General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsDonald Trump's 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.
https://www.motherjones.com/politics/2019/05/donald-trumps-latest-financial-disclosure-was-just-released/
ProudLib72
(17,984 posts)Do they not remember what happened in 2008? I suspect Professional Bank will soon be operating under the auspices of the federal government, whereupon, the Rump can alter his interest payments. Maybe 50 years at 0% interest? Even then he will still be up shit creek.
TheBlackAdder
(28,189 posts)dumbcat
(2,120 posts)the title to the property as security for the mortgage loan. That's the way it's normally done.
ProudLib72
(17,984 posts)You would think the loan officer would check into things like that. Risk assessment...
I really don't know how big the risk is if they hold the title. Maybe bazillion dollar mansions sell easily. I don't know. But the Rump has made a habit of buying high and selling low in the past. Everything he touches turns to shit. I wouldn't touch him with a barge pole.
TheBlackAdder
(28,189 posts)dumbcat
(2,120 posts)other house purchasers? They probably have title to the house as security. It's called a mortgage for folks like us.
Hotler
(11,420 posts)ProudLib72
(17,984 posts)A lot of good it would do anyway.
smirkymonkey
(63,221 posts)Professional Bank. Has anyone actually heard of Professional Bank before now?
No reputable bank will give him a loan. This stinks to high hell.
Grasswire2
(13,569 posts)Mob?
Russia?
Russian mob?
renate
(13,776 posts)It doesnt sound like it was named by anyone who speaks English as a first language, thats for sure.
In other words, I would not be surprised at all if you were correct.
smirkymonkey
(63,221 posts)to sound like a legitimate front. I'm calling foul.
Totally Tunsie
(10,885 posts)He's supposed to be completely removed from the business dealings of any of his companies.
madinmaryland
(64,931 posts)Mitch and Vladimir seem to be calling the shots.
Grasswire2
(13,569 posts)....and both Houses of Congress allow it.
Arkansas Granny
(31,516 posts)I am so sick of this clown.