Eric Trump says family has ‘a tremendous amount of cash’ after taking out new $100 million loan: report
Trump Organization executive vice president Eric Trump on Wednesday addressed the family business's refinancing of Trump Tower.
"Donald Trump refinanced Trump Tower in February, taking out a $100 million loan, according to documents recorded Tuesday by New York City’s Department of Finance," Forbes magazine reported Wednesday. "Trump’s previous mortgage on his flagship piece of real estate, $100 million from commercial real estate investment trust Ladder Capital, was scheduled to come due in September."
After Trump's accounting firm, Mazars, publicly warned that its past statements on Trump's financial condition "should no longer be relied upon," experts thought Trump would face difficulty refinancing his extensive debt. The Trump Organization apparently overcame such barriers by using an online or virtual bank run by a supporter.
"The financing came from Axos Bank of San Diego, which launched in 2000 as Bank of Internet USA. Its CEO, Gregory Garrabrants, has contributed $50,000 to Republican campaigns, including $9,600 in support of Trump, since 2012, according to records with the Federal Election Commission," Forbes reported.
The former president's second son from his first marriage addressed the loan that he signed as "president of Trump Tower Commercial LLC."
“Trump Tower is one of the most iconic properties in the world and sits on arguably the most prestigious corner in all of New York,” Eric Trump said. “We have incredibly low debt, have a tremendous amount of cash and have an extremely profitable company. We had no problem refinancing.”
The $100 million the family received from the online bank is the same amount Eric Trump reportedly discussed in 2014 while playing a round with famous golf writer James Dodson. In 2017, Dodson told Boston's public radio station of the conversation where Eric Trump reportedly said he had access to $100 million.
"Well, we don’t rely on American banks. We have all the funding we need out of Russia," Eric Trump reportedly said.
Read the full report.
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