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

Zach Everson

Staff Writer

MARCH 10, 2022

Welcome to the latest issue of Checks & Imbalances. Today, we celebrate our 100th issue with a look at a bank willing to loan Donald Trump $100 million.

Checks & Imbalances publishes on Mondays and Thursdays. Please support this work, if you can, by  subscribing to Forbes. Any tips or suggestions? Email me at zeverson@forbes.com. And you can follow me on Twitter at @z_everson. Thanks!

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

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.

"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. “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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“'Things will get worse before they get better.'" This is the first piece of advice that Michele Flournoy, former undersecretary of defense for President Obama and deputy assistant defense secretary for President Clinton, tells her clients when they ask about Russia’s war with Ukraine," reports Steven Ehrlich for Forbes:

Now co-founder and managing partner at WestExec Advisors, which has a partnership with Boston Consulting Group and advises corporate boards and the private sector writ large, Flournoy spends her days helping businesses understand the circumstances that led to the biggest land war in Europe since 1945 and the difficult choices that they will need to make months and years into the future.

In an interview with Forbes, Flournoy is quick to disavow the notion that things will go back to normal as soon as the bullets and mortars stop flying, whenever that may be, a common misconception. In fact, she says that challenges will persist long after the fighting stops. “The conflict itself is going to take significant time to resolve, and even after that some of many of the restrictions and sanctions will remain in place because of Putin.”

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WASHINGTON - APRIL 02: U.S. Under Secretary of Defense (Policy) Michele Flournoy testifies during a hearing before the House Armed Services Committee on Capitol Hill April 2, 2009 in Washington, DC. (Photo by Alex Wong/Getty Images) GETTY IMAGES

Continuing Irresolutions

Updates on Checks & Imbalances’ previous reporting

Jury selection is scheduled for March 16 in the government’s case against Rep. Jeff Fortenberry (R-Neb.) for allegedly lying to the FBI. Fortenberry’s campaign reported spending $158,000 on legal fees last year. He also launched a legal expense trust in August.

*****

Rep. Doug Lamborn (R-Colo.) "has for years exclusively bought and sold stock in one single company—a company that benefits from government contracts,” The Daily Beast reported on Monday. In January, the House Office of Congressional Ethics disclosed that it had found “substantial reason to believe” Lamborn “may have misused official resources for personal and non-official purposes” as well as “solicited or accepted improper gifts from subordinates.”

*****

The senate campaign for Rep. Mo Brooks’ (R-Ala.) has not reported any disbursements at Mar-a-Lago since June 2021. In July, Brooks issued a statement saying he wanted to “do fundraisers at Mar-a-Lago as often as I can.” A spokesperson for Brooks did not immediately respond to an inquiry.

*****

Retired General Timothy M. Haake dropped his legal proceedings against Rep. Patrick Fallon (R-Texas) and his wife, according to a filing made in Denton County, Texas district court on Feb. 10. Last fall, Haake took the couple to court over potential claims that may include fraud, breach of fiduciary duties and interference with contractual relationships. Haake and Fallon’s office did not immediately respond to inquiries.

Oopsies

In response to a series of letters from the Federal Election Commission pointing out reporting issues, the campaign for Democrat Gary Chambers Jr. (you know him as the candidate who smoked weed in an ad) replied, “In December of 2021, the committee hired professional compliance and accounting services to file missed reports and to perform a reconciliation of the account.” Chambers filed to run in November 2020. His campaign did not explain what quality compliance and accounting services it used over its first 11 months. A spokesperson did not immediately respond to an inquiry.

Tracking Trump

Rep. Jim Banks (R-Ind.) visited the former president at Mar-a-Lago last weekend. It marks a return visit to a Trump property for Banks. In June, he led a meeting of the Republican Study Group at one of Trump’s New Jersey golf clubs.

Matt DePerno, a Republican running for attorney general in Michigan, held a fundraiser at Mar-a-Lago earlier this week that featured remarks from the club’s owner. Michigan is 1,200 miles from Palm Beach, Florida.

"Inside the Jan. 6 committee’s effort to trace every dollar raised and spent based on Trump’s false election claims" (The Washington Post)

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"The RNC just had Donald Trump Jr. sign an email promoting a Trump book that Trump Jr. published through his own publishing company. Asking for $100 contributions for a book, which was selling online for $75." (Twitter/Shane Goldmacher of The New York Times)

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"San Nicolas accused of using House funds for 'political ads'" (The Pacific Island Times)

"Lee Chatfield traveled the nation as Michigan's speaker, but who paid?" (The Detroit News)

"Democratic Rep. Tom Suozzi of New York violated a conflicts-of-interest law by disclosing stock transactions years past a federal deadline" (Insider)

"The $2 Million Question: What Did the D.C. Trucker Convoy Donations Buy?" (The Daily Beast)

"Revolving Door for Pro-Crypto Lobbyists and Politicians Is Emerging, Report Warns" (Vice)

"Miriam Adelson hosts Mike Pence for dinner in Israel" (Jewish Insider)

"Former Malaysian prime minister adds media help" (Politico)

"GOP governors ready fall ad blitz in 5 battleground states" (Politico)

"Nigeria lobbies US to help identify looted assets" (The Africa Report)

"House staffers took home big bonuses in 2021" (LegiStorm)

"Sen. Thom Tillis adviser heads to Gilead" (LegiStorm)

"Interesting DCCC fundraising email: Look at these great opportunities to win Senate seats! All you need to do is donate to our ... House campaign committee?" (Twitter/Aaron Blake of The Washington Post)

"'War and rumors of war is incredibly profitable'" (Unusual Whales)

"SPOTTED at a party Wednesday for Pfizer Chair and CEO Albert Bourla’s new book, 'Moonshot: Inside Pfizer’s Nine-Month Race to Make the Impossible Possible' ($29.99), at the Top of the Hay, where Pfizer’s Sally Susman introduced Bourla: House Minority Leader Kevin McCarthy, Sens. Susan Collins (R-Maine), Steve Daines (R-Mont.) and John Barrasso (R-Wyo.), Reps. Robert Aderholt (R-Ala.), Debbie Wasserman Schultz (D-Fla.) and Robin Kelly (D-Ill.), Irish Ambassador Daniel Mulhall, Israeli Ambassador Michael Herzog, Greek Ambassador Alexandra Papadopoulou, Chinese Ambassador Qin Gang…”" (Politico)

When you're broke go and get a loan

Take out another mortgage on your home

Consolidate so you can afford

To go and spend some more when

You get bored

Shania Twain, "Ka-Ching!"

Zach Everson

Forbes staff writer

I took an unusual route to get here. In a past life, I worked as a travel and food writer, which is how I got the assignment in 2016 to cover the grand opening of the Trump International Hotel in Washington, D.C., just a couple miles from my home. When Trump won the election and refused to divest his business, I stayed on the story, starting a newsletter called 1100 Pennsylvania (named after the hotel’s address), and contributed to Vanity Fair, Politico and NBC News. I’m still interested in Trump, but I’ve broadened my focus to follow the money connected to other politicians as well—both Republicans and Democrats.

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

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