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Untouchable people? Not likely.Banks are still ready to lend to Trump | Work

New York (AP) — Bank’s decision to lend $ 100 million to Donald Trump’s company could survive fraud investigations and business backlash against efforts to stay in office after the former president lost the 2020 elections The latest evidence that there is.

San Diego-based Axos Bank completed a loan with the Trump Organization on February 17, according to a document submitted to the city on Tuesday.

It’s only three days after the Republican’s long-standing public revelation Accountant denied His ten-year financial statements, as the Attorney General of New York claims to have exaggerated his wealth.

Axos loans are being used to repay old loans backed by Trump Tower’s commercial space, which expires in September.

A year ago, Trump could become Paria after supporters attacked the US Capitol in an attempt to stop voting to prove victory in President Joe Biden’s election. Banks, insurance companies and other business partners have all broken relationships after the riots.

Last year, the Trump Organization was charged in New York with helping executives evade taxes. And for two years, the company has been the subject of civil and criminal investigations by New York State Attorney General Letitia James and the Manhattan District Attorney.

But in the fall, Trump signed a deal to sell his Washington hotel far more than expected. And the partnership that owns the two office towers he’s involved in recently borrowed far more new loans than needed to pay off the old ones that were about to expire.

“He bounces back,” says Barbara Res, a former Trump Organization executive who urged people not to vote for him, not fans.

“If a person brings me a property with good cash flow, good location, and good tenants, why do I care what his politics is?” Trump’s former Deutsche Bank lender Mike Offit, who is currently consulting on real estate finance, said:

The Trump Organization has refused to disclose interest rates on new loans and other terms. Axos did not quote and comment on customer privacy rules.

When asked to comment on the story, one of Trump’s sons blamed journalists for describing the family company as struggling.

“We should never have been underestimated,” Eric Trump said in an email statement. “We have very low debt and huge amounts of cash. And has very profitable assets. “

Given that the Trump Organization is a private company and the number published is low, it is difficult to assess the overall financial condition of the Trump Organization.

During his presidency, Trump’s name was Removed hotel and residential towers In some cities.His Scottish golf course Lost millionsWhen The condos in his apartment are sold at a great discount..

Coronavirus shutdown has been added to the issue. According to financial records obtained by the government’s ethics agency, the company’s largest golf facility, Doral, on the outskirts of Miami, saw revenues decline by $ 43 million in the two years to 2021.

After that, the riots of the Parliament building Trump’s longtime commercial office broker, his two biggest lenders, the Professional Golfers’ Association of America, and others broke off and rushed out.

The company that helped him shop around a hotel in Washington also cut off the relationship after removing it from the market due to lack of demand. New York City has announced that it will cancel all city contracts with Trump, including the right to operate a public golf course in Bronx. Eric Trump named the city movement a product of “cancelled culture” and vowed to fight it.

City decision to drive Trump off course Detained in court And now, a few months after Trump was supposed to leave, he’s still doing it. His name is spelled out on the hillside of a huge paving stone hill seen from miles away. The Trump Organization says it will go, but the city must first pay it $ 30 million.

However, Trump’s largest office building, though suffering, has not seen a major outflow of tenants.

One of the largest commercial tenants, Gucci, decided last year to extend its Trump Tower lease for another 16 years, according to financial statements from commercial lending research firm Trepp.

The building earned $ 19 million more than the previous year in the first nine months of last year, but it was enough to pay for the costs and interest.

Axos had previously taken out a loan backed by at least two real estate owned by Kushner. Kushner is a family real estate company run by Jared Kushner, a former son-in-law of Trump and an adviser to the White House. Banks also benefited from the Trump administration’s policy changes to allow high-interest lending.

Trump Tower loans are 30% owned by the Trump Organization and 70% owned by listed real estate giant Volnado, following other transactions to refinance mortgages at Bank of America Building in San Francisco and Six Avenue Tower in New York. It has been.

Trump’s company still has a lot of other loans for refinancing, including a $ 125 million loan including Doral scheduled for next year.

More than 12 hotel brokers and experts who have spoken to the Associated Press in recent months could make money from the sale of his long-term lease of a former post office building, a federal real estate that Trump has begun to turn into a hotel. Estimated low almost 10 years ago.

But then The Miami company has joined former Yankees star Alex Rodriguez Offer $ 375 million to lost money assets. The transaction must be approved by the federal agency that oversees the building.

Marago, Trump’s property in Palm Beach, Florida, is also an active business, with admission fees as Republican groups and politicians hold regular events in anticipation of the president’s visit. It’s getting higher.

Trump’s social media company aiming for Twitter Failed launch When people who sign up are locked out and stay smoked, they are filled with glitches and freezes.

Still, investors believe he will beat the denialist and keep the company’s stock associated with the Truth Social app high. At current prices, Trump’s personal interests can be worth billions.

Untouchable people? Not likely.Banks are still ready to lend to Trump | Work

Source link Untouchable people? Not likely.Banks are still ready to lend to Trump | Work

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