Trump Organization & $100 Million Refinance?

March 10, 2022

How did The Trump Organization refinance a Trump Tower mortgage with a $100 million loan?

The new loan is a refinancing of a commercial mortgage the Trump Organization took out on Trump Tower in 2012. That was a 10-year loan with an interest rate of 4.2% that came due this year, according to a financial disclosure filed by Trump.

The lender of the original mortgage loan was Ladder Capital, a New York firm where the son of Trump’s longtime chief financial officer, Allen Weisselberg, is a senior executive.

The new loan was apparently consummated on February 15, 2022 with Axos Bank of California.

Axos Bank? ‘Never heard of them’, you say.

Axos is a small [$14 Billion] boutique west-coast Federal Savings & Loan, formerly known as Bank of Internet, USA.

Axos has been in the press recently because of apparent ties to World Business Lenders and allegedly predatory loans to small business owners at rates of up to 268% APR, evading state usury laws by evoking the Axos federal charter.

CEO Gregory Garrabrants is head of Axos Financial Inc., the holding company which owns Axos Bank.

In 2018, Garrabrants compensation was $34.5 Million, more than Jamie Dimon of JPMorgan Chase & Co. ($31 Million) and Goldman Sachs Group Inc.’s David Solomon ($23 Million) raked in that year.

Federal Savings & Loan? Please don’t tell George Bailey about this!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: