Mother Jones: Trump borrowed between $5 million and $25 million from Professional Bank in 2018

[Miles Archer]

President Donald Trump’s 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 Trump’s Mar-a-Lago club and owned by the president’s sister, Maryanne Trump Barry. Last year, Palm Beach-area newspapers reported that Trump’s sons, Donald Jr. and Eric, had purchased Barry’s property for $18.5 million. But Trump’s 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 Trump’s newest loan $11.2 million.

Read Trump’s 2018 financial disclosure here:

https://www.motherjones.com/politics/2019/05/donald-trumps-latest-financial-disclosure-was-just-released/

[donkeypoofed]

1. Gee, and he just stated "he doesn't need banks" !

'Cause he has enough money from his successful businesses. Ha!

[Rambling Man]

6. OPM

It's how money gets made.

[Javaman]

8. OPM? nt

[Raster]

10. Other People's Money

[Javaman]

11. ah, thanks! nt

[BSdetect]

2. On the Con Don

[Iliyah]

3. Shithole, his family, administration

and Republicans are frauds and scram artists, cheaters, stealers, and down right horrible so call "Christian" assholes.

Vote them out!

[Bettie]

4. Real estate transaction from one family member to another

given what family we're talking about sounds like money laundering...

[Dread Pirate Roberts]

5. This is how Trump makes his money

The house owned by his sister (cough, cough) is likely worth less than the reported transaction value. He gets a loan based on that inflated value. He'll default on the loan (who could have seen THAT coming?), negotiates some work out, that he won't adhere to and finally the bank gives up. It's not a mortgage, so there aren't any forclosure issues. Poof, millions of dollars of the bank's money becomes millions of dollars of Trump's living expenses. In case you were wondering how someone with a billion dollars in losses can live such a lavsih lifestyle.

[frazzled]

7. But doing this WHILE you are President of the United States?

That takes some balls.

[Skittles]

9. balls are THE most delicate body part

just saying

[Achilleaze]

12. "I wonder what poor, hardworking, taxpaying suckers are doing today?" - Dirty Donny* (R)

* aka republican Draft-Dodger-in-Chief

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[brush]

13. Why would a billionaire need to borrow a few million?

Someone is lying about their financial status. A billion is one thousand million so a billionaire should not need to borrow such a paltry amount, relatively speaking of course.

[duforsure]

14. He's lying

And probably broke and in debt for billions. Never trust a con man for the truth.