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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsLast year Trump took out an $11 Million loan - while he was in office
Donald Trumps latest personal financial disclosure was just released, showing that Trump, who already owed more money than any other president in history, borrowed millions more in 2018.
According to the disclosure, Trump borrowed between $5 million and $25 million from Professional Bank, a small Florida outfit that specializes in construction and real estate loans. He borrowed the money at 4.5 percent interest through a limited liability company called 1125 South Ocean LLC. The loan was used to finance the purchase of 1125 South Ocean Avenue, a mansion located next door to Trumps Mar-a-Lago club and owned by the presidents sister, Maryanne Trump Barry. Last year, Palm Beach-area newspapers reported that Trumps sons, Donald Jr. and Eric, had purchased Barrys property for $18.5 million. But Trumps financial disclosure indicates that in fact he controls the company behind the transaction. Though assets and liabilities are reported in ranges on financial disclosure forms, land records show that the value of Trumps newest loan $11.2 million.
Read Trumps 2018 financial disclosure here: https://www.motherjones.com/politics/2019/05/donald-trumps-latest-financial-disclosure-was-just-released/
According to the disclosure, Trump borrowed between $5 million and $25 million from Professional Bank, a small Florida outfit that specializes in construction and real estate loans. He borrowed the money at 4.5 percent interest through a limited liability company called 1125 South Ocean LLC. The loan was used to finance the purchase of 1125 South Ocean Avenue, a mansion located next door to Trumps Mar-a-Lago club and owned by the presidents sister, Maryanne Trump Barry. Last year, Palm Beach-area newspapers reported that Trumps sons, Donald Jr. and Eric, had purchased Barrys property for $18.5 million. But Trumps financial disclosure indicates that in fact he controls the company behind the transaction. Though assets and liabilities are reported in ranges on financial disclosure forms, land records show that the value of Trumps newest loan $11.2 million.
Read Trumps 2018 financial disclosure here: https://www.motherjones.com/politics/2019/05/donald-trumps-latest-financial-disclosure-was-just-released/
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Last year Trump took out an $11 Million loan - while he was in office (Original Post)
DesertRat
May 2019
OP
Wow! Isn't that like $4-5 Million more than what the RWers were crying about the Clintons exit debt?
TheBlackAdder
May 2019
#10
dem4decades
(11,296 posts)1. Did he put up the White House House collateral?
smirkymonkey
(63,221 posts)2. Professional Bank?
What kind of operation is that?
They might as well call themselves "The Really Excellent, Very Honest Bank".
It sounds exactly like the place Trump would go.
DesertRat
(27,995 posts)3. I'd like to know more about that bank and the people that run it.
Who would loan him any money? What will they get out of it?
Doodley
(9,091 posts)4. Why would somebody worth over 10 billion need to borrow 11 million?
Dirty Socialist
(3,252 posts)5. Good Question
I thought he was a fucking billionaire!
DesertRat
(27,995 posts)6. It's the art of the deal
soryang
(3,299 posts)7. Palm Beach Daily News reported on this transaction last july.
Donald Trump Jr. and Eric Trump two months ago paid their aunt, federal appeals Judge Maryanne Trump Barry, $18.25 million for her eight-bedroom house at 1125 S. Ocean Blvd. The deed was recorded May 17 for the home, which stands next door to Mar-a-Lagos Beach Club.
...
Bought for $18.5 million in May by a company controlled by Donald Trump Jr. and Eric Trump, this house at 1125 S. Ocean Blvd. near Mar-a-Lago is being marketed for lease at $100,000 per month, partially furnished, by Trump International Realty. Photo courtesy Trump International Realty
Courtesy Trump International Realty
...
Bought for $18.5 million in May by a company controlled by Donald Trump Jr. and Eric Trump, this house at 1125 S. Ocean Blvd. near Mar-a-Lago is being marketed for lease at $100,000 per month, partially furnished, by Trump International Realty. Photo courtesy Trump International Realty
Courtesy Trump International Realty
https://www.palmbeachdailynews.com/business/real-estate/trump-owned-house-palm-beach-available-rent-for-100-000-month/c0ipLFyjNuQcckLLh6YH5L/
Sold by a Trump bought by a Trump listed by Trump org for rent in excess of 100k a month.
soryang
(3,299 posts)8. Here's the official record on the corporation recorded in Tallahassee.
TheBlackAdder
(28,201 posts)10. Wow! Isn't that like $4-5 Million more than what the RWers were crying about the Clintons exit debt?