;IPO&#8221;). The net proceeds, after payment of underwriting discounts and commissions and transaction fees, were approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">11.1</font> million. The IPO was consummated on February 15, 2017.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left">Following the consummation of the IPO, the Company believes it meets all of the qualifications to be taxed as a Real Estate Investment Trust (&#8220;REIT&#8221;) for federal income tax purposes. Since then, the Company has been conducting its operations as if it is a REIT and plans to make the election to be taxed as a REIT when it files its federal corporate income tax return for its 2017 tax year, which ended December 31, 2017. See note 2 &#151; &#8220;Significant Accounting Policies &#151; Income Taxes&#8221; below.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left">In addition, on October 27, 2017, the Company issued and sold <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 3,750,000</font> common shares in an underwritten follow-on public offering at an offering price per share of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">4.00</font>. On November 3, 2017, the Company issued and sold an additional <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 562,500</font> common shares upon exercise of the underwriters&#8217; over-allotment option. The gross proceeds from the offering were $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">17.25</font> million and the net proceeds, after deducting underwriting discounts and commissions and other offering expenses, from the sale of the common shares were approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">15.3</font> million.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left">The Company specializes in originating, underwriting, funding, servicing and managing a portfolio of first mortgage loans. The Company offers short term (i.e. three years or less) secured, non-banking loans (sometimes referred to as &#8220;hard money&#8221; loans) to real estate investors to fund their acquisition, renovation, development, rehabilitation or improvement of properties located primarily in Connecticut. The properties securing the Company&#8217;s loans are generally classified as residential or commercial real estate and, typically, are held for resale or investment. Each loan is secured by a first mortgage lien on real estate and may also be secured with additional real estate collateral. Each loan is also personally guaranteed by the principal(s) of the borrower, which guaranty may be collaterally secured by a pledge of the guarantor&#8217;s interest in the borrower. The Company does not lend to owner occupants. The Company&#8217;s primary underwriting criteria is a conservative loan to value ratio. In addition, the Company may make opportunistic real estate purchases apart from its lending activities.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left">The accompanying statements of operations and cash flows include the results of operations of SCP from January 1, 2017 through February 8, 2017, until the consummation of the Exchange.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -URI http://asc.fasb.org/topic&amp;trid=2122149<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -URI http://asc.fasb.org/topic&amp;trid=2197479<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>22
<FILENAME>R9.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6801182288">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAccountingPoliciesTextBlock', window );">Significant Accounting Policies [Text Block]</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><b><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>2.</b></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><b>Significant Accounting Policies</b></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 7.15pt 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><i>&#160;</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Unaudited Financial Statements</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left">The accompanying unaudited financial statements of the Company, have been prepared in accordance with generally accepted accounting principles in the United States of America (&#8220;GAAP&#8221;) for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Results of operations for the interim periods are not necessarily indicative of the operating results to be attained in the entire fiscal year.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Use of Estimates</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in" align="left">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management will base the use of estimates on (a) various assumptions that consider its past experience, (b) the Company&#8217;s projections regarding future operations, and (c) general financial market and local and general economic conditions. Actual amounts could differ from those estimates.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>&#160;</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> <i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Concentrations of Credit Risk</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and mortgage loans. The Company maintains its cash with one major financial institution. Accounts at the financial institution are insured by the Federal Deposit Insurance Corporation up to $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">250,000</font>.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">Credit risks associated with the Company&#8217;s mortgage loan portfolio and related interest receivable are described in Note 3 entitled &#8220;Mortgages Receivable.&#8221;<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>Income Taxes</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">Subsequent to the Exchange and the IPO, the Company believes it qualifies as a Real Estate Investment Trust (REIT) for federal income tax purposes and intends to make the election to be taxed as a REIT when it files its 2017 federal income tax return. As a REIT, the Company is required to distribute at least 90% of its taxable income to its shareholders on an annual basis. The Company&#8217;s qualification as a REIT depends on its ability to meet on a continuing basis, through actual investment and operating results, various complex requirements under the Internal Revenue Code of 1986, as amended, relating to, among other things, the sources of its income, the composition and values of its assets, its compliance with the distributions requirements applicable to REITs and the diversity of ownership of its outstanding common shares. So long as it qualifies as a REIT, the Company, generally, will not be subject to U.S. federal income tax on its taxable income distributed to its shareholders. However, if it fails to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal income tax at regular corporate rates and may also be subject to various penalties and may be precluded from re-electing REIT status for the four taxable years following the year during in which it lost its REIT qualification.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">The Company has adopted the provisions of FASB ASC Topic 740-10 &#8220;Accounting for Uncertainty in Income Taxes&#8221;, which prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return and disclosure required. An entity may only recognize or continue to recognize tax positions that meet a &#8220;more likely than not&#8221; threshold. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in interest expense. The Company has determined that there are no uncertain tax positions requiring accrual or disclosure in the accompanying financial statements as of March 31, 2018.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"><i>&#160; <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> <i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Property and Equipment</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 20pt; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left">Property and equipment principally consists of land and building acquired in December&#160;2016, to house the Company&#8217;s office facilities and is stated at cost. The building will be depreciated using the straight-line method over its estimated useful life of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">40</font> years. Expenditures for repairs and maintenance are charged to expense as incurred.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"><i>&#160;</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>Revenue Recognition</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">Interest income from the Company&#8217;s loan portfolio is earned, over the loan period and is calculated using the simple interest method on principal amounts outstanding. Generally, the Company&#8217;s loans provide for interest to be paid monthly in arrears.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">Origination fee revenue is recognized ratably over the contractual life of the loan in accordance with ASC 310.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"><i>&#160;</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>Deferred Financing Costs</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">Costs incurred in connection with the Company&#8217;s line of credit, as discussed in Note 6 below, are amortized over the term of the line of credit, using the straight-line method.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>Fair Value of Financial Instruments</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">For the line of credit, mortgage payable and interest-bearing mortgages receivable held by the Company, the carrying amount approximates fair value due to the relative short-term nature of such instruments.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>Earnings Per Share</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">Basic and diluted earnings per share are calculated in accordance with ASC 260 &#8220;Earnings Per Share&#8221;. Under ASC 260, basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. The computation of diluted earnings per share is similar to basic earnings per share, except that the denominator is increased to include the potential dilution from the exercise of stock options and warrants for common shares using the treasury stock method. The numerator in calculating both basic and diluted earnings per common share for each period is the reported net income.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">Prior to the Exchange, the Company&#8217;s business was conducted by SCP, a limited liability company.&#160; Accordingly, earnings per share for the three months ended March 31, 2017 does not include the net income per share for the period prior to the Exchange.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>Recent Accounting Pronouncements</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (&#8220;ASU 2014-09&#8221;), which is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2017.&#160; This ASU outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry specific guidance.&#160; Several ASUs expanding and clarifying the initial guidance issued in ASU 2014-09 have been released since May 2014.&#160; Exclusions from the scope of this guidance include revenues resulting from loans, investment securities (available-for-sale and trading), investments in unconsolidated entities and leases.&#160; The Company adopted the ASU effective January 1, 2018.&#160; The Company evaluated the applicability of this guidance, considering the scope exceptions, and concluded that the adoption does not have an effect on its financial statements, primarily due to the new guidance not applying to revenue resulting from loans and lease contracts.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left">In May 2017, the FASB issued ASU 2017-09, &#8220;Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting.&#8221; The ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award changes as a result of the change in terms or conditions. For all entities, the standard is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The adoption of this guidance did not have a material impact on the Company&#8217;s consolidated financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">In August 2017, the FASB issued ASU 2017-12, &#8220;Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.&#8221; The ASU expands the activities that qualify for hedge accounting and simplifies the rules for reporting hedging transactions. For public companies that file with the SEC, the standard is effective for financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company&#8217;s financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">In February 2018, the FASB issued ASU 2018-02, &#8220;Income Statement &#151; Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.&#8221; The ASU amends ASC 220, &#8220;Income Statement &#151; Reporting Comprehensive Income,&#8221; to allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. In addition, under the ASU, an entity will be required to provide certain disclosures regarding stranded tax effects. For all entities, the ASU is effective for financial statements issued for fiscal years beginning after December&#160;15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company&#8217;s financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">Management does not believe that any other recently issued, but not yet effected, accounting standards if currently adopted would have a material effect on the Company&#8217;s financial statements.</div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SignificantAccountingPoliciesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for all significant accounting policies of the reporting entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -URI http://asc.fasb.org/topic&amp;trid=2122369<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SignificantAccountingPoliciesTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>23
<FILENAME>R10.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6808671264">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Mortgages Receivable<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateAbstract', window );"><strong>Mortgage Loans on Real Estate [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateByLoanDisclosureTextBlock', window );">Mortgage Loans on Real Estate, by Loan Disclosure [Text Block]</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong>3.</strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong>Mortgages Receivable</strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"><i>Mortgages Receivable</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">The Company offers secured non-banking loans to real estate investors to fund their acquisition and construction of properties located mainly in Connecticut. The loans are principally secured by first mortgages on real estate and, generally, are also personally guaranteed by the borrower or its principals. The loans are generally for a term of one to three years. The loans are initially recorded and carried thereafter, in the financial statements, at cost. Most of the loans provide for monthly payments of interest only (in arrears) during the term of the loan and a &#8220;balloon&#8221; payment of the principal on the maturity date.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">For the quarters ended March 31, 2018 and 2017, the aggregate amounts of loans funded by the Company were $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">10,345,784</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">10,091,528</font>, respectively, offset by principal repayments of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">6,034,243</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3,938,601</font>, respectively.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">At March 31, 2018, the Company&#8217;s portfolio included closed loans ranging in size from $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">15,000</font> to $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2,000,000</font> with stated interest rates ranging from <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 9.5</font>% to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 12.0</font>% and a default interest rate for non-payment of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 18</font>%.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">At March 31, 2018, no single borrower had loans outstanding representing more than 10% of the total balance of the loans outstanding.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">The Company generally grants loans for a term of one to three years. In some cases, the Company has agreed to extend the term of the loans. A loan that is extended is treated as a new loan. However, prior to granting an extension, the loan underwriting process is repeated.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">In November 2016, the Company purchased a mortgage note at a discount of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">74,954</font> and then subsequently refinanced the note obtaining additional collateral and payment terms consistent with similar notes held by the Company. The discount is being amortized over the three-year life of the refinanced loan. During the three months ended March 31, 2017, JJV determined to exercise its option to share in <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 75</font>% of this discount in the amount of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">55,390</font>. Amortization of this discount was $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1,630</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1,630</font>, for the periods ended March 31, 2018 and 2017, respectively.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"><i>Credit Risk</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Credit risk profile based on loan activity as of March 31, 2018 and December 31, 2017:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 1pt 0pt 27pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in 0in 0in 0.25in; WIDTH: 96%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%"> <div style="CLEAR:both;CLEAR: both">Mortgages&#160;Receivable</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Residential</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Commercial</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Land</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Mixed&#160;Use</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both"> Total&#160;Outstanding&#160;Mortgages</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">March 31, 2018</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">44,179,820</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">18,831,376</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">5,755,939</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">815,365</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">69,582,500</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">December 31, 2017</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">43,855,827</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">12,480,612</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">6,676,060</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">258,460</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">63,270,959</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>The following is the maturities of mortgages receivable as of March 31:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 17.65pt; MARGIN: 0pt 0.1in 0pt 27.35pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 50%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div style="CLEAR:both;CLEAR: both">2018</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">29,865,388</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div style="CLEAR:both;CLEAR: both">2019</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">21,856,270</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div style="CLEAR:both;CLEAR: both">2020</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">11,787,324</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div style="CLEAR:both;CLEAR: both">2021</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">6,073,518</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div style="CLEAR:both;CLEAR: both">Total</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">69,582,500</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 20pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">At March 31, 2018, of the 366 mortgage loans in the Company&#8217;s portfolio, 13 were treated by the Company as &#8220;non-performing&#8221;, typically because the borrower is more than 90 days in arrears on its interest payment obligations or because the borrower has failed to make timely payments of real estate taxes or insurance premiums. The aggregate outstanding principal balance of these non-performing loans and the accrued but unpaid interest as of March 31, 2018 was approximately $ <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 3.5</font>&#160;million. At March 31, 2018, all non-performing loans were referred to counsel to commence foreclosure proceedings or to negotiate settlement terms. In the case of each non-performing loan, the Company believes the value of the collateral exceeds the outstanding balance on the loan.</div> </div> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateByLoanDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for mortgage loans on real estate, this includes the supplemental information pertaining to each mortgage loan receivable that equals or exceeds three percent of the carrying amount of mortgages.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 948<br> -SubTopic 310<br> -URI http://asc.fasb.org/subtopic&amp;trid=2176522<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateByLoanDisclosureTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>24
<FILENAME>R11.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6619527648">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Real Estate Owned<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BankingAndThriftAbstract', window );"><strong>Banking and Thrift [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateOwnedTextBlock', window );">Real Estate Owned [Text Block]</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div><b>4.</b></div> </td> <td style="TEXT-ALIGN: justify"> <div><b>Real Estate Owned</b></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 17.65pt; MARGIN: 0pt 0.1in 0pt 27.35pt; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left">Property purchased for rental or acquired through foreclosure are included on the balance sheet as real estate owned.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif" align="justify">As of March 31, 2018, real estate owned totaled $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1,235,409</font> and is held for rental purposes. There is no valuation allowance on the real estate owned.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BankingAndThriftAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BankingAndThriftAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateOwnedTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 40<br> -Section 40<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=84176060&amp;loc=d3e18551-111553<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 40<br> -Section 40<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84176060&amp;loc=d3e18511-111553<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=82891408&amp;loc=d3e4437-111522<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 35<br> -Paragraph 17<br> -URI http://asc.fasb.org/extlink&amp;oid=29634951&amp;loc=d3e1424-110224<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.5-04(c)(Schedule III))<br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(10)(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 970<br> -SubTopic 360<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-28)<br> -URI http://asc.fasb.org/extlink&amp;oid=6590653&amp;loc=d3e638233-123024<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 35<br> -Paragraph 43<br> -URI http://asc.fasb.org/extlink&amp;oid=29634951&amp;loc=d3e1739-110224<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealEstateOwnedTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>25
<FILENAME>R12.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6782197008">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Escrow Deposits<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_EscrowDepositsAbstract', window );"><strong>Escrow Deposits [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_EscrowDepositsTextBlock', window );">Escrow Deposits [Text Block]</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div><b><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>5.</b></div> </td> <td style="TEXT-ALIGN: justify"> <div><b>Escrow Deposits</b></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> <b>&#160;</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left">As of March 31, 2018 and December 31, 2017, escrow deposits in the amount&#160;of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">175,330</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">111,189</font>, respectively, consist of funds due to the Company from closed construction mortgages. Closing counsel returns these funds to the Company post-closing, then these funds are held by the Company and available to the borrower when specific progress goals during the construction process are met.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_EscrowDepositsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_EscrowDepositsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_EscrowDepositsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for escrow deposits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_EscrowDepositsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>26
<FILENAME>R13.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6645736544">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Line of Credit and Mortgage Payable<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureAbstract', window );"><strong>Debt Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureTextBlock', window );">Debt Disclosure [Text Block]</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div><strong>6.</strong></div> </td> <td style="TEXT-ALIGN: justify"> <div><strong>Line of Credit and Mortgage Payable</strong></div> </td> </tr> </table> &#160; <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"><i>Line of Credit</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left">On December 18, 2014, SCP entered into a two-year revolving Line of Credit Agreement with Bankwell Bank (the &#8220;Bank&#8221;) pursuant to which the Bank agreed to advance up&#160;to $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5</font> million (the &#8220;Bankwell Credit Line&#8221;) against assignments of mortgages and other collateral requiring monthly payments of interest only. On December 30, 2015, the Bankwell Credit Line was amended to increase available borrowings to $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">7,000,000</font>. On March 15, 2016, the Bankwell Credit Line was amended again to increase available borrowings to $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">15,000,000</font>. In connection with the Exchange, the Company assumed all of SCP&#8217;s obligations to Bankwell and entered into a new agreement with Bankwell, the material terms of which are substantially identical to the terms of the agreement between the SCP and Bankwell. The interest rate on the Bankwell Credit Line is variable at 3% in excess of the Wall Street Journal prime rate but in no event less than <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 6.25</font>%, per annum, on the money in use. On June&#160;30, 2017, the Bankwell Credit Line was again amended. The amendments included the following: (i)&#160;an increase in the amount available to $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">20,000,000</font>, (ii) interest would be calculated at the greater of (x)&#160;<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 5.5</font>% and (y)&#160;the three-month <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">LIBOR Rate plus 4.50%</font>; (iii) the maturity date of the Bankwell Credit Line was extended to June&#160;30, 2019. As of March 31, 2018, the interest rate on the Bankwell Credit Line was <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 6.19</font>%.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left">The Bankwell Credit Line was scheduled to mature on June&#160;30, 2019, at which time the entire unpaid principal balance and any accrued and unpaid interest were due and payable. The Company had the option to extend the term of the loan for the sole purpose of repaying the principal balance over a thirty-six-month period in equal monthly installments. The Bankwell Credit Line was secured by substantially all Company assets and was subject to borrowing base limitations and financial covenants including, maintaining a minimum fixed charge coverage ratio and maintaining minimum tangible net worth. In addition, among other things, provisions of the agreement prohibited Company merger, consolidation or disposal of assets or declaring and paying dividends in certain circumstances. The Company could prepay the balance due on the Bankwell Credit Line at any time, provided, however, if the credit line is refinanced with another lender, there is an &#8220;exit fee&#8221; of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">200,000</font>.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left">JJV and each of the Company&#8217;s co-chief executive officers had, jointly and severally, guaranteed the Company&#8217;s obligations under the Bankwell Credit Line up to a maximum of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1,000,000</font> each. Each of the Company&#8217;s co-chief executive officers was required to maintain minimum ownership in the Company (<i>i.e.</i>, <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 500,000</font> common shares each).</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left">At March 31, 2018, the outstanding amount under the Bankwell Credit Line was $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">14,147,465</font>.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left">See Note 11 below regarding the refinancing of the Bankwell Credit Line.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: left; MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: left; MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal"> <i>Mortgage Payable</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: left; MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal"> <i>&#160;</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal"> The Company also has a mortgage payable to Bankwell Bank, collateralized by land and a building purchased by the Company to be used as its primary business location. The property is in the early stages of renovation and the Company expects to move its operations to the new location in the fourth quarter of 2018. The original principal amount of the mortgage loan is $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">310,000</font> and bears interest at the rate of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 4.52</font>%. Interest and principal are payable in monthly installments of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1,975</font> commencing in February&#160;2017. The entire outstanding principal balance of the mortgage loan and all accrued and unpaid interest thereon is due and payable in January&#160;2022.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal"> Principal payments on the mortgage payable are due as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0px:auto; WIDTH: 50%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div>Year ending December 31, 2018</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div>10,176</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div>2019</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div>10,645</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div>2020</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div>11,136</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div>2021</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div>11,650</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div>2022</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div>254,962</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div>Total</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="13%"> <div>298,569</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -URI http://asc.fasb.org/topic&amp;trid=2208564<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtDisclosureTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>27
<FILENAME>R14.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6652768704">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Mortgage Funding Payable<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureAbstract', window );"><strong>Debt Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageNotesPayableDisclosureTextBlock', window );">Mortgage Notes Payable Disclosure [Text Block]</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 24px; FONT-SIZE: 10pt"> <div><font style="FONT-FAMILY:Times New Roman, Times, Serif"><b> 7.</b></font></div> </td> <td style="TEXT-ALIGN: justify; FONT-SIZE: 10pt"> <div><font style="FONT-FAMILY:Times New Roman, Times, Serif"><b> Mortgage Funding Payable</b></font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> On March 29, 2018, the Company agreed to purchase two loans, made to a single borrower, from an unrelated financial institution for $2,000,000. Actual funding was subject to obtaining certain required approvals and delivery of the complete original mortgage files. As a result, the Company recorded a Mortgage Funding Payable of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2,000,000</font> at March 31, 2018.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageNotesPayableDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for mortgage notes payable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageNotesPayableDisclosureTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>28
<FILENAME>R15.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6618569968">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Other income<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherIncomeAbstract', window );"><strong>Component of Operating Income [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_OtherIncomeTextBlock', window );">Other income [Text Block]</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 24px"> <div><b>8.</b></div> </td> <td style="TEXT-ALIGN: justify"> <div><b>Other income</b></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left">At March 31, 2018 and 2017, other income consists of the following:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 1in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in 0in 0in 0.25in; WIDTH: 96%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="71%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2018</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2017</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div style="CLEAR:both;CLEAR: both">Income on borrower charges</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">60,245</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div style="CLEAR:both;CLEAR: both">Lender fees</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">138,495</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">13,960</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div style="CLEAR:both;CLEAR: both">In-house legal fees</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">34,900</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">7,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div style="CLEAR:both;CLEAR: both">Modification fees</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">45,025</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div style="CLEAR:both;CLEAR: both">Other income</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">16,082</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">25,187</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div style="CLEAR:both;CLEAR: both">Total</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">294,747</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">46,147</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_OtherIncomeTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for information about other income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_OtherIncomeTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherIncomeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>29
<FILENAME>R16.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6808660112">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments and Contingencies<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract', window );"><strong>Commitments and Contingencies Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock', window );">Commitments and Contingencies Disclosure [Text Block]</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div><b>9.</b></div> </td> <td style="TEXT-ALIGN: justify"> <div><b>Commitments and Contingencies</b></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><i>Loan Brokerage Commissions/Origination Fees Paid to JJV</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0px 0in 0.25in; FONT: 10pt Times New Roman, Times, Serif"> Loan origination fees consist of points, generally <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2</font>%-<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5</font>% of the original loan principal. Pursuant to the Company&#8217;s operating agreement and prior to the Exchange, JJV is entitled to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 75</font>% of loan origination fees. For the three months ended March 31, 2017, loan origination fees paid to JJV were $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">79,341</font>. These payments are amortized over the life of the loan for financial statement purposes and recognized as a reduction of origination fee income. After the Exchange, JJV is no longer entitled to origination fee payments.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0px 0in 0.25in; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0px 0in 0.25in; FONT: 10pt Times New Roman, Times, Serif"> Original maturities of deferred revenue are as follows as of:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0px 0in 0.25in; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0px 0in 0.25in; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0px 0in 0in; FONT: 10pt Times New Roman, Times, Serif"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 50%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400; TEXT-DECORATION: underline" width="34%"> <div style="CLEAR:both;CLEAR: both">December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div style="CLEAR:both;CLEAR: both">2019</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">727,428</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div style="CLEAR:both;CLEAR: both">2020</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">306,884</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div style="CLEAR:both;CLEAR: both">2021</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">134,310</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div style="CLEAR:both;CLEAR: both">Total</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">1,168,622</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0px 0in 0.25in; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> In instances in which mortgages are repaid before their maturity date, the balance of any unamortized deferred revenue is recognized in full.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"><i>Loan Servicing Fees</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">JJV administered the servicing of the Company&#8217;s loan portfolio. At JJV&#8217;s discretion, <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">the loan servicing fee ranged from one-twelfth (1/12<sup style="font-style:normal">th</sup>) of one-half percent (0.5%) to one percent (1.0%) of the Company&#8217;s loan portfolio</font>, payable monthly and calculated based on total loans as of the first of each month. The percentage charged by JJV was <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1.0</font>% for the March 31, 2017 period up to the date of the Exchange. After the Exchange, JJV is no longer entitled to loan servicing fees.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">For the three months ended March 31, 2017, loan servicing fees paid to JJV were $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">32,778</font>.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"><i>&#160;</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"><i>Unfunded Commitments</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">At March 31, 2018, the Company is committed to an additional $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3,811,439</font> in construction loans that can be drawn by the borrower when certain conditions are met.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"><i>Other</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">In the normal course of its business, the Company is named as a party-defendant because it is a mortgagee having interests in real properties that are being foreclosed upon, primarily resulting from unpaid property taxes. The Company actively monitors these actions and, in all cases, there remains sufficient value in the subject property to assure that no loan impairment exists.</div> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingenciesDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for commitments and contingencies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -URI http://asc.fasb.org/topic&amp;trid=2127136<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -URI http://asc.fasb.org/topic&amp;trid=2144648<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingenciesDisclosureTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>30
<FILENAME>R17.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6801258160">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related Party Transactions<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsAbstract', window );"><strong>Related Party Transactions [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock', window );">Related Party Transactions Disclosure [Text Block]</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0px 0in 0.25in; FONT: 10pt Times New Roman, Times, Serif"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div><b>10.</b></div> </td> <td style="TEXT-ALIGN: justify"> <div><b>Related Party Transactions</b></div> </td> </tr> </table> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="left">The Company currently leases office space, on a month-to-month basis, in a building owned by Union News of New Haven, Inc., an entity that is controlled and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 20</font>%-owned by Jeffrey Villano, the Company&#8217;s co-CEO. Rent and other facility related charges paid by the Company to Union News for the three months ended March 31, 2018 and 2017 was $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">4,500</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1,500</font> (for the period beginning February 9, 2017 to March 31, 2017), respectively. The Company expects to move its operations to a new location, owned by the Company, in the fourth quarter of 2018.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; CLEAR: both; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="left">Prior to the Exchange, SCP reimbursed the Manager for rent and other expenses paid by the Manager on its behalf. For the period beginning January 1, 2017 and ending February 8, 2017, such amount totaled $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">35,847</font>. In addition to rent, these amounts include other payments made by the Manager on SCP&#8217;s behalf including insurance premiums and real estate taxes in instances where SCP was notified that the borrower is in default, costs of any actions (i.e., foreclosures) commenced by SCP to enforce its rights or collect amounts due from borrowers who were in default of their obligations to SCP as well as other costs that the Manager deemed appropriate to protects SCP&#8217;s interests. For the period beginning January 1, 2017 and ending February 8, 2017, the Manager paid salaries and payroll taxes on behalf of the Company totaling $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">12,223</font>. Unreimbursed costs advanced by the Manager on behalf of SCP as of March 31, 2017 were $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">4,905</font> and are included in other receivables on the Company&#8217;s balance sheet.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; CLEAR: both; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="left">During the period beginning January 1, 2017 and ending February 8, 2017, SCP paid the Manager $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">52,902</font> representing origination fees on loans funded by SCP during the period.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; CLEAR: both; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="left">From time to time, the Manager would acquire certain troubled assets from third parties who are not existing SCP borrowers. In such instances, the Manager would borrow money from SCP to finance these acquisitions. As part of the Exchange, the Company acquired the notes evidencing these loans from SCP. The principal balance of the loans to the Manager at March 31, 2018 was <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 969,457</font>. The real estate purchased is held by the Manager in trust for the Company. The Company accounts for these arrangements as separate loans to the Manager. The income earned on these loans is equivalent to the income earned on similar loans in the portfolio. All underwriting guidelines are adhered to. The mortgage documents allow the Manager to sell the properties in case of default with proceeds in excess of loan principal and accrued expense being returned to the Manager. During the three months ended March 31, 2018 the Company did not make any loans to the Manager. During the three months ended March 31, 2018 and 2017, the Manager paid $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">32,847</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">35,745</font>, respectively, of interest to the Company (or to SCP prior to the Exchange).</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; CLEAR: both; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="left">In the ordinary course of business, the Company may originate, fund, manage and service loans to shareholders (members in the case of loans funded prior to the Exchange). The underwriting process on these loans is consistent with Company policy. The terms of such loans, including the interest rate, income, origination fees and other closing costs are the same as those applicable to loans made to unrelated third parties in the portfolio. As of March 31, 2018, loans to former partners and now shareholders totaled $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">4,879,228</font>. Interest income earned on these loans totaled $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">87,200</font>&#160;and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">35,745</font> for the periods ended March 31, 2018 and 2017, respectively.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; CLEAR: both; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">During the year ended December 31, 2017, the Company originated then sold notes to a shareholder in the amount of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2,750,000</font>. Notes totaling $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2,000,000</font> were repurchased by the Company and are classified as mortgages receivable at December 31, 2017. Prior to December 31, 2017, $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">723,478</font> was paid to the Company for the benefit of the noteholder. This amount is reflected in our balance sheet as Due to note purchaser at December 31, 2017 and was paid to the noteholder in January 2018.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; CLEAR: both; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">At both March 31, 2018 and December 31, 2017, total amounts owed by the Manager to the Company was $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">22,977</font></font> and is reflected as other receivables on the Company&#8217;s balance sheet.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; CLEAR: both; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">On February 9, 2017, the Company purchased computer hardware, software and furniture and fixtures totaling $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">92,806</font> from JJV.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; CLEAR: both; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">For the periods ended March 31, 2018 and 2017, the wife of one of our executive officers was paid $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">18,750</font> and $-<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0</font>-, respectively, for accounting and financial reporting services provided to the Company.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -URI http://asc.fasb.org/topic&amp;trid=2122745<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsDisclosureTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>31
<FILENAME>R18.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6633223888">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Subsequent Events<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventsAbstract', window );"><strong>Subsequent Events [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventsTextBlock', window );">Subsequent Events [Text Block]</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div><b>11.</b></div> </td> <td style="TEXT-ALIGN: justify"> <div><b>Subsequent Events</b></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"> On <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">April 2, 2018</font>, the Company declared a dividend of $.105 per share to be paid on <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">April 19, 2018</font> to shareholders of record on <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">April 12, 2018</font>. The total amount of the dividend payment was $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1,618,653</font>.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"> On April 27, 2018, the Company sold a mortgage note with a face amount of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1,200,000</font> to a former partner and now shareholder. The Company will continue to service the note during its term.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"> On May 11, 2018, the Company entered into an agreement with Webster Business Credit Corporation, Bankwell Bank and Berkshire Bank (collectively, the &#8220;Lenders&#8221;) under which the Lenders agreed to provide the Company with a $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">35</font> million revolving credit facility to replace the Bankwell Credit Line, which has now been repaid in full and terminated. The new credit facility is secured by a first priority lien on substantially all of the Company&#8217;s assets. Amounts outstanding under the new credit facility will bear interest at a floating rate equal to the 30-day LIBOR rate plus <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 4.00</font>% per annum, and will be due and payable on May 11, 2022. Pursuant to the terms of the agreement governing the new credit facility, the Company may draw up to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 75</font>% of its &#8220;Eligible Mortgage Loans,&#8221; as defined. As of the Closing Date, Eligible Mortgage Loans totaled approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">47.7</font> million. The loan agreement governing the new credit facility contains provisions regarding defaults and events of default, representations and warranties and affirmative, negative and financial covenants that are typical of transactions of this sort.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> No termination fee was paid with respect to the Bankwell Credit Line as a result of the refinancing.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"> Management has evaluated subsequent events through May 15, 2018 the date on which the financial statements were available to be issued. Based on the evaluation, no adjustments were required in the accompanying financial statements.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 855<br> -URI http://asc.fasb.org/topic&amp;trid=2122774<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>32
<FILENAME>R19.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6805538800">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies (Policies)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_UnauditedFinancialStatementsPolicyPolicyTextBlock', window );">Unaudited Financial Statements , Policy [Policy Text Block]</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 7.15pt 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"><i>Unaudited Financial Statements</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left">The accompanying unaudited financial statements of the Company, have been prepared in accordance with generally accepted accounting principles in the United States of America (&#8220;GAAP&#8221;) for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Results of operations for the interim periods are not necessarily indicative of the operating results to be attained in the entire fiscal year.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UseOfEstimates', window );">Use of Estimates, Policy [Policy Text Block]</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <i>Use of Estimates</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in" align="left">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management will base the use of estimates on (a) various assumptions that consider its past experience, (b) the Company&#8217;s projections regarding future operations, and (c) general financial market and local and general economic conditions. Actual amounts could differ from those estimates.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskCreditRisk', window );">Concentration Risk, Credit Risk, Policy [Policy Text Block]</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> <i>Concentrations of Credit Risk</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and mortgage loans. The Company maintains its cash with one major financial institution. Accounts at the financial institution are insured by the Federal Deposit Insurance Corporation up to $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">250,000</font>.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">Credit risks associated with the Company&#8217;s mortgage loan portfolio and related interest receivable are described in Note 3 entitled &#8220;Mortgages Receivable.&#8221;<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxPolicyTextBlock', window );">Income Tax, Policy [Policy Text Block]</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Income Taxes</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">Subsequent to the Exchange and the IPO, the Company believes it qualifies as a Real Estate Investment Trust (REIT) for federal income tax purposes and intends to make the election to be taxed as a REIT when it files its 2017 federal income tax return. As a REIT, the Company is required to distribute at least 90% of its taxable income to its shareholders on an annual basis. The Company&#8217;s qualification as a REIT depends on its ability to meet on a continuing basis, through actual investment and operating results, various complex requirements under the Internal Revenue Code of 1986, as amended, relating to, among other things, the sources of its income, the composition and values of its assets, its compliance with the distributions requirements applicable to REITs and the diversity of ownership of its outstanding common shares. So long as it qualifies as a REIT, the Company, generally, will not be subject to U.S. federal income tax on its taxable income distributed to its shareholders. However, if it fails to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal income tax at regular corporate rates and may also be subject to various penalties and may be precluded from re-electing REIT status for the four taxable years following the year during in which it lost its REIT qualification.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">The Company has adopted the provisions of FASB ASC Topic 740-10 &#8220;Accounting for Uncertainty in Income Taxes&#8221;, which prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return and disclosure required. An entity may only recognize or continue to recognize tax positions that meet a &#8220;more likely than not&#8221; threshold. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in interest expense. The Company has determined that there are no uncertain tax positions requiring accrual or disclosure in the accompanying financial statements as of March 31, 2018.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock', window );">Property, Plant and Equipment, Policy [Policy Text Block]</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> <i>Property and Equipment</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 20pt; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left">Property and equipment principally consists of land and building acquired in December&#160;2016, to house the Company&#8217;s office facilities and is stated at cost. The building will be depreciated using the straight-line method over its estimated useful life of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">40</font> years. Expenditures for repairs and maintenance are charged to expense as incurred.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueRecognitionPolicyTextBlock', window );">Revenue Recognition, Policy [Policy Text Block]</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Revenue Recognition</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">Interest income from the Company&#8217;s loan portfolio is earned, over the loan period and is calculated using the simple interest method on principal amounts outstanding. Generally, the Company&#8217;s loans provide for interest to be paid monthly in arrears.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">Origination fee revenue is recognized ratably over the contractual life of the loan in accordance with ASC 310.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_DeferredFinancingCostsPolicyTextBlock', window );">Deferred Financing Costs [Policy Text Block]</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Deferred Financing Costs</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">Costs incurred in connection with the Company&#8217;s line of credit, as discussed in Note 6 below, are amortized over the term of the line of credit, using the straight-line method.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueOfFinancialInstrumentsPolicy', window );">Fair Value of Financial Instruments, Policy [Policy Text Block]</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Fair Value of Financial Instruments</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">For the line of credit, mortgage payable and interest-bearing mortgages receivable held by the Company, the carrying amount approximates fair value due to the relative short-term nature of such instruments.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerSharePolicyTextBlock', window );">Earnings Per Share, Policy [Policy Text Block]</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Earnings Per Share</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">Basic and diluted earnings per share are calculated in accordance with ASC 260 &#8220;Earnings Per Share&#8221;. Under ASC 260, basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. The computation of diluted earnings per share is similar to basic earnings per share, except that the denominator is increased to include the potential dilution from the exercise of stock options and warrants for common shares using the treasury stock method. The numerator in calculating both basic and diluted earnings per common share for each period is the reported net income.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">Prior to the Exchange, the Company&#8217;s business was conducted by SCP, a limited liability company.&#160; Accordingly, earnings per share for the three months ended March 31, 2017 does not include the net income per share for the period prior to the Exchange.</div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock', window );">New Accounting Pronouncements, Policy [Policy Text Block]</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Recent Accounting Pronouncements</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (&#8220;ASU 2014-09&#8221;), which is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2017.&#160; This ASU outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry specific guidance.&#160; Several ASUs expanding and clarifying the initial guidance issued in ASU 2014-09 have been released since May 2014.&#160; Exclusions from the scope of this guidance include revenues resulting from loans, investment securities (available-for-sale and trading), investments in unconsolidated entities and leases.&#160; The Company adopted the ASU effective January 1, 2018.&#160; The Company evaluated the applicability of this guidance, considering the scope exceptions, and concluded that the adoption does not have an effect on its financial statements, primarily due to the new guidance not applying to revenue resulting from loans and lease contracts.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left">In May 2017, the FASB issued ASU 2017-09, &#8220;Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting.&#8221; The ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award changes as a result of the change in terms or conditions. For all entities, the standard is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The adoption of this guidance did not have a material impact on the Company&#8217;s consolidated financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">In August 2017, the FASB issued ASU 2017-12, &#8220;Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.&#8221; The ASU expands the activities that qualify for hedge accounting and simplifies the rules for reporting hedging transactions. For public companies that file with the SEC, the standard is effective for financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company&#8217;s financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">In February 2018, the FASB issued ASU 2018-02, &#8220;Income Statement &#151; Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.&#8221; The ASU amends ASC 220, &#8220;Income Statement &#151; Reporting Comprehensive Income,&#8221; to allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. In addition, under the ASU, an entity will be required to provide certain disclosures regarding stranded tax effects. For all entities, the ASU is effective for financial statements issued for fiscal years beginning after December&#160;15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company&#8217;s financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">Management does not believe that any other recently issued, but not yet effected, accounting standards if currently adopted would have a material effect on the Company&#8217;s financial statements.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_DeferredFinancingCostsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for Deferred financing costs entities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_DeferredFinancingCostsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_UnauditedFinancialStatementsPolicyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the financial statements which are not audited at the end of period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_UnauditedFinancialStatementsPolicyPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskCreditRisk">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for credit risk.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 55<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=75027168&amp;loc=d3e14489-108613<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 825<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=75032840&amp;loc=d3e61082-112788<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 825<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=75027451&amp;loc=SL29635902-196195<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 21<br> -URI http://asc.fasb.org/extlink&amp;oid=77997519&amp;loc=d3e13537-108611<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=77997519&amp;loc=d3e13531-108611<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 825<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=75032840&amp;loc=d3e61044-112788<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskCreditRisk</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerSharePolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3630-109257<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerSharePolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueOfFinancialInstrumentsPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for determining the fair value of financial instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=77997519&amp;loc=d3e13279-108611<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 60<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=7493716&amp;loc=d3e21868-110260<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueOfFinancialInstrumentsPolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=84230637&amp;loc=d3e32840-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 30<br> -Section 05<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=65884525&amp;loc=d3e40913-109327<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 954<br> -SubTopic 740<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6491622&amp;loc=d3e9504-115650<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 17<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=84230637&amp;loc=d3e32809-109319<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=84176650&amp;loc=d3e32247-109318<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=84176650&amp;loc=d3e32280-109318<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, basis of assets, depreciation and depletion methods used, including composite deprecation, estimated useful lives, capitalization policy, accounting treatment for costs incurred for repairs and maintenance, capitalized interest and the method it is calculated, disposals and impairments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenueRecognitionPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18823-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.B.Q1)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18726-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RevenueRecognitionPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UseOfEstimates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=84177426&amp;loc=d3e6061-108592<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=84177426&amp;loc=d3e6143-108592<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=84177426&amp;loc=d3e6132-108592<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UseOfEstimates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>33
<FILENAME>R20.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6807287568">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Mortgages Receivable (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateAbstract', window );"><strong>Mortgage Loans on Real Estate [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_MortagageReceivableTableTextBlock', window );">Mortgages Receivable [Table Text Block]</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left">Credit risk profile based on loan activity as of March 31, 2018 and December 31, 2017:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 1pt 0pt 27pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in 0in 0in 0.25in; WIDTH: 96%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%"> <div style="CLEAR:both;CLEAR: both">Mortgages&#160;Receivable</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Residential</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Commercial</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Land</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Mixed&#160;Use</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both"> Total&#160;Outstanding&#160;Mortgages</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">March 31, 2018</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">44,179,820</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">18,831,376</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">5,755,939</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">815,365</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">69,582,500</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">December 31, 2017</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">43,855,827</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">12,480,612</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">6,676,060</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">258,460</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">63,270,959</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_ScheduleOfMaturitiesOfMortgagesReceivableTableTextBlock', window );">Schedule of Maturities of Mortgages Receivable [Table Text Block]</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left">The following is the maturities of mortgages receivable as of March 31:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 17.65pt; MARGIN: 0pt 0.1in 0pt 27.35pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 50%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div style="CLEAR:both;CLEAR: both">2018</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">29,865,388</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div style="CLEAR:both;CLEAR: both">2019</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">21,856,270</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div style="CLEAR:both;CLEAR: both">2020</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">11,787,324</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div style="CLEAR:both;CLEAR: both">2021</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">6,073,518</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div style="CLEAR:both;CLEAR: both">Total</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">69,582,500</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_MortagageReceivableTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of mortgage receivable by considering credit risk.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_MortagageReceivableTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_ScheduleOfMaturitiesOfMortgagesReceivableTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of maturities of mortgage receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_ScheduleOfMaturitiesOfMortgagesReceivableTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>34
<FILENAME>R21.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6638882176">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Line of Credit and Mortgage Payable (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureAbstract', window );"><strong>Debt Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ContractualObligationFiscalYearMaturityScheduleTableTextBlock', window );">Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal"> </div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal"> Principal payments on the mortgage payable are due as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0px:auto; WIDTH: 50%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div>Year ending December 31, 2018</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div>10,176</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div>2019</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div>10,645</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div>2020</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div>11,136</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div>2021</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div>11,650</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div>2022</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div>254,962</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div>Total</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="13%"> <div>298,569</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ContractualObligationFiscalYearMaturityScheduleTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the aggregate amount of payments due on known contractual obligations for the five years following the date of the latest balance sheet and the combined aggregate amount of maturities of known contractual obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-K (SK)<br> -Number 229<br> -Section 303<br> -Paragraph a<br> -Subparagraph 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ContractualObligationFiscalYearMaturityScheduleTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>35
<FILENAME>R22.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6801413488">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Other income (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherIncomeAbstract', window );"><strong>Component of Operating Income [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_OtherIncomeTableTextBlock', window );">Other income [Table Text Block]</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in" align="left">At March 31, 2018 and 2017, other income consists of the following:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 1in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in 0in 0in 0.25in; WIDTH: 96%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="71%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2018</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2017</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div style="CLEAR:both;CLEAR: both">Income on borrower charges</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">60,245</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div style="CLEAR:both;CLEAR: both">Lender fees</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">138,495</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">13,960</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div style="CLEAR:both;CLEAR: both">In-house legal fees</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">34,900</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">7,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div style="CLEAR:both;CLEAR: both">Modification fees</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">45,025</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div style="CLEAR:both;CLEAR: both">Other income</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">16,082</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">25,187</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div style="CLEAR:both;CLEAR: both">Total</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">294,747</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">46,147</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_OtherIncomeTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of other income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_OtherIncomeTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherIncomeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>36
<FILENAME>R23.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6638882176">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments and Contingencies (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract', window );"><strong>Commitments and Contingencies Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherCommitmentsTableTextBlock', window );">Other Commitments [Table Text Block]</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="left">Original maturities of deferred revenue are as follows as of:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0.1in 0pt 27pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; MARGIN: 0in; WIDTH: 50%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="37%"> <div>December 31,</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="37%"> <div>2019</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>727,428</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="37%"> <div>2020</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>306,884</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="37%"> <div>2021</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>134,310</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="37%"> <div>Total</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>1,168,622</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingenciesDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherCommitmentsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of information about obligations resulting from other commitments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherCommitmentsTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>37
<FILENAME>R24.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6812214112">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>The Company (Details Textual) - USD ($)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">1 Months Ended</th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Nov. 03, 2017</div></th>
<th class="th"><div>Feb. 09, 2017</div></th>
<th class="th"><div>Oct. 27, 2017</div></th>
<th class="th"><div>Feb. 15, 2017</div></th>
<th class="th"><div>Feb. 08, 2017</div></th>
<th class="th"><div>Mar. 31, 2018</div></th>
<th class="th"><div>Mar. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued', window );">Business Acquisition, Equity Interest Issued or Issuable, Number of Shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,283,237<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Stock Issued During Period, Shares, New Issues</a></td>
<td class="nump">562,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,750,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssuedPricePerShare', window );">Shares Issued, Price Per Share</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4.00<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Stock Issued During Period, Value, New Issues</a></td>
<td class="nump">$ 17,250,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceInitialPublicOffering', window );">Proceeds from Issuance Initial Public Offering</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 13,000,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Proceeds from Issuance of Common Stock</a></td>
<td class="nump">$ 15,300,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsidiarySaleOfStockAxis=us-gaap_IPOMember', window );">IPO [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Stock Issued During Period, Shares, New Issues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,600,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssuedPricePerShare', window );">Shares Issued, Price Per Share</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5.00<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FeesAndCommissions', window );">Fees and Commissions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 11,100,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceInitialPublicOffering', window );">Proceeds from Issuance Initial Public Offering</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 13,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of equity interests issued or issuable to acquire entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)(4)<br> -URI http://asc.fasb.org/extlink&amp;oid=35744584&amp;loc=d3e6927-128479<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FeesAndCommissions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of fees and commissions from financial services and banking activities and correspondent clearing. Includes fees from depositor accounts, credit cards, merchant discounts, and fiduciary and trust activities, guarantee fees, investment advisory, management, and administrative fees, transfer agent fees, and insurance commissions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.13)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FeesAndCommissions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceInitialPublicOffering">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the amount received from entity's first offering of stock to the public.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceInitialPublicOffering</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the additional capital contribution to the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesIssuedPricePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Per share or per unit amount of equity securities issued.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharesIssuedPricePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=84159872&amp;loc=d3e21463-112644<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=84159872&amp;loc=d3e21463-112644<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsidiarySaleOfStockAxis=us-gaap_IPOMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsidiarySaleOfStockAxis=us-gaap_IPOMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>38
<FILENAME>R25.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6801346080">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies (Details Textual)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th">
<div>Mar. 31, 2018 </div>
<div>USD ($)</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashFDICInsuredAmount', window );">Cash, FDIC Insured Amount</a></td>
<td class="nump">$ 250,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LandAndBuildingMember', window );">Land and Building [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Property, Plant and Equipment, Useful Life</a></td>
<td class="text">40 years<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashFDICInsuredAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash deposited in financial institutions as of the balance sheet date that is insured by the Federal Deposit Insurance Corporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashFDICInsuredAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentUsefulLife">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentUsefulLife</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LandAndBuildingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LandAndBuildingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>39
<FILENAME>R26.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6807551040">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Mortgages Receivable (Details) - USD ($)<br></strong></div></th>
<th class="th"><div>Mar. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Mortgage Loans on Real Estate, Carrying Amount of Mortgages</a></td>
<td class="nump">$ 69,582,500<span></span>
</td>
<td class="nump">$ 63,270,959<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LandMember', window );">Land [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Mortgage Loans on Real Estate, Carrying Amount of Mortgages</a></td>
<td class="nump">5,755,939<span></span>
</td>
<td class="nump">6,676,060<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=us-gaap_CommercialLoanMember', window );">Commercial Loan [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Mortgage Loans on Real Estate, Carrying Amount of Mortgages</a></td>
<td class="nump">18,831,376<span></span>
</td>
<td class="nump">12,480,612<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=sach_MexedUseMember', window );">Mexed Use [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Mortgage Loans on Real Estate, Carrying Amount of Mortgages</a></td>
<td class="nump">815,365<span></span>
</td>
<td class="nump">258,460<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=us-gaap_ResidentialMortgageMember', window );">Residential Mortgage [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Mortgage Loans on Real Estate, Carrying Amount of Mortgages</a></td>
<td class="nump">$ 44,179,820<span></span>
</td>
<td class="nump">$ 43,855,827<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying amount of the outstanding balance due under the mortgage loan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 948<br> -SubTopic 310<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LandMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LandMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=us-gaap_CommercialLoanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=us-gaap_CommercialLoanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=sach_MexedUseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=sach_MexedUseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=us-gaap_ResidentialMortgageMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=us-gaap_ResidentialMortgageMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>40
<FILENAME>R27.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6789236176">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Mortgages Receivable (Details 1) - USD ($)<br></strong></div></th>
<th class="th"><div>Mar. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_MaturitiesOfMortagageReceivableYearOne', window );">2018</a></td>
<td class="nump">$ 29,865,388<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_MaturitiesOfMortagageReceivableYearTwo', window );">2019</a></td>
<td class="nump">21,856,270<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_MaturitiesOfMortagageReceivableYearThree', window );">2020</a></td>
<td class="nump">11,787,324<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_MaturitiesOfMortagageReceivableYearFour', window );">2021</a></td>
<td class="nump">6,073,518<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Total</a></td>
<td class="nump">$ 69,582,500<span></span>
</td>
<td class="nump">$ 63,270,959<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_MaturitiesOfMortagageReceivableYearFour">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Maturities for the fourth year following the date of the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_MaturitiesOfMortagageReceivableYearFour</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_MaturitiesOfMortagageReceivableYearOne">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Maturities for the first year following the date of the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_MaturitiesOfMortagageReceivableYearOne</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_MaturitiesOfMortagageReceivableYearThree">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Maturities for the third year following the date of the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_MaturitiesOfMortagageReceivableYearThree</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_MaturitiesOfMortagageReceivableYearTwo">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Maturities for the second year following the date of the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_MaturitiesOfMortagageReceivableYearTwo</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying amount of the outstanding balance due under the mortgage loan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 948<br> -SubTopic 310<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>41
<FILENAME>R28.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6816140944">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Mortgages Receivable (Details Textual) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2018</div></th>
<th class="th"><div>Mar. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Nov. 30, 2016</div></th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_MortgageLoansOnRealEstateDefaultInterestRate', window );">Mortgage Loans on Real Estate, Default Interest Rate</a></td>
<td class="nump">18.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_PaymentsToAcquireMortgageReceivable', window );">Payments to Acquire Mortgage Receivable</a></td>
<td class="nump">$ 10,345,784<span></span>
</td>
<td class="nump">$ 10,091,528<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivableWithImputedInterestDiscount', window );">Receivable with Imputed Interest, Discount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 74,954<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_ProceedsFromCollectionOfMortagageReceivable', window );">Proceeds from Collection of Mortgages Receivable</a></td>
<td class="nump">6,034,243<span></span>
</td>
<td class="nump">3,938,601<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Mortgage Loans on Real Estate, Carrying Amount of Mortgages</a></td>
<td class="nump">69,582,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 63,270,959<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_AmortizationOfStockOptionDiscount', window );">Amortization Of Stock Option Discount</a></td>
<td class="nump">1,630<span></span>
</td>
<td class="nump">1,630<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember', window );">Mortgages [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_PaymentsToAcquireMortgageReceivable', window );">Payments to Acquire Mortgage Receivable</a></td>
<td class="nump">10,345,784<span></span>
</td>
<td class="nump">$ 10,091,528<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancingReceivablesPeriodPastDueAxis=us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember', window );">Financing Receivables, Equal to Greater than 90 Days Past Due [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Mortgage Loans on Real Estate, Carrying Amount of Mortgages</a></td>
<td class="nump">3,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MinimumMember', window );">Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages', window );">Mortgage Loans on Real Estate, Face Amount of Mortgages</a></td>
<td class="nump">$ 15,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateInterestRate', window );">Mortgage Loans on Real Estate, Interest Rate</a></td>
<td class="nump">9.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MaximumMember', window );">Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages', window );">Mortgage Loans on Real Estate, Face Amount of Mortgages</a></td>
<td class="nump">$ 2,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateInterestRate', window );">Mortgage Loans on Real Estate, Interest Rate</a></td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sach_JjvLlcMember', window );">JJV LLC [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_ExerciseOfOptionToSharepercentageOnDiscount', window );">Exercise of Option To Share, Percentage on Discount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">75.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivableWithImputedInterestDiscount', window );">Receivable with Imputed Interest, Discount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 55,390<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_AmortizationOfStockOptionDiscount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of stock options expenses amortized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_AmortizationOfStockOptionDiscount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_ExerciseOfOptionToSharepercentageOnDiscount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>It represents the percentage rate of option which exercises into share on discount.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_ExerciseOfOptionToSharepercentageOnDiscount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_MortgageLoansOnRealEstateDefaultInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The default interest rate on the mortgage loan receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_MortgageLoansOnRealEstateDefaultInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_PaymentsToAcquireMortgageReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to acquire a mortgage receivable for a definite sum of money at a future date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_PaymentsToAcquireMortgageReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_ProceedsFromCollectionOfMortagageReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with principal collections from a mortgages receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_ProceedsFromCollectionOfMortagageReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying amount of the outstanding balance due under the mortgage loan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 948<br> -SubTopic 310<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the contractual principal due at the origination of the mortgage loan (face amount).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 948<br> -SubTopic 310<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The stated interest rate on the mortgage loan receivable or the weighted average interest rate on a group of loans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 948<br> -SubTopic 310<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ReceivableWithImputedInterestDiscount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of the unamortized amount of the discount on the note or receivable which is deducted from the face amount of the receivable or loan. The discount or premium is the difference between the present value and the face amount.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1A<br> -URI http://asc.fasb.org/extlink&amp;oid=64930785&amp;loc=d3e28541-108399<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ReceivableWithImputedInterestDiscount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancingReceivablesPeriodPastDueAxis=us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancingReceivablesPeriodPastDueAxis=us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sach_JjvLlcMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sach_JjvLlcMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>42
<FILENAME>R29.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6807591888">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Real Estate Owned (Details Textual)<br></strong></div></th>
<th class="th">
<div>Mar. 31, 2018 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyAtCost', window );">Real Estate Investment Property, at Cost</a></td>
<td class="nump">$ 1,235,409<span></span>
</td>
</tr>
</table>
<div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateInvestmentPropertyAtCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of real estate investment property which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.1(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealEstateInvestmentPropertyAtCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table></div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>43
<FILENAME>R30.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6632847344">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Escrow Deposits (Details Textual) - USD ($)<br></strong></div></th>
<th class="th"><div>Mar. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LoansReceivableNet', window );">Loans Receivable, Net</a></td>
<td class="nump">$ 175,330<span></span>
</td>
<td class="nump">$ 111,189<span></span>
</td>
</tr>
</table>
<div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LoansReceivableNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after allowance and deduction of deferred interest and fees, unamortized costs and premiums and discounts from face amounts, of loans and leases held in portfolio, including but not limited to, commercial and consumer loans. Includes loans held for sale. Excludes loans and leases covered under loss sharing agreements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.7(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LoansReceivableNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table></div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>44
<FILENAME>R31.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6801452192">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Line of Credit and Mortgage Payable (Details)<br></strong></div></th>
<th class="th">
<div>Mar. 31, 2018 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths', window );">Year ending December 31, 2018</a></td>
<td class="nump">$ 10,176<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo', window );">2019</a></td>
<td class="nump">10,645<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree', window );">2020</a></td>
<td class="nump">11,136<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour', window );">2021</a></td>
<td class="nump">11,650<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive', window );">2022</a></td>
<td class="nump">254,962<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
<td class="nump">$ 298,569<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04.(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e24072-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04.(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e24072-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04.(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e24072-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04.(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e24072-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04.(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e24072-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>45
<FILENAME>R32.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6818279504">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Line of Credit and Mortgage Payable (Details Textual) - USD ($)<br></strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Jun. 30, 2017</div></th>
<th class="th"><div>Mar. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Mar. 15, 2016</div></th>
<th class="th"><div>Dec. 30, 2015</div></th>
<th class="th"><div>Dec. 18, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCredit', window );">Long-term Line of Credit</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 14,147,465<span></span>
</td>
<td class="nump">$ 9,841,613<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_MinimumOwnershipRequiredForGuarantorShares', window );">Minimum ownership required for guarantor, shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessExitCosts1', window );">Business Exit Costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 200,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember', window );">Mortgages [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFaceAmount', window );">Debt Instrument, Face Amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 310,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Debt Instrument, Interest Rate, Stated Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4.52%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPayment', window );">Debt Instrument, Periodic Payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,975<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CreditFacilityAxis=sach_BankwellCreditLineMember', window );">Bankwell Credit Line [Member] | Minimum [Member] | Prime Rate [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityInterestRateDuringPeriod', window );">Line of Credit Facility, Interest Rate During Period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6.25%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sach_BankwellBankMember', window );">Bankwell Bank[ [Member] | Guarantee Obligations [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCredit', window );">Long-term Line of Credit</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sach_BankwellBankMember', window );">Bankwell Bank[ [Member] | Line of Credit [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Line of Credit Facility, Maximum Borrowing Capacity</a></td>
<td class="nump">$ 20,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 15,000,000<span></span>
</td>
<td class="nump">$ 7,000,000<span></span>
</td>
<td class="nump">$ 5,000,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd', window );">Line of Credit Facility, Interest Rate at Period End</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6.19%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Debt Instrument, Interest Rate, Stated Percentage</a></td>
<td class="nump">5.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateTerms', window );">Debt Instrument, Interest Rate Terms</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">The interest rate on the Bankwell Credit Line is variable at 3% in excess of the Wall Street Journal prime rate but in no event less than 6.25%, per annum, on the money in use.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis', window );">Debt Instrument, Description of Variable Rate Basis</a></td>
<td class="text">LIBOR Rate plus 4.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Debt Instrument, Basis Spread on Variable Rate</a></td>
<td class="nump">4.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_MinimumOwnershipRequiredForGuarantorShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The minimum number of shares required to be maintained by the guarantor</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_MinimumOwnershipRequiredForGuarantorShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessExitCosts1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Includes, but is not limited to, one-time termination benefits, termination of an operating lease or other contract, consolidating or closing facilities, and relocating employees, and termination benefits associated with an ongoing benefit arrangement. Excludes expenses associated with special or contractual termination benefits, a discontinued operation or an asset retirement obligation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 420<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 5.P.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=27011515&amp;loc=d3e140864-122747<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 420<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 5.P.4(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=27011515&amp;loc=d3e140904-122747<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 420<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6394359&amp;loc=d3e17939-110869<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessExitCosts1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage points added to the reference rate to compute the variable rate on the debt instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentBasisSpreadOnVariableRate1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The reference rate for the variable rate of the debt instrument, such as LIBOR or the US Treasury rate and the maturity of the reference rate used, such as three months or six months LIBOR.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentDescriptionOfVariableRateBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentFaceAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face (par) amount of debt instrument at time of issuance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 55<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=64930739&amp;loc=d3e28878-108400<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64930785&amp;loc=d3e28551-108399<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentFaceAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentInterestRateStatedPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Contractual interest rate for funds borrowed, under the debt agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentInterestRateStatedPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentInterestRateTerms">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Description of the interest rate as being fixed or variable, and, if variable, identification of the index or rate on which the interest rate is based and the number of points or percentage added to that index or rate to set the rate, and other pertinent information, such as frequency of rate resets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentInterestRateTerms</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentPeriodicPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the required periodic payments including both interest and principal payments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 470<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=75038535&amp;loc=d3e64711-112823<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentPeriodicPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCredit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCredit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The effective interest rate at the end of the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(b),22(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityInterestRateDuringPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The effective interest rate during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(b),22(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityInterestRateDuringPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(b),22(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CreditFacilityAxis=sach_BankwellCreditLineMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CreditFacilityAxis=sach_BankwellCreditLineMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_VariablerateaxisAxis=us-gaap_PrimeRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_VariablerateaxisAxis=us-gaap_PrimeRateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sach_BankwellBankMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sach_BankwellBankMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LossContingenciesByNatureOfContingencyAxis=us-gaap_GuaranteeObligationsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LossContingenciesByNatureOfContingencyAxis=us-gaap_GuaranteeObligationsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CreditFacilityAxis=us-gaap_LineOfCreditMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CreditFacilityAxis=us-gaap_LineOfCreditMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>46
<FILENAME>R33.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6645736544">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Mortgage Funding Payable (Details Textual)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th">
<div>Mar. 31, 2018 </div>
<div>USD ($)</div>
</th></tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_ProceedsFromMortgageFundingPayable', window );">Proceeds from Mortgage Funding Payable</a></td>
<td class="nump">$ 2,000,000<span></span>
</td>
</tr>
</table>
<div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_ProceedsFromMortgageFundingPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from a mortgage funding during the year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_ProceedsFromMortgageFundingPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table></div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>47
<FILENAME>R34.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6788369200">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Other income (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2018</div></th>
<th class="th"><div>Mar. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_IncomeOnBorrowerCharges', window );">Income on borrower charges</a></td>
<td class="nump">$ 60,245<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_IncomeOnLenderFees', window );">Lender fees</a></td>
<td class="nump">138,495<span></span>
</td>
<td class="nump">13,960<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_IncomeOnInhouseLegalFees', window );">In-house legal fees</a></td>
<td class="nump">34,900<span></span>
</td>
<td class="nump">7,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_IncomeOnModificationFees', window );">Modification fees</a></td>
<td class="nump">45,025<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_IncomeAndOther', window );">Other income</a></td>
<td class="nump">16,082<span></span>
</td>
<td class="nump">25,187<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherIncome', window );">Total</a></td>
<td class="nump">$ 294,747<span></span>
</td>
<td class="nump">$ 46,147<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_IncomeAndOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>It represents the amount of income on modification fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_IncomeAndOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_IncomeOnBorrowerCharges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>It represents the amount of income on borrower charges.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_IncomeOnBorrowerCharges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_IncomeOnInhouseLegalFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>It represents the amount of income on in-house legal fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_IncomeOnInhouseLegalFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_IncomeOnLenderFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>It represents the amount of income on lender fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_IncomeOnLenderFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_IncomeOnModificationFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>It represents the amount of income on modification fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_IncomeOnModificationFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of revenue and income classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>48
<FILENAME>R35.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6788622624">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Commitments and Contingencies (Details) - Deferred Lease Revenue [Member]<br></strong></div></th>
<th class="th">
<div>Mar. 31, 2018 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherCommitmentsLineItems', window );"><strong>Other Commitments [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherCommitmentDueInNextTwelveMonths', window );">2019</a></td>
<td class="nump">$ 727,428<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherCommitmentDueInSecondYear', window );">2020</a></td>
<td class="nump">306,884<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherCommitmentDueInThirdYear', window );">2021</a></td>
<td class="nump">134,310<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherCommitment', window );">Total</a></td>
<td class="nump">$ 1,168,622<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherCommitment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Minimum amount of other commitment not otherwise specified in the taxonomy. Excludes commitments explicitly modeled in the taxonomy, including but not limited to, long-term and short-term purchase commitments, recorded and unrecorded purchase obligations, supply commitments, registration payment arrangements, leases, debt, product warranties, guarantees, environmental remediation obligations, and pensions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherCommitment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherCommitmentDueInNextTwelveMonths">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Minimum amount of other commitment maturing in the next fiscal year following the latest fiscal year for commitments not otherwise specified in the taxonomy. Excludes commitments explicitly modeled in this taxonomy, including but not limited to, long-term and short-term purchase commitments, recorded and unrecorded purchase obligations, supply commitments, registration payment arrangements, leases, debt, product warranties, guarantees, environmental remediation obligations, and pensions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherCommitmentDueInNextTwelveMonths</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherCommitmentDueInSecondYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Minimum amount of other commitment maturing in the second fiscal year following the latest fiscal year for commitments not otherwise specified in the taxonomy. Excludes commitments explicitly modeled in this taxonomy, including but not limited to, long-term and short-term purchase commitments, recorded and unrecorded purchase obligations, supply commitments, registration payment arrangements, leases, debt, product warranties, guarantees, environmental remediation obligations, and pensions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherCommitmentDueInSecondYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherCommitmentDueInThirdYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Minimum amount of other commitment maturing in the third fiscal year following the latest fiscal year for commitments not otherwise specified in the taxonomy. Excludes commitments explicitly modeled in this taxonomy, including but not limited to, long-term and short-term purchase commitments, recorded and unrecorded purchase obligations, supply commitments, registration payment arrangements, leases, debt, product warranties, guarantees, environmental remediation obligations, and pensions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherCommitmentDueInThirdYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherCommitmentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherCommitmentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RegulatoryLiabilityAxis=us-gaap_DeferredLeaseRevenueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RegulatoryLiabilityAxis=us-gaap_DeferredLeaseRevenueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>49
<FILENAME>R36.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6818804160">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments and Contingencies (Details Textual) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2018</div></th>
<th class="th"><div>Mar. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_LoanServicingFeespercentage', window );">Loan Servicing Fees, Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis=us-gaap_UnfundedLoanCommitmentMember', window );">Unfunded Loan Commitment [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherCommitment', window );">Other Commitment</a></td>
<td class="nump">$ 3,811,439<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=sach_ManagerMember', window );">Manager [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LoanPortfolioExpense', window );">Loan Portfolio Expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 32,778<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sach_JjvLlcMember', window );">JJV LLC [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_LoanOriginationFeesPercentage', window );">Loan Origination Fees ,Percentage</a></td>
<td class="nump">75.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LoanProcessingFee', window );">Loan Processing Fee</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 79,341<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_LoanServicingFeesdescription', window );">Loan Servicing Fees, Description</a></td>
<td class="text">the loan servicing fee ranged from one-twelfth (1/12th) of one-half percent (0.5%) to one percent (1.0%) of the Companys loan portfolio<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sach_JjvLlcMember', window );">JJV LLC [Member] | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_LoanOriginationFeesOnOriginalLoanPrincipalpercentage', window );">Loan Origination Fees On Original Loan Principal, Percentage</a></td>
<td class="nump">2.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sach_JjvLlcMember', window );">JJV LLC [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_LoanOriginationFeesOnOriginalLoanPrincipalpercentage', window );">Loan Origination Fees On Original Loan Principal, Percentage</a></td>
<td class="nump">5.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_LoanOriginationFeesOnOriginalLoanPrincipalpercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>It represents the percentage rate of loan origination fees on original loan principal.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_LoanOriginationFeesOnOriginalLoanPrincipalpercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_LoanOriginationFeesPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>It represents the percentage rate of loan origination fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_LoanOriginationFeesPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_LoanServicingFeesdescription">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>It describes about the loan servicing fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_LoanServicingFeesdescription</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_LoanServicingFeespercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>It represents the percentage rate of loan servicing fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_LoanServicingFeespercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LoanPortfolioExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The loan servicing fees paid to third parties that relate to loan expenses for a portfolio containing the entire group of loans owned by the company.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LoanPortfolioExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LoanProcessingFee">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expenses paid for obtaining loans which includes expenses such as application and origination fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LoanProcessingFee</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherCommitment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Minimum amount of other commitment not otherwise specified in the taxonomy. Excludes commitments explicitly modeled in the taxonomy, including but not limited to, long-term and short-term purchase commitments, recorded and unrecorded purchase obligations, supply commitments, registration payment arrangements, leases, debt, product warranties, guarantees, environmental remediation obligations, and pensions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherCommitment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis=us-gaap_UnfundedLoanCommitmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis=us-gaap_UnfundedLoanCommitmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=sach_ManagerMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=sach_ManagerMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sach_JjvLlcMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sach_JjvLlcMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>50
<FILENAME>R37.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6819230448">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related Party Transactions (Details Textual) - USD ($)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Feb. 09, 2017</div></th>
<th class="th"><div>Feb. 08, 2017</div></th>
<th class="th"><div>Mar. 31, 2018</div></th>
<th class="th"><div>Mar. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDueToOfficersAndStockholders', window );">Increase (Decrease) in Due to Officers and Stockholders</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="num">$ (630,728)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForRent', window );">Payments for Rent</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,500<span></span>
</td>
<td class="nump">1,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalariesWagesAndOfficersCompensation', window );">Salaries, Wages and Officers' Compensation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 12,223<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=us-gaap_MortgageReceivablesMember', window );">Mortgage Receivable [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesReceivableRelatedParties', window );">Notes Receivable, Related Parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,000,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=sach_JjvLlcMember', window );">JJV LLC [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty', window );">Related Party Transaction, Purchases from Related Party</a></td>
<td class="nump">$ 92,806<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=sach_ManagerMember', window );">Manager [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LoansAndLeasesReceivableRelatedParties', window );">Loans and Leases Receivable, Related Parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">969,457<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToOfficersOrStockholdersCurrentAndNoncurrent', window );">Due to Officers or Stockholders</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22,977<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22,977<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=sach_ManagerMember', window );">Manager [Member] | Unreimbursed costs [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToOfficersOrStockholdersCurrentAndNoncurrent', window );">Due to Officers or Stockholders</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,905<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=sach_ManagerMember', window );">Manager [Member] | Rent and Other Expenses [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfRelatedPartyDebt', window );">Repayments of Related Party Debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">35,847<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=sach_ManagerMember', window );">Manager [Member] | Origination fees on loans [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfRelatedPartyDebt', window );">Repayments of Related Party Debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 52,902<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=sach_ManagerMember', window );">Manager [Member] | Interest Income [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromRelatedPartyDebt', window );">Proceeds from Related Party Debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">32,847<span></span>
</td>
<td class="nump">35,745<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_InvestorMember', window );">Investor [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LoansAndLeasesReceivableRelatedParties', window );">Loans and Leases Receivable, Related Parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,879,228<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OriginationOfNotesReceivableFromRelatedParties', window );">Origination of Notes Receivable from Related Parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,750,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDueToOfficersAndStockholders', window );">Increase (Decrease) in Due to Officers and Stockholders</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 723,478<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=sach_JeffreyVillanoMember', window );">Jeffrey Villano [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Equity Method Investment, Ownership Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=sach_ShareholdersMember', window );">Shareholders [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestIncomeRelatedParty', window );">Interest Income, Related Party</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 87,200<span></span>
</td>
<td class="nump">35,745<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=sach_WifeOfExecutiveOfficerMember', window );">Wife of Executive Officer [Member] | Accounting and Financial Services [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty', window );">Related Party Transaction, Expenses from Transactions with Related Party</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 18,750<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueToOfficersOrStockholdersCurrentAndNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amounts due to recorded owners or owners with a beneficial interest of more than 10 percent of the voting interests or officers of the company.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.15(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04.12(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6488278&amp;loc=d3e603758-122996<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DueToOfficersOrStockholdersCurrentAndNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentOwnershipPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33918-111571<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentOwnershipPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDueToOfficersAndStockholders">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease), during an accounting period, in total obligations owed to the reporting entity's executives and owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInDueToOfficersAndStockholders</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestIncomeRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of interest income earned from interest-bearing assets owed to the entity by related party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestIncomeRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LoansAndLeasesReceivableRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For an unclassified balance sheet, reflects the carrying amount of unpaid loan amounts due from related parties at the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.7(e))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LoansAndLeasesReceivableRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NotesReceivableRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For an unclassified balance sheet, amounts due from parties associated with the reporting entity as evidenced by a written promise to pay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NotesReceivableRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OriginationOfNotesReceivableFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for a loan, supported by a promissory note, granted to related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OriginationOfNotesReceivableFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForRent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash payments to lessor's for use of assets under operating leases.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (g)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3536-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsForRent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromRelatedPartyDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from a long-term borrowing made from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth. Alternate caption: Proceeds from Advances from Affiliates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromRelatedPartyDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expenses recognized resulting from transactions (excluding transactions that are eliminated in consolidated or combined financial statements) with related party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Purchases during the period (excluding transactions that are eliminated in consolidated or combined financial statements) with related party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfRelatedPartyDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the payment of a long-term borrowing made from a related party where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth. Alternate caption: Payments for Advances from Affiliates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RepaymentsOfRelatedPartyDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SalariesWagesAndOfficersCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expenditures for salaries for officers and non-officers. Does not include allocated share-based compensation, pension and post-retirement benefit expense or other labor-related non-salary expense. For commercial and industrial companies, excludes any direct and overhead labor that is included in cost of goods sold.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SalariesWagesAndOfficersCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=us-gaap_MortgageReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=us-gaap_MortgageReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=sach_JjvLlcMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=sach_JjvLlcMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=sach_ManagerMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=sach_ManagerMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BalanceSheetLocationAxis=sach_UnreimbursedCostsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BalanceSheetLocationAxis=sach_UnreimbursedCostsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=sach_RentAndOtherExpensesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=sach_RentAndOtherExpensesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=sach_OriginationFeesOnLoansMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=sach_OriginationFeesOnLoansMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=us-gaap_InterestIncomeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=us-gaap_InterestIncomeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_InvestorMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_InvestorMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=sach_JeffreyVillanoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=sach_JeffreyVillanoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=sach_ShareholdersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=sach_ShareholdersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=sach_WifeOfExecutiveOfficerMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=sach_WifeOfExecutiveOfficerMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=sach_AccountingAndFinancialServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=sach_AccountingAndFinancialServicesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>51
<FILENAME>R38.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6818793440">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Subsequent Events (Details Textual) - Subsequent Event [Member] - USD ($)<br></strong></div></th>
<th class="th"><div>May 11, 2018</div></th>
<th class="th"><div>Apr. 02, 2018</div></th>
<th class="th"><div>Apr. 27, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockDividendsPerShareDeclared', window );">Common Stock, Dividends, Per Share, Declared</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.105<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividends', window );">Payments of Dividends</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,618,653<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsAndNotesReceivableNet', window );">Accounts and Notes Receivable, Net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,200,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear', window );">Dividends Payable, Date Declared</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Apr.  02,  2018<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendPayableDateToBePaidDayMonthAndYear', window );">Dividends Payable, Date to be Paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Apr. 19,  2018<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPayableDateOfRecordDayMonthAndYear', window );">Dividends Payable, Date of Record</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Apr. 12,  2018<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sach_MaximumPercentageOfBorrowingCapacity', window );">Maximum percentage of borrowing capacity</a></td>
<td class="nump">75.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Line of Credit Facility, Maximum Borrowing Capacity</a></td>
<td class="nump">$ 47,700,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember', window );">Revolving Credit Facility [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt', window );">Proceeds from Issuance of Long-term Debt</a></td>
<td class="nump">$ 35,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember', window );">Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Debt Instrument, Interest Rate, Stated Percentage</a></td>
<td class="nump">4.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sach_MaximumPercentageOfBorrowingCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>It represents the maximum percentage of borrowing capacity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sach_MaximumPercentageOfBorrowingCapacity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sach_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsAndNotesReceivableNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date, net of allowance for doubtful accounts, of account and note receivables due from other than related parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.3-4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsAndNotesReceivableNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockDividendsPerShareDeclared">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate dividends declared during the period for each share of common stock outstanding.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockDividendsPerShareDeclared</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentInterestRateStatedPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Contractual interest rate for funds borrowed, under the debt agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentInterestRateStatedPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendPayableDateToBePaidDayMonthAndYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date the declared dividend will be paid, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=d3e4304-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendPayableDateToBePaidDayMonthAndYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date the dividend to be paid was declared, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=d3e4304-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPayableDateDeclaredDayMonthAndYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPayableDateOfRecordDayMonthAndYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date the holder must own the stock to be entitled to the dividend, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPayableDateOfRecordDayMonthAndYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(b),22(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividends">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash outflow in the form of capital distributions and dividends to common shareholders, preferred shareholders and noncontrolling interests.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfDividends</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfLongTermDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Detail information of subsequent event by type. User is expected to use existing line items from elsewhere in the taxonomy as the primary line items for this disclosure, which is further associated with dimension and member elements pertaining to a subsequent event.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableRateAxis=us-gaap_LondonInterbankOfferedRateLIBORMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VariableRateAxis=us-gaap_LondonInterbankOfferedRateLIBORMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>52
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 Financial_Report.xlsx
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MMWF\81AU8\K(XK%T-8943OTJDH\ Q:X831F:3LTXXFBD(3^ G/,6+V2?$9/
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M_O"["KM@[-[^8^.+H.S@UUW(+U!+ P04    " #&;J],F5R<(Q &  "<)P
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MOM'UI*O/XYY8=MN86_T'4$L#!!0    ( ,9NKTS27<&]'0(  .<&   8
M>&PO=V]R:W-H965T<R]S:&5E=#,N>&ULC97;CILP$(9?!?$ ,<= (T J6:U:
MJ96BK=I>.\D0T!I,;2=LW[ZV81$8NDDN8L_XGYEO#-A)1]DK+P&$]5:3AJ=V
M*42[0XB?2J@QW] 6&KE24%9C(4UV0;QE@,\ZJ";(<YPMJG'5V%FB?0>6)?0J
M2-7 @5G\6M>8_<V!T"ZU7?O=\5)=2J$<*$M:?($?('ZV!R8M-&8Y5S4TO**-
MQ:!([<_N;A\KO1;\JJ#CD[FE.CE2^JJ,K^?4=A00$#@)E0'+X09[($0EDAA_
MAISV6%(%3N?OV9]U[[*7(^:PI^1W=19E:L>V=88"7XEXH=T7&/H);6MH_AO<
M@$BY(I$U3I1P_6^=KES0>L@B46K\UH]5H\>N7PFB(6P]P!L"O#' #3X,\(<
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MG?/I)D^^R\\N/\PWA3MV_:7VU\UXEC'>=/5U.J>)Y\.B];]02P,$%     @
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MH::QG+/N@>D6@C;]VPF&!SS["U!+ P04    " #&;J],'7S=IFL%  ![&@
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MAOB]/;\..5_TS6EZU;.^O&^Z_1]02P,$%     @ QFZO3)5XOBT$ @  2P4
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M,"YX;6QM4V%OVR 0_2N('U 2[&159%MJ.DV;M$E1IVV?B7VV4<'G 8Z[?S_
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M^9>-_:\1'7@INSL_0JW_8(NAH';A^,&?S31FD^&PGW\06[YQ\1=02P,$%
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M?]G8_P;1@9>2W/@1ZOP'6PP)C0O'>W\VTYA-AL-^_D%L^<;E7U!+ P04
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M_M?&>$ INRL<H18_V&(HJ'TX?L"SG<9L,KSIYQ_$EF]<_ %02P,$%     @
MQFZO3.;9^'BV 0  T@,  !D   !X;"]W;W)K<VAE971S+W-H965T,3,N>&UL
M;5-A;^,@#/TKB!\PVK3KJBJ)M&Z:=M*=5.UTM\\T<1(TP!F09O?O#TB695N^
M #9^S\_&I#V:%]L ./*FI+89;9QK#XS9H@'%[16VH/U-A49QYTU3,]L:X&4$
M*<F2U6K'%!>:YFGTG4R>8N>DT' RQ'9*<?/O"!+[C*[IN^-)U(T+#I:G+:_A
M-[@_[<EXBTTLI5"@K4!-#%09O5T?CML0'P/^"NCM[$Q")6?$EV#\*#.Z"H)
M0N$" _?;!>Y RD#D9;R.G'1*&8#S\SO[0ZS=UW+F%NY0/HO2-1G=4U)"Q3OI
MGK!_A+&>:TK&XG_"!:0/#TI\C@*EC2LI.NM0C2Q>BN)OPRYTW/OA9K,;8<N
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M8(LAH''A^,V?S31FD^%T/_\@LGSC\AU02P,$%     @ QFZO3,F)@<HT @
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M_V"+(:!QX7CCSV8:L\EPNI]_$%F^<?D!4$L#!!0    ( ,9NKTPR?F;SMP$
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MP19#0NW"\>#/9AJSR7#8SS^(+=^X^ U02P,$%     @ QFZO3&6Y UFV 0
MT@,  !D   !X;"]W;W)K<VAE971S+W-H965T,C,N>&UL;5/;;MP@$/T5Q <$
MF]U<NK(M95-5J=1(JU1MGUE[;*. QP&\3OZ^@!W72OT"S'#.F0M#-J)YL2V
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M=?$D.>[^?KHXGI<I#Q%)'1X>2J+S2:IWW0&8Y(,SH0O4&3,<,-95!YSJ.SF
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M35L.>^_0T:(;SQ4P'6[E/U!+ P04    " #&;J],;^$V ?T!  !#!0  &0
M 'AL+W=O<FMS:&5E=',O<VAE970R-RYX;6Q]5.V.G" 4?17C RR*XL?$,=F=
M3=,F;3+9IMO?S'@=S:)88,;MVQ?0-=:A_2/<RSGWG M(,7+Q)AL Y;UWK)=[
MOU%JV"$DSPUT5#[P 7J]4G/14:5#<4%R$$ K2^H8PD&0H(ZVO5\6-G<49<&O
MBK4]'(4GKUU'Q>\G8'S<^Z'_D7AI+XTR"506 [W =U _AJ/0$5JJ5&T'O6QY
M[PFH]_YCN#LD!F\!KRV,<C7W3"<GSM],\*7:^X$Q! S.RE2@>KC! 1@SA;2-
M7W--?Y$TQ/7\H_HGV[ONY40E'#C[V5:JV?N9[U50TRM3+WS\#',_Q/?FYK_"
M#9B&&R=:X\R9M%_O?)6*=W,5;:6C[]/8]G8<IY4XFFEN IX)>"&$\7\)T4R(
M-@0T.;.M/E-%RT+PT1/380W4W(EP%^G-/)NDW3N[IKN5.GLK<9P6Z&8*S9BG
M"8/7F+\1!P>"+!"D#2PNL-,%MGQB^?W$#\)L8V,"I6M0GB4DRC*W5.24BEQ2
M^4;* 0HSDN T<$O%3JG8(86#C=0]* S3+(UP[)8B3BGBD@HW4O>@)$@C$OYC
M_Q*G4F*+Q*NCSN.-3G)W4$E.,DR"3>\'!S#2>YR3?.,(K:ZS>5Z^47%I>^F=
MN-)_AKV_-><*=-'@03?8Z!=M"1C4RDQ3/1?3?ST%B@_SDX66=[/\ U!+ P04
M    " #&;J],KCDW+PT#   8#   &0   'AL+W=O<FMS:&5E=',O<VAE970R
M."YX;6R-5VUOFS 0_BN('U"PL7F)DDB%=MJD3:HZ;?M,$B=!!<R,DW3_?L:X
ME)BCS9> S7-WC\]WCR[+"Q<O[9$QZ;Q69=VNW*.4S<+SVNV157E[QQM6JR][
M+JI<JJ4X>&TC6+[31E7I8=\/O2HO:G>]U'M/8KWD)UD6-7L23GNJJES\2UG)
M+RL7N6\;S\7A*+L-;[UL\@/[R>2OYDFHE3=XV145J]N"UXY@^Y5[CQ:/6!MH
MQ.^"7=K1N],=9</Y2[?XMENY?L>(E6PK.Q>Y>IQ9QLJR\Z1X_#5.W2%F9SA^
M?_/^11]>'6:3MRSCY9]B)X\K-W:='=OGIU(^\\M79@Y$7<><_CL[LU+!.R8J
MQI:7K?YUMJ=6\LIX452J_+5_%K5^7OHO$3)FL $V!G@P4+$_,@B,0?!N0#XT
M(,: W&I C0&U#+S^[#J9#[G,UTO!+X[HZZ')N[)#"ZJN:]MMZMO1WU0^6[5[
M7F,2+[USY\A@TAZ#1Q@T(#SE?0B!H1 IGICCZP#9%!&&UY 'P F]ACP"$)+
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M'<9F/BESXO08+P%=;F+]%U!+ P04    " #&;J],;?$[/^P!   C!0  &0
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M:QDPJ)7I)KHOIO]V&B@^S$\26M[%XA]02P,$%     @ QFZO3$=?>N?] @
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MX?()UGK>4;(6_P4N(#T\*/$Y&I0V_DDS6X=J9?%2E'A)ZZCCNJ23VV(-NQ[
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MUEO!! NFP9XO"HZQ PX=\,&!6#A(C$I'33)HZD$3&I7:BA]B'B:4XE0$3$6
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MJ4&*K#DSB#R@E>\Z"59^$H0;I+VC?)E0S@NT?:T>RCJ0R8!1J@>.0<)XH.U
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M5W3#.\W16PC03/&=!(7IM/FUD\=T-S]1Z?,H5H -UA$DY/2!+Y/6)*WO%!+
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M6.'1<IRU&BD2/-D?(:<M?^T*3D_.]!M02P,$%     @ QFZO3-QZ\V!) P
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MU+O[1TJ'?HLUP_7A-@]3?R/,U3G]]@=02P,$%     @ QFZO3,E3Y?BB 0
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M<R\N<F5L<U!+ 0(4 Q0    ( ,9NKTQF\PM@@@   +$    0
M  "  >D   !D;V-0<F]P<R]A<' N>&UL4$L! A0#%     @ QFZO3!2%/@KN
M    *P(  !$              ( !F0$  &1O8U!R;W!S+V-O<F4N>&UL4$L!
M A0#%     @ QFZO3)E<G",0!@  G"<  !,              ( !M@(  'AL
M+W1H96UE+W1H96UE,2YX;6Q02P$"% ,4    " #&;J],,GM\160"   5"
M&               @ 'W"   >&PO=V]R:W-H965T<R]S:&5E=#$N>&UL4$L!
M A0#%     @ QFZO3'8"W/E'!   I!,  !@              ( !D0L  'AL
M+W=O<FMS:&5E=',O<VAE970R+GAM;%!+ 0(4 Q0    ( ,9NKTS27<&]'0(
M .<&   8              "  0X0  !X;"]W;W)K<VAE971S+W-H965T,RYX
M;6Q02P$"% ,4    " #&;J],.)DX1 P$   X$@  &               @ %A
M$@  >&PO=V]R:W-H965T<R]S:&5E=#0N>&UL4$L! A0#%     @ QFZO3( 5
M WM= @  S <  !@              ( !HQ8  'AL+W=O<FMS:&5E=',O<VAE
M970U+GAM;%!+ 0(4 Q0    ( ,9NKTP=?-VF:P4  'L:   8
M  "  389  !X;"]W;W)K<VAE971S+W-H965T-BYX;6Q02P$"% ,4    " #&
M;J],E7B^+00"  !+!0  &               @ '7'@  >&PO=V]R:W-H965T
M<R]S:&5E=#<N>&UL4$L! A0#%     @ QFZO3.5,Z VR 0  T@,  !@
M         ( !$2$  'AL+W=O<FMS:&5E=',O<VAE970X+GAM;%!+ 0(4 Q0
M   ( ,9NKTSKTB\HM@$  -(#   8              "  ?DB  !X;"]W;W)K
M<VAE971S+W-H965T.2YX;6Q02P$"% ,4    " #&;J],<N*L(K8!  #2 P
M&0              @ 'E)   >&PO=V]R:W-H965T<R]S:&5E=#$P+GAM;%!+
M 0(4 Q0    ( ,9NKTR#2Z1NMP$  -(#   9              "  =(F  !X
M;"]W;W)K<VAE971S+W-H965T,3$N>&UL4$L! A0#%     @ QFZO3$N:%V6V
M 0  T@,  !D              ( !P"@  'AL+W=O<FMS:&5E=',O<VAE970Q
M,BYX;6Q02P$"% ,4    " #&;J],YMGX>+8!  #2 P  &0
M@ &M*@  >&PO=V]R:W-H965T<R]S:&5E=#$S+GAM;%!+ 0(4 Q0    ( ,9N
MKTQ 97S_M@$  -(#   9              "  9HL  !X;"]W;W)K<VAE971S
M+W-H965T,30N>&UL4$L! A0#%     @ QFZO3"'C5;VU 0  T0,  !D
M         ( !ARX  'AL+W=O<FMS:&5E=',O<VAE970Q-2YX;6Q02P$"% ,4
M    " #&;J],$S"F7;<!  #2 P  &0              @ %S,   >&PO=V]R
M:W-H965T<R]S:&5E=#$V+GAM;%!+ 0(4 Q0    ( ,9NKTPS@C4ZM@$  -(#
M   9              "  6$R  !X;"]W;W)K<VAE971S+W-H965T,3<N>&UL
M4$L! A0#%     @ QFZO3#NO0Q6V 0  T@,  !D              ( !3C0
M 'AL+W=O<FMS:&5E=',O<VAE970Q."YX;6Q02P$"% ,4    " #&;J],R8F!
MRC0"  !L!P  &0              @ $[-@  >&PO=V]R:W-H965T<R]S:&5E
M=#$Y+GAM;%!+ 0(4 Q0    ( ,9NKTPW6O6YQ0$  #<$   9
M  "  :8X  !X;"]W;W)K<VAE971S+W-H965T,C N>&UL4$L! A0#%     @
MQFZO3*Q)^SZW 0  T@,  !D              ( !HCH  'AL+W=O<FMS:&5E
M=',O<VAE970R,2YX;6Q02P$"% ,4    " #&;J],,GYF\[<!  #2 P  &0
M            @ &0/   >&PO=V]R:W-H965T<R]S:&5E=#(R+GAM;%!+ 0(4
M Q0    ( ,9NKTQEN0-9M@$  -(#   9              "  7X^  !X;"]W
M;W)K<VAE971S+W-H965T,C,N>&UL4$L! A0#%     @ QFZO3.!E%/2' @
M5@D  !D              ( !:T   'AL+W=O<FMS:&5E=',O<VAE970R-"YX
M;6Q02P$"% ,4    " #&;J],(S58',H!   \!   &0              @ $I
M0P  >&PO=V]R:W-H965T<R]S:&5E=#(U+GAM;%!+ 0(4 Q0    ( ,9NKTR(
M5U 5.@(  .@&   9              "  2I%  !X;"]W;W)K<VAE971S+W-H
M965T,C8N>&UL4$L! A0#%     @ QFZO3&_A-@'] 0  0P4  !D
M     ( !FT<  'AL+W=O<FMS:&5E=',O<VAE970R-RYX;6Q02P$"% ,4
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M+GAM;%!+ 0(4 Q0    ( ,9NKTQ'7WKG_0(  %T,   9              "
M >)2  !X;"]W;W)K<VAE971S+W-H965T,S(N>&UL4$L! A0#%     @ QFZO
M3+DBI<&R 0  EP,  !D              ( !%E8  'AL+W=O<FMS:&5E=',O
M<VAE970S,RYX;6Q02P$"% ,4    " #&;J],4_8Y1$T"  #A!@  &0
M        @ '_5P  >&PO=V]R:W-H965T<R]S:&5E=#,T+GAM;%!+ 0(4 Q0
M   ( ,9NKTP/2''RW0$  )@$   9              "  8-:  !X;"]W;W)K
M<VAE971S+W-H965T,S4N>&UL4$L! A0#%     @ QFZO3+0$A89F @  '@@
M !D              ( !EUP  'AL+W=O<FMS:&5E=',O<VAE970S-BYX;6Q0
M2P$"% ,4    " #&;J],@PC&M[0#  #E$0  &0              @ $T7P
M>&PO=V]R:W-H965T<R]S:&5E=#,W+GAM;%!+ 0(4 Q0    ( ,9NKTQ5_4E\
M< (  +L(   9              "  1]C  !X;"]W;W)K<VAE971S+W-H965T
M,S@N>&UL4$L! A0#%     @ QFZO3'O,88*=+   +\,  !0
M ( !QF4  'AL+W-H87)E9%-T<FEN9W,N>&UL4$L! A0#%     @ QFZO3*H^
M41 Z @  ?PH   T              ( !E9(  'AL+W-T>6QE<RYX;6Q02P$"
M% ,4    " #&;J],W'KS8$D#  #W&   #P              @ 'ZE   >&PO
M=V]R:V)O;VLN>&UL4$L! A0#%     @ QFZO3*VBQXV8 0  MQ<  !H
M         ( !<)@  'AL+U]R96QS+W=O<FMB;V]K+GAM;"YR96QS4$L! A0#
M%     @ QFZO3,E3Y?BB 0  '!@  !,              ( !0)H  %M#;VYT
D96YT7U1Y<&5S72YX;6Q02P4&     "\ +P"[#   $YP

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>53
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/**
 * Rivet Software Inc.
 *
 * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved.
 * Version 2.4.0.3
 *
 */

var Show = {};
Show.LastAR = null,

Show.hideAR = function(){
	Show.LastAR.style.display = 'none';
};

Show.showAR = function ( link, id, win ){
	if( Show.LastAR ){
		Show.hideAR();
	}

	var ref = link;
	do {
		ref = ref.nextSibling;
	} while (ref && ref.nodeName != 'TABLE');

	if (!ref || ref.nodeName != 'TABLE') {
		var tmp = win ?
			win.document.getElementById(id) :
			document.getElementById(id);

		if( tmp ){
			ref = tmp.cloneNode(true);
			ref.id = '';
			link.parentNode.appendChild(ref);
		}
	}

	if( ref ){
		ref.style.display = 'block';
		Show.LastAR = ref;
	}
};

Show.toggleNext = function( link ){
	var ref = link;

	do{
		ref = ref.nextSibling;
	}while( ref.nodeName != 'DIV' );

	if( ref.style &&
		ref.style.display &&
		ref.style.display == 'none' ){
		ref.style.display = 'block';

		if( link.textContent ){
			link.textContent = link.textContent.replace( '+', '-' );
		}else{
			link.innerText = link.innerText.replace( '+', '-' );
		}
	}else{
		ref.style.display = 'none';

		if( link.textContent ){
			link.textContent = link.textContent.replace( '-', '+' );
		}else{
			link.innerText = link.innerText.replace( '-', '+' );
		}
	}
};
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>54
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
..report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

..report table.authRefData a {
	display: block;
	font-weight: bold;
}

..report table.authRefData p {
	margin-top: 0px;
}

..report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

..report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

..report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

..report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
..pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
..report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

..report hr {
	border: 1px solid #acf;
}

/* Top labels */
..report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

..report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

..report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

..report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
	overflow: hidden;
}

..report td.pl div.a {
	width: 200px;
}

..report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
..report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
..report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
..report .re, .report .reu {
	background-color: #def;
}

..report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
..report .ro, .report .rou {
	background-color: white;
}

..report .rou td {
	border-bottom: 1px solid black;
}

..report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
..report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
..report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

..report .nump {
	padding-left: 2em;
}

..report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
..report .text {
	text-align: left;
	white-space: normal;
}

..report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

..report .text .more {
	display: none;
}

..report .text .note {
	font-style: italic;
	font-weight: bold;
}

..report .text .small {
	width: 10em;
}

..report sup {
	font-style: italic;
}

..report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>56
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version='1.0' encoding='UTF-8'?>
<FilingSummary>
  <Version>3.8.0.1</Version>
  <ProcessingTime/>
  <ReportFormat>html</ReportFormat>
  <ContextCount>80</ContextCount>
  <ElementCount>206</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>true</FootnotesReported>
  <SegmentCount>36</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>4</UnitCount>
  <MyReports>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R1.htm</HtmlFileName>
      <LongName>101 - Document - Document And Entity Information</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/DocumentAndEntityInformation</Role>
      <ShortName>Document And Entity Information</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>1</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R2.htm</HtmlFileName>
      <LongName>102 - Statement - BALANCE SHEETS</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/BalanceSheets</Role>
      <ShortName>BALANCE SHEETS</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>2</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R3.htm</HtmlFileName>
      <LongName>103 - Statement - BALANCE SHEETS (Parenthetical)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/BalanceSheetsParenthetical</Role>
      <ShortName>BALANCE SHEETS (Parenthetical)</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>3</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R4.htm</HtmlFileName>
      <LongName>104 - Statement - STATEMENTS OF OPERATIONS</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/StatementsOfOperations</Role>
      <ShortName>STATEMENTS OF OPERATIONS</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>4</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R5.htm</HtmlFileName>
      <LongName>105 - Statement - STATEMENT OF CHANGES IN SHAREHOLDERS??? EQUITY</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/StatementOfChangesInShareholdersEquity</Role>
      <ShortName>STATEMENT OF CHANGES IN SHAREHOLDERS??? EQUITY</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>5</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R6.htm</HtmlFileName>
      <LongName>106 - Statement - STATEMENTS OF CASH FLOW</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/StatementsOfCashFlow</Role>
      <ShortName>STATEMENTS OF CASH FLOW</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>6</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R7.htm</HtmlFileName>
      <LongName>107 - Statement - STATEMENTS OF CASH FLOW (Parenthetical)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/StatementsOfCashFlowParenthetical</Role>
      <ShortName>STATEMENTS OF CASH FLOW (Parenthetical)</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>7</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R8.htm</HtmlFileName>
      <LongName>108 - Disclosure - The Company</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/Company</Role>
      <ShortName>The Company</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>8</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R9.htm</HtmlFileName>
      <LongName>109 - Disclosure - Significant Accounting Policies</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/SignificantAccountingPolicies</Role>
      <ShortName>Significant Accounting Policies</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>9</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R10.htm</HtmlFileName>
      <LongName>110 - Disclosure - Mortgages Receivable</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/MortgagesReceivable</Role>
      <ShortName>Mortgages Receivable</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>10</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R11.htm</HtmlFileName>
      <LongName>111 - Disclosure - Real Estate Owned</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/RealEstateOwned</Role>
      <ShortName>Real Estate Owned</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>11</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R12.htm</HtmlFileName>
      <LongName>112 - Disclosure - Escrow Deposits</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/EscrowDeposits</Role>
      <ShortName>Escrow Deposits</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>12</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R13.htm</HtmlFileName>
      <LongName>113 - Disclosure - Line of Credit and Mortgage Payable</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/LineOfCreditAndMortgagePayable</Role>
      <ShortName>Line of Credit and Mortgage Payable</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>13</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R14.htm</HtmlFileName>
      <LongName>114 - Disclosure - Mortgage Funding Payable</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/MortgageFundingPayable</Role>
      <ShortName>Mortgage Funding Payable</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>14</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R15.htm</HtmlFileName>
      <LongName>115 - Disclosure - Other income</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/OtherIncome</Role>
      <ShortName>Other income</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>15</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R16.htm</HtmlFileName>
      <LongName>116 - Disclosure - Commitments and Contingencies</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/CommitmentsAndContingencies</Role>
      <ShortName>Commitments and Contingencies</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>16</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R17.htm</HtmlFileName>
      <LongName>117 - Disclosure - Related Party Transactions</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/RelatedPartyTransactions</Role>
      <ShortName>Related Party Transactions</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>17</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R18.htm</HtmlFileName>
      <LongName>118 - Disclosure - Subsequent Events</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/SubsequentEvents</Role>
      <ShortName>Subsequent Events</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>18</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R19.htm</HtmlFileName>
      <LongName>119 - Disclosure - Significant Accounting Policies (Policies)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/SignificantAccountingPoliciesPolicies</Role>
      <ShortName>Significant Accounting Policies (Policies)</ShortName>
      <MenuCategory>Policies</MenuCategory>
      <ParentRole>http://sachemcapital.com/role/SignificantAccountingPolicies</ParentRole>
      <Position>19</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R20.htm</HtmlFileName>
      <LongName>120 - Disclosure - Mortgages Receivable (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/MortgagesReceivableTables</Role>
      <ShortName>Mortgages Receivable (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://sachemcapital.com/role/MortgagesReceivable</ParentRole>
      <Position>20</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R21.htm</HtmlFileName>
      <LongName>121 - Disclosure - Line of Credit and Mortgage Payable (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/LineOfCreditAndMortgagePayableTables</Role>
      <ShortName>Line of Credit and Mortgage Payable (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://sachemcapital.com/role/LineOfCreditAndMortgagePayable</ParentRole>
      <Position>21</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R22.htm</HtmlFileName>
      <LongName>122 - Disclosure - Other income (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/OtherIncomeTables</Role>
      <ShortName>Other income (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://sachemcapital.com/role/OtherIncome</ParentRole>
      <Position>22</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R23.htm</HtmlFileName>
      <LongName>123 - Disclosure - Commitments and Contingencies (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/CommitmentsAndContingenciesTables</Role>
      <ShortName>Commitments and Contingencies (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://sachemcapital.com/role/CommitmentsAndContingencies</ParentRole>
      <Position>23</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R24.htm</HtmlFileName>
      <LongName>124 - Disclosure - The Company (Details Textual)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/CompanyDetailsTextual</Role>
      <ShortName>The Company (Details Textual)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://sachemcapital.com/role/Company</ParentRole>
      <Position>24</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R25.htm</HtmlFileName>
      <LongName>125 - Disclosure - Significant Accounting Policies (Details Textual)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/SignificantAccountingPoliciesDetailsTextual</Role>
      <ShortName>Significant Accounting Policies (Details Textual)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://sachemcapital.com/role/SignificantAccountingPoliciesPolicies</ParentRole>
      <Position>25</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R26.htm</HtmlFileName>
      <LongName>126 - Disclosure - Mortgages Receivable (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/MortgagesReceivableDetails</Role>
      <ShortName>Mortgages Receivable (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://sachemcapital.com/role/MortgagesReceivableTables</ParentRole>
      <Position>26</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R27.htm</HtmlFileName>
      <LongName>127 - Disclosure - Mortgages Receivable (Details 1)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/MortgagesReceivableDetails1</Role>
      <ShortName>Mortgages Receivable (Details 1)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://sachemcapital.com/role/MortgagesReceivableTables</ParentRole>
      <Position>27</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R28.htm</HtmlFileName>
      <LongName>128 - Disclosure - Mortgages Receivable (Details Textual)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/MortgagesReceivableDetailsTextual</Role>
      <ShortName>Mortgages Receivable (Details Textual)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://sachemcapital.com/role/MortgagesReceivableTables</ParentRole>
      <Position>28</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R29.htm</HtmlFileName>
      <LongName>129 - Disclosure - Real Estate Owned (Details Textual)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/RealEstateOwnedDetailsTextual</Role>
      <ShortName>Real Estate Owned (Details Textual)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://sachemcapital.com/role/RealEstateOwned</ParentRole>
      <Position>29</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R30.htm</HtmlFileName>
      <LongName>130 - Disclosure - Escrow Deposits (Details Textual)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/EscrowDepositsDetailsTextual</Role>
      <ShortName>Escrow Deposits (Details Textual)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://sachemcapital.com/role/EscrowDeposits</ParentRole>
      <Position>30</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R31.htm</HtmlFileName>
      <LongName>131 - Disclosure - Line of Credit and Mortgage Payable (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/LineOfCreditAndMortgagePayableDetails</Role>
      <ShortName>Line of Credit and Mortgage Payable (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://sachemcapital.com/role/LineOfCreditAndMortgagePayableTables</ParentRole>
      <Position>31</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R32.htm</HtmlFileName>
      <LongName>132 - Disclosure - Line of Credit and Mortgage Payable (Details Textual)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/LineOfCreditAndMortgagePayableDetailsTextual</Role>
      <ShortName>Line of Credit and Mortgage Payable (Details Textual)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://sachemcapital.com/role/LineOfCreditAndMortgagePayableTables</ParentRole>
      <Position>32</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R33.htm</HtmlFileName>
      <LongName>133 - Disclosure - Mortgage Funding Payable (Details Textual)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/MortgageFundingPayableDetailsTextual</Role>
      <ShortName>Mortgage Funding Payable (Details Textual)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://sachemcapital.com/role/MortgageFundingPayable</ParentRole>
      <Position>33</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R34.htm</HtmlFileName>
      <LongName>134 - Disclosure - Other income (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/OtherIncomeDetails</Role>
      <ShortName>Other income (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://sachemcapital.com/role/OtherIncomeTables</ParentRole>
      <Position>34</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R35.htm</HtmlFileName>
      <LongName>135 - Disclosure - Commitments and Contingencies (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/CommitmentsAndContingenciesDetails</Role>
      <ShortName>Commitments and Contingencies (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://sachemcapital.com/role/CommitmentsAndContingenciesTables</ParentRole>
      <Position>35</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R36.htm</HtmlFileName>
      <LongName>136 - Disclosure - Commitments and Contingencies (Details Textual)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/CommitmentsAndContingenciesDetailsTextual</Role>
      <ShortName>Commitments and Contingencies (Details Textual)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://sachemcapital.com/role/CommitmentsAndContingenciesTables</ParentRole>
      <Position>36</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R37.htm</HtmlFileName>
      <LongName>137 - Disclosure - Related Party Transactions (Details Textual)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/RelatedPartyTransactionsDetailsTextual</Role>
      <ShortName>Related Party Transactions (Details Textual)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://sachemcapital.com/role/RelatedPartyTransactions</ParentRole>
      <Position>37</Position>
    </Report>
    <Report instance="sach-20180331.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R38.htm</HtmlFileName>
      <LongName>138 - Disclosure - Subsequent Events (Details Textual)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/SubsequentEventsDetailsTextual</Role>
      <ShortName>Subsequent Events (Details Textual)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://sachemcapital.com/role/SubsequentEvents</ParentRole>
      <Position>38</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <LongName>All Reports</LongName>
      <ReportType>Book</ReportType>
      <ShortName>All Reports</ShortName>
    </Report>
  </MyReports>
  <InputFiles>
    <File>sach-20180331.xml</File>
    <File>sach-20180331.xsd</File>
    <File>sach-20180331_cal.xml</File>
    <File>sach-20180331_def.xml</File>
    <File>sach-20180331_lab.xml</File>
    <File>sach-20180331_pre.xml</File>
  </InputFiles>
  <SupplementalFiles/>
  <BaseTaxonomies>
    <BaseTaxonomy>http://fasb.org/us-gaap/2017-01-31</BaseTaxonomy>
    <BaseTaxonomy>http://xbrl.sec.gov/dei/2014-01-31</BaseTaxonomy>
  </BaseTaxonomies>
  <HasPresentationLinkbase>true</HasPresentationLinkbase>
  <HasCalculationLinkbase>true</HasCalculationLinkbase>
</FilingSummary>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>58
<FILENAME>0001144204-18-028692-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0001144204-18-028692-xbrl.zip
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ML6&]$\>\^#.TYHC7Z>+P T&5D(NC1C%EWK8F:#F@H1SP:CK@,WDAYE?_G1H
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MJ.3ZN"L/!::J!$.=@!?0M>2N>3@<J!L"3C=CY%D/6"T#SV[&?,6J7.L.].Z
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M='(H/]6R:F%, C#F\,F*(4L*O9OL?CLUG._/Q+;Q7Z;63&)=DP?8*G!U8&-
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MC!=Z/5INH*J'W4Z_NS==W<IA8WBGE<-]RF&WUU%:,=RL?OK >D6L;!>PLI\
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MCSQ*U4?7!K/CGX6>1^A[OKC.A/V21O+$'SF)8'[[;#C& _%$I&Z)#;MBWA@
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MN_6K8X0F!J]SODN/LPOV_]ND5?2;FE8A@M$_5G0*S;H#TE9=[.Y<!;S&"1Y
MM_"'F$VDF$^DA%$HNM:N$,]5=1D.8O^NJ0;?M^(.XRV=QEN:5N:"&>Y(CP9>
MBF"L;^Z1.;TLP4#"!#.[,/&5^4N)ZP>?D#F],$[B8]SWL9G'3Z]7' H!926Z
MY@FXA.#YI>*5OYZ<W"S%*ZE78\T$X"V\Z&7J_YA&Y3S4P^A"PDKHX%#W)K)#
M&%A%"(1O49,U==T 8W_HKH+3S3TM!($N&UV$YQ+M6/H'.%9/Z,AQ_-RYY7!S
MQ.X:F:>.BQLF:@Q&[!_Y?$@D$CS*\D@  ,SH9 [,!,R>#1XC?1#,%( %KCH<
M4- 8(F#@ZQIP4I@+!D'8,XZU>2S=YMI>? .C!J,J?&*Y)G/GD6K16NR@8-(@
M]%/L=_(7 :"196<Q7"-@]0<1-=#W]Y!T/OCV])QUB'9Y,[N937?\ZI/1] *V
M?$99?WVK.FBV56V RMN7,5K; L56ED4,8ZYH[6HU)D/@:F:RA!85["JSB/'!
M(]>>6O22#&T-YH=08TF-"K<ROF ?XFLQ$JL'M$Q)L@[HUT<,S--D!7ZBPL,Q
M6ML9B[EB_DZ2%B/DQ-#?S?A4@ ^B[@'-2%-M5GR'K6+RC#(ZP3@/R2A,G >.
M!X;1"3D 4;Q7,I.@$OL2]1.H]3F6/B<D>;; 9([AD,_BZ4Q0$OI@ IKQD_0$
M%LH-_65216:3A@7FAA]0"#P+L[\ZTH_CGU:&M>:>^R]V,4G320SJ5$C3,*#$
MBRUHAZ+UX^2GR 42"#0SO.\D8$1UT?+A3]%C!$!S9]:$7J'2^(>/WDL0XG.<
M>N! V;AI&+:, N2N+_#'(9K1?$.8-9.WC&NP@N#!H>39_CPZ/!C+N9V1Q.N+
M(]_Z-SEBOB8F*#LD^GO@D0 <&>YLOH[U7-+:M2OH.K".+6YM]X:IVR3.TI+
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M.N@4IYE.</XZ19N&BV>@CGW)#Z=3<+7Q;,W:Q_*6('XXQIEJPN(N'=E&8\N
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M W-9V/D2NXD%7$/,# #6]MW,VR(&!FDQ[+@0 Q^&Y^:8/$.+&VB0W2-'3*?
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MU$#\_^U=:U/;5AK^*UJZV8$9V6"#(:%I9RB7--FT,)"TTT\[LGW VMJ25[(
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M+YZ>Z6>R^=0SN3O]3'[G='=G,ET8U/:$>,/OWV_C5X2'^'\:__\!4$L#!!0
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M3X?"*>SP8P-EHZ2.#H50W/W'!L-6*SH\%$5^2R$;#(F./&AME??K/[_;D!6
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M[F91.)Y.>:J^,#(>@_4IO/]J1Z0E.'?)7_[X'4]+I><L>=WJRP8D3)G:?$I
MJ;/!#E][#T1\".)[V,CC8O/>?A>LA7=[H^:^B<IW>QV?]IKMW5ZA0+.[O0Z>
MTOTCW^WM'(@(>;0%8=9W>QT\^+JU]T8=(AYKM=;-KXLZJ(>ZO7=['6H>:'=D
MT;W;6V-<'@!$Q$\2BQ*]IJNAK!\@]GF<\[TBXI"(W?/M"*K]Z*3M 9E7H]A^
M;<3U+R=. 8O8)9XSPH@NE,Z8(WM#5[+OM#=U>VT!&0&WA>)S0;8T.0YBEW6G
MDTFTE.4ZB":7\=G2!-:RI.P'2"D$)=LR9H")V*79C8@QCOED'7^MI4W>@76\
MOH[LBR\5&'+W8.O%_EO(XR"-$M.38KD]*,/GO8GO$^(^%'*W7RL)?XNS1QY&
MTXA/]%%"6!_6[Q%[VG*? (0Q-21J]UO.62-Z3G1"G^Z,V-Q=V%D29\DLFA15
MQN(<5,UU]C36!8!2??57L5"JT5"[VI))JW=@H9W8J.,UML-XM52S8,Y<&1:U
MXH8>N*.U9KHG4;MN-A?C+$S,[0M)U;ERMS'K'].,@U3>L,E14"MW:)/WNY_3
MVNG2C'93$2,'0:W*X7GT%$UX/,G,(C%DS5F?PN,(=NS@.*A5.:Q6-6IT3#-0
M34&)!("ZN.'A8U^R\?0LR!XN9LES&R-=.L?-&:95(UWZ/MVGUEGLQ\99['V\
M8.J/'.ER3-88[>,Y86HX;RW2Q>\9V$6DRS%NN"!XWEJDRS%5QUQ]LLA&NL#Y
M1&S^UVDBCHZ33R^_P>)\&;^6+3T-<SA4%N:UOLZ9_6"@&YI'.L6F6!4EL3"9
M:D?PSH" 5525 9,C>@&06(#,Z>2?BRPOSNI?DS@$Z,4DO4UN.)RVPFC&MS#<
M)NX^:=\_#?HF4*79[80ZC,Z(A0!M/P%T$<4!(%V5O5;-+T4WP$F@3/1AV$1F
MDE8[Q,*-JKQ>T1D0R')JDN5];1 +0Q+/&F8"-L^6KQO" 7?YJ*%0V.:A0P7C
MID.PSI# ?M#D;+#3%+4X*%!**EX&/^?+_Y;4L JW,SATF \"2OC!MPA;75$+
MR5+(?PK?0&YR2#4> U1 X,K-EC)KXF6@W05UH<]F[LKS.0.U/,/NEF01^@*P
MIAL(3Z"4A*6NMPDSA^DN8LN8H](CGJ*F BQ8/'I";C-LAP!0!)P[/KC30*86
MRB51@:C8O1%;9:'I.P-H @D<M7BV!4LMX&M?[NN4/Q99#MDB%448K!C>[<P&
M/0+'+$\,R\%2BP)3@+^*@KMH9NK1LQN(=2B$P7@_,:'(J46<[6,X7_#;9#R=
M1B%/14VD<NR<U310#03*(!!$6(5 TZF@1T\MR&T?P]<DY]EU\"(VJK-%FB[#
M+LQG@*0_&PUH[^VUB4=!4XN9PX^A*^F_<CNZ][N#Y@AXWWRRC6&F]N+PON2G
M89@N^*2D 2NR][L#< *.=Y]D8YBI/4@LV8WXE,-2-+GA3SQ>V!W>=_H"9-H>
ME/I;MPPPM8>,);-S\B3,#5B)"L_QIY=/29HFSW#>N$C2]5OUU>PWNZ%9KT_[
MC%]_(:B@#VH/+9<N&6I?+)@%?-3^&=:A\)QAHQ?XSK5)[=EI\] 9)X&#K'M$
M8*UR'H!FA9[:$]6(_,M+:T<QI(K!0"D$C!8G,:1:E-3>N2Z7^UV^>6(4#:+J
M!D )^)JK$B2G6X^7VB/8ZZ/2;5*\19)R,U[Q7@"3@+7IF%8=7&IO6N\)?+%(
M@8-%RL5-9O1=_$FU3QOU9\<C J<^STSCP*F]7+TG^B:8S(KJ4C=V?$+W$.:*
MX3V\ZN>G'41G[(GP)4GS^^">ZZ,R#+JRKM>"W <ES0XS0EP%=Q]&7&E[/TMF
M,QXN [:%0($A@>9# "@"#CV71-IB1PAMS+=GK@LGA@\;>7TLMI'EUQ8],@4:
M\\XA\K^F;+BP@16#P7=!X,SEQ ;6HD2H)_$&D  NZFFD?"(->=7V 8ATOVTM
M-7KK5P(6X;,Q=]8-?UR=+,934S[1/JQ+H?2N6SXU8!$^F_-1K82]2-+R3%R?
M%E<1V":VD&8$-O+[GDHCWZX-=(3YYIQ8!WU]K]NE:U\Y6+D-P"/\-^[N&D_'
MZ00TD+Z\5D@S^-HEO5A_1"!_R,\7CL)%6*W@T$+-9YZLYE&1V7P9AR(.3_9$
MN+(]3,(WL_X: $4JR306LK::2*4\]748[7KIT!4#,!P!X+_5K] ,.L)\8_%K
MY6WB.DCSF*?90_1XEL1Y&MTM-,4 #'H#; *99/[V5B5LA&UWF9N;': DQWF4
MO<HA^V8->P($ HX)EVNR(62$M18XJ)PXIL @>'-VKRUZ9 HT5]%?"%^\:K\;
M(:F@'._$NCT"!H^=SU&'!J&LN4+^(*^&'!"<P*G7GH:EW(C"FRNVOWA\7%:N
M#6;KJLB7\31)YT5Y'@/GO>$( )_ (=:R'+ --(39!C,GUYD_T427*;75D@TI
M'&&L="^G3XH+H6ETZ&KDT7T<3:,PB//3,$P6L;CTNTYF42A>Z1 /P<VR6QAX
M 4*VL4CY26-;2.4BY2.?)I=UD?(3=%K+Y/ZK2/E>R6*O07FUBI2/T,AX#9RW
M5J1\Y/7JUT61\A%J'&%XWEJ1\M%):XJ4VY)%MD@Y6-RPO.0OUS-Q/(@GXDFH
M1X'YT\LM_+9F333H#=L+V2<<\-71&!BQRN.HW$)J[4=IT!M0>XV0-%Y)C1FR
M)'@7*K%ZY0<AF-8R?!BF=2MT8\;U51!/0.Q/BV@F7H73OE,N;0\("=SR&']T
M<B85R(C5ZBZ\".>79T7>.Y^<SH75K7$V[K4'9 3B%>T,1@408H6WT;GX6\:G
MB]E5--5D6>IZL[[7I\B\T&<,2UT;^V"NK76L7*E,Z,JAU49/5K>Y*\RJGJSN
MD4_7AZTGJU"@D2>KD/LO3]:N7=OUFOU2QU8K"+/U9'7Q=);6>K*Z?B__'7BR
M"JT;.T>Z^'5^:SU9@(F6">60++*>K%6L2#"#LR>LR +M-4^+6[PXY$(#BTRS
M,)H. 7KP6;+5TSIIAXZ88\M$>.VG:CX(Z,!K20WC9=:.M.K$EV$3<WDU0#VM
MU?OP<X"L,TP"PWY-7^G*9VC7X9;P#1AB/K#;-(BSZ:KB-T^?(A''^1J$7X:0
M"?=?)O\G[8?M\F=8MTOC<D/)LWQJN-<#,8==2^<3^:WDT!-+M[<T]\#>63*?
MPZH-@E\E0:R]:)$U9]T>@<<<W*\%B(6(:L#=4WA(8LT7_IU/?LLXRI*D%8A&
MX!+,-SDH<'?/U+DJ!I&)7%B1\;SVXVN_.;0/0"0027RH#T^C!G>/W;4ER*C;
M]6FN>SK-&P.C]NB=_R"4;I^&^\68(DN&=Z%2>_3N( S3.AH?AFKMZ;<Q-YN(
MKC$*+EKO-'T"25;&'YB<M%TXU)ZD6V_NXGB=C>--#>2S($U?1%YL$6"SK.=8
M!$(HN+,?C TIO%EE=]%?%:7Z"3H"$2V=5H:T'#=6.:-R2$N?5$C+,>K2E\G]
M5TC+W@6WURB\6I9!OTI("QY]U]Z0EF/R(2U]JRB)XS<8TG+<GI 66[(\A+1@
M7LL@7Z1%&1-I">Y_\" =QV@A<[/>@(CHH6U_*[.&Y2PJI3I!M\])#8*@-R"A
M656D!D&OL)S%CM0@" :H\PT5_0$-@3=U').T >8LK*,Z31?) K^W,>L.6 CX
M(-R2M,%%+)ZC>5]$:U;-NBB5D1<'<T5LQ!T_QWS2_DHQ@^8*I5=V1@Q]FD:V
MSHA"@6;.B"%J OW0SH@AV;CQ(9I K8'SUIP10Z_6DPMGQ!#=<# \;\T9,>RV
MQAEA2Y;G_)J,AS_=)T]P@H@$7WWQ!T%3OT03_!6[XO>P^\=YE+\@JYVD%<A/
M-JAZ?WU# 7A)?3%5_%(8]*O8;<*.>\V&+*-:W%?VOMQ>,DT\:IK&JE-#Y603
M.U:5*;.O2<ZSPEXJ7G]=E7_>F,B?7C9_-H@=JS,LZ,NG=\'3::T^8F)^AVTQ
MM<<%67-VW/<:E6U\J*M/CIQT'#2Q) Y'9-)8AYMBE6X&!>KP.N=9F$:%H ++
M>+H.W-*LW]4&!"51K3FH6+GK8'67;^%Y(GP-YGPMOM$28#D2J(-&"E\=-BWG
MATH3U)(^&IT8M+8-$C-$NY<TYB0ZC[+') MFOZ;)XK'PE11%[ NBU)N&IB?
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M@)*Q31X*PTOE(U]O??8[7@V%2J^J%EK<5_:^W%[*%7G4-(W0@1HJ]_QF,X6
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M]<F>-MZ[L<!'494LR![&J9!X]3^GX9^+*"LX6/W-ZXO)XW290KEQV9^!BB(
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MN7[2&%!ZF#*&LBHF#$:&:KH09@MI)XMSA::'3P6"51Y1WX#[U]U#)G1^I<.
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MW(84 /108Z3E090)-5Q^#@[3%6I!/T/1B96)*U<1YGQ^1&U88!9:1WG^2M]
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M=S9WE@_+XYMT?],T7GOA;JIJJIYR&/BKUE"G.<\1>"=0>-]1.*H4#N<I>RK
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MF6N]D5>78!W]RLD" (FRJS69U&7][+U<LQ$H!KY02C<K 30HX/RV+> <$)Q
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M9HB1AU1BWC@6\LG;.!#>)W%6ZG["'#[D#V4*%_2RF<%_YJG-@Y[ C0HJYN\
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M.>45K'AI[1FCG>B&I!ZF-T%:<5(KJC*S-9%/U ($YM#-]BR,@VQKUHT"6*N
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M$W(UDX/I0H12W2*'1R3"2NU7Z3:";@0@%=_!P_%E'.=HI[G3=>UO4X8?F0S
MCDC85Q BY:Q;(.M"O-$VW!Q;<IJE3U'L_VMS(M9J0+DC.R(1C%*#>2FB9F.+
M]L?X=9)DUFPO.S$:\86UF2Z@Z4*042$/1H7MW: WHQ%*:,6[*:PNQ!05L%KL
MZHI>[(B$:[,JX5(X70@>VL&HW<R1'HQ&Q& ]@@M0]A#F0X#=<98FJ9?G++>A
MN-"-T8@)K,=S&8^K<I -.GB>O?#M0F2R"?+WOUDSIN1Q//="_U\YLO,H3*+
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M[@H1\1Y$21:;Y.^7=V"#4EJN%MP>!P<DOF0J@1I='W,</ZZ/Y9/\X(#65:-
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M\T% <"2,*@I6Y6I@"[$+!K1MS"N\6DN:HA>(AH3IQ99,$Y60 .V"L>V>S[-
M#/YVXWN/><$?S6: ] "1D+#H6*]\)9YN)!G> :A=Y&@?$ N)>ZN2-6.BBYB:
M->&YBNM;S51DUUUEQ=)6G,<[@6!(W((US,GIUL%R9!9LE._R9F?B,4'[@%A(
M6!&M=W -(D?&1$I$7V3\.KR%N_C#=QZ\\*]P2GFRX%S:'81%PN*O8=-(!10
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M.,N$2_8F\L*-=TQ[NU!U ^F0<*0[I%JN2WHAN*K)1\,G>%,M_<0QC=(P%;R
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M; W'MR.[^#W,=IU6?>4PT'QI\1Z D\1QU8 ,R6:NPT4S:GTG]$6X@#0,JOK
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MB&:TTM*W>6'L3W5OLK=:LF,:)W4KYN3D2Y$A)%N_Q=\EN?$J3'>Y8)]XZD\
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M2P$"% ,4    " #&;J],U.U KO!_  ! , 4 $0              @ $
M<V%C:"TR,#$X,#,S,2YX;6Q02P$"% ,4    " #&;J],B8\FQD$,   Z@@
M$0              @ $?@   <V%C:"TR,#$X,#,S,2YX<V102P$"% ,4
M" #&;J],$*4#M54,  ! M@  %0              @ &/C   <V%C:"TR,#$X
M,#,S,5]C86PN>&UL4$L! A0#%     @ QFZO3*PUB5RG,@  ^U@# !4
M         ( !%YD  '-A8V@M,C Q.# S,S%?9&5F+GAM;%!+ 0(4 Q0    (
M ,9NKTR9D<,*YT4  +:Y P 5              "  ?'+  !S86-H+3(P,3@P
M,S,Q7VQA8BYX;6Q02P$"% ,4    " #&;J], T,4B-\W   (O0, %0
M        @ $+$@$ <V%C:"TR,#$X,#,S,5]P<F4N>&UL4$L%!@     &  8
*B@$  !U* 0    $!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
