Donald Trump and the Trump Organization saved millions of dollars on interest on some of its main properties thanks to favorable loan terms, according to a banking expert who testified in Trump’s fraud trial last week.
Trump and the Trump Organization faces a $250 million civil fraud lawsuit filed by New York Attorney General Letitia James.
James alleges that the Trump Organization, under the direction of Trump and his adult children, defrauded insurance companies to obtain favorable loans from banks by inflating financial assets like golf courses and hotels.
On Wednesday, according to Newsweek, Michiel McCarty testified that “Trump and his company benefited more than $168 million by obtaining favorable loans on transactions personally guaranteed by the former president.”
McCarthy calculated the sum by “analyzing the lending documents related to transactions linked to the following properties: 40 Wall Street in New York, the Doral Golf Resort & Spa in Florida, Trump International Hotel & Tower in Chicago, and the Old Post Office project in Washington D.C.,” according to the report.
Trump faces being barred from doing business in New York and losing multiple properties if the trial doesn’t go his way. He’s expected to take the stand later this week.
Trump, like all Americans, is innocent until proven guilty.
[Newsweek]
