Trump needed $225 million. A little-known bank came to the rescue.

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When you're shopping for high-yield online savings accounts, be aware that Axos Bank has bankrolled Trump's real estate projects with hundreds of millions of dollars in loans.

Trump needed $225 million. A little-known bank came to the rescue.
- By Michael Kranish, Washington Post, July 27, 2023

SAN DIEGO — As Donald Trump considered another White House run last year, his company’s finances were at risk of spiraling into crisis.

The former president’s longtime lender and several banks with his deposits had cut ties in the days around the Jan. 6 attack on the Capitol by his supporters, at a time when Trump had hundreds of millions in loans coming due. In February 2022, the accounting firm that had worked for him for two decades dropped Trump and advised against relying on his “statement of financial condition,” a metric banks use to evaluate the risks of a loan.

Unless he found a new lender, Trump’s business empire could have been in jeopardy.

Then a new partner came to the rescue: A little known, online-only financial firm headquartered in a suburban San Diego office park.

Axos Bank, formerly known as Bank of Internet USA, had grown from one of the first digital banks into a profitable, publicly traded company in part by specializing in loans to borrowers other banks had shied away from — all while navigating federal regulator scrutiny over its internal operations and a congressional hearing that cited its involvement in high interest rates on some loans.

more at link: https://www.washingtonpost.com/politics/2023/07/27/trump-loans-axos-bank-gregory-garrabrants/

Non-paywall link: https://t.co/pULRH4m1tX

[Joinfortmill]

1. Thanks for this.

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2. You're welcome!

I was actually checking out recommendations of HYSA just this week and was considering Axos, which pays fairly high interest rates on savings accounts. I went with another highly recommended institution mainly because I already had a relationship with them, and then I saw this article. Bullet dodged!