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May 21, 2022
Trump Refinances $100 Million Mortgage On Trump Tower With A Bank Headed By A Political Supporter
politics

Trump Refinances $100 Million Mortgage On Trump Tower With A Bank Headed By A Political Supporter

Demonstrators hold a banner reading “Indict Trump” at Trump Tower prior to a protest on the first anniversary of the January 6 riots at the Capitol. (Photo by Erik McGregor/LightRocket via Getty Images)

LightRocket via Getty Images

Donald Trump refinanced Trump Tower in February, taking out a $100 million loan, according to documents recorded Tuesday by New York City’s Department of Finance.

The financing came from Axos Bank of San Diego, which launched in 2000 as Bank of Internet USA. Its CEO, Gregory Garrabrants, has contributed $50,000 to Republican campaigns, including $9,600 in support of Trump, since 2012, according to records with the Federal Election Commission.

Trump’s previous mortgage on his flagship piece of real estate, $100 million from commercial real estate investment trust Ladder Capital, was scheduled to come due in September.

Eric Trump signed the loan documents as the president of Trump Tower Commercial LLC.

Update March 9, 2022, 6:07 p.m.: “Trump Tower is one of the most iconic properties in the world and sits on arguably the most prestigious corner in all of New York,” Eric said in a statement provided after this article was published. “We have incredibly low debt, have a tremendous amount of cash and have an extremely profitable company. We had no problem refinancing.” A spokesperson for Axos said that the bank had no comment.

In November 2021, Forbes valued Trump Tower at $285 million. Trump had an estimated $1.3 billion in debt across all his properties as of October 2021, based on Forbes reporting.

The Trump Organization refinanced its $100 million loan on Trump Tower in February, according to documents registered Tuesday with New York City’s Department of Finance.

NYC Department of Finance

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