Seems insane. This is old...from 2022, but I don't remember reading it. He has got to be loaded about now, but not on paper.
Donald Trump’s Great Escape: How The Former President Solved His Debt Crisis
https://www.forbes.com/sites/danalexander/2022/07/29/donald-trumps-great-escape-how-the-former-president-solved-his-debt-crisis/
By Dan Alexander, Forbes Staff. Dan Alexander is a senior editor at Forbes covering Trump’s business.
Jul 29, 2022, 06:30am EDT
The 45th president was chained to money-losing real estate and drowning in debt when he left office. Now, magically, he is flush with cash and free to deal— thanks to a little help from powerful friends.
-------------------------------------
Trump’s business still has plenty of debt—an estimated $1.1 billion in all—but now most of it doesn’t come due until 2028 or later. Two loans that haven’t been refinanced—a $13 million mortgage against a property on Third Avenue in Manhattan and a $45 million loan against a tower in Chicago—mature in 2024. But neither of those should be too difficult to pay back. After all, Trump now has an estimated $375 million in cash on hand, more than three times the sum he had at any point during his presidency, thanks to the spate of dealmaking.
Trump also needed to refinance an estimated $125 million of Deutsche Bank debt against his golf resort in Miami, coming due in 2023. The property, Trump National Doral, had once been a money gusher, throwing off $12 million of annual net operating income. But business soured once Trump took office and turned off its largely liberal, northeastern customers who for years had made a habit of jetting down for a few winter rounds. Sales fell 14% in 2017, and profits dropped to just $4.3 million. Revenue barely budged from there until the pandemic, when it plunged more than 40%.
No matter. In May, Axos lent Trump $125 million to take care of his Deutsche Bank debt. The new deal brought Axos’ total loans with Trump to $225 million—not counting anything related to the D.C. hotel. Lending limits would have prevented Axos from giving $225 million to a single person last year. But by this spring, the bank’s capital had apparently increased enough, barely, to give it clearance to hand over the money. Donald Trump had found his new Deutsche Bank.
He still has a few lingering loans. There are two liabilities totaling an estimated $58 million coming due in 2024, plus a $130 million one expiring in 2025. Given that Trump is now sitting on $375 million, he could theoretically pay it all back with his own cash. He has already pulled that move recently, paying off a small loan against a Park Avenue building and wiping out others against golf courses in New Jersey and Virginia. It seems just as likely, however, that he’ll try to borrow more money, simply because he can. Even if Axos has nearly maxed out its lending limits, there should be plenty of other entities interested in lending to a former (and potentially future) president.
= new reply since forum marked as read
