Trump organization repays loan that was extended last year

by | Dec 4, 2021 | Golf Resorts

Donald Trump gives a thumbs up as he leaves the White House in Washington, DC on October 15, 2020. (Photo by SAUL LOEB / AFP via Getty Images)

AFP via Getty Images

According to a document filed with New York authorities this month, the company repaid Donald Trump on a loan it had granted during the first year of the pandemic.

In 2010, Investors Savings Bank took two previous Trump loans – an $ 8 million loan for a New York golf club and a $ 15 million loan for a Manhattan condo – and consolidated them into a loan of $ 23 Million dollars with Trump Park Avenue pledged against it.

Over the years the Trump Organization has slowly slimmed down the director. In 2015, Allen Weisselberg, Trump’s now indicted chief financial officer, told Forbes that it had dropped to $ 14.3 million. The following year, the New York Times reported that it had dropped to $ 12.5 million. In 2019, one of Weisselberg’s subordinates told Forbes that the figure was $ 9.8 million.

Trump should repay the balance in 2020. But last year the Trump organization had problems with its entire portfolio. In the 12 months ended August 2020, the Trump International Hotel in Washington, DC generated a net operating loss of $ 8.6 million. Sales at the President’s four golf resorts plummeted more than 50% in 2020. Both commercial tenants on Trump Park Avenue have closed their locations.

The Trump organization decided to extend the loan term until 2021. This was associated with low costs: the interest rate rose from 3.25% to 3.5%.

However, in September 2021, a representative from the bank signed a paper confirming that the loan had been repaid in full. This document became public earlier this month.

Since the loan was relatively small, Trump’s overall balance sheet will not be materially affected by the payout. In September, Trump had an estimated $ 1.3 billion in debt versus $ 3.8 billion in assets.

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