No, he lied to them about the value of the property in order to secure the loan…you know…committed loan fraud…well YOU don’t know, but people with a rudimentary understanding of finance know.
You fundamentally misunderstand this entire situation. Trump himself argued to Palm Beach County: “this is NOT a private residence…it’s ONLY worth is as a a private club” then turned around to banks and claimed it was a private residence. That’s the definition of fraud.
I have been a CFO in the banking industry for over 25 years so I do have a very good understanding on how this works. Any bank loaning money on property will have and should have an appraisal on the property they are attaching their lien to. They are not going to loan a billion dollars on a property worth $18mm. That would be similar to me going down to the bank and asking to borrow $250,000 on a used Kia. Trump owns Mar A Lago. He owns it as a business and a home. Sure the business aspect of it may be worth $18mm but the property and facilities as a whole are worth much much more.
It’s not a home. It can’t be a private residence, per Trump himself. That’s the point of all of this. To compare it to other private residences just confirms your ignorance.
No you don’t. Your ignorance of this entire affair is glaring.
So Trump can’t live in his own Mar a Lago property that he bought and paid for with his own money? Mar a Lago is worth $18 million? You have just confirmed YOUR ignorance.
Look I’m the mirror of you want to see ignorance. You think Mar a Lago is worth $18mm.
Do banks order appraisals on real estate loans?
It’s classified, in perpetuity, as a business, not a residence. You keep comparing it to Rush Limbaugh’s house. Of course, you also claim you’ve lost money in the stock market over the last year, so…
I’m not the Palm Beach County Tax Appraiser
He appraised the business
No, you aren’t. I wouldn’t want you valuing anything of worth. You clearly aren’t good with numbers. The county gives Mar-a-Lago its current value for taxation based on its annual net operating income as a club and not on its resale value as a home or its reconstruction cost. The property and all of the construction, golf course, etc is worth far far more than $18mm. You are just too simple minded to wrap your brain around that.
It can’t be resold as a home. That’s what you don’t understand.
I can’t help but hear this in the voice of George Santos.
His girlfriend, who lives in Canada, is a real knockout.
What you don’t understand is that a bank is not going to rely solely on Trump’s financials to give him a loan. That’s like you going into a bank and asking for a loan on your house and telling the loan officer “trust me, my house is worth a million dollars.” Banks have rules and regulations to follow. They are going to loan money based off of an appraised value. That is not a tax assessment, either. Do you really think a bank is going to loan a billion dollars on a property worth $18mm? Who is on the hook if the loan goes bad? Is the bank going to willfully put themselves at risk for the huge loss?
You’re still up? I know you probably are getting bored reading your comic books but you had better be quiet or you might wake your mother.
The Mar-a-lago valuation was only one of several properties that were inflated in those disclosures. The judge could have (and may well have) completely disregarded the Mar-a-lago valuation and reached the same result in this case.
So your argument shifts to “Trump lied, but it’s their own fault for believing him”. Thats called “blaming the victim” and it’s not a defense against committing fraud.
You’ve got that backwards. The $18M county assessor value is land + structures. It is the real property valuation for property taxes. Maybe the private-appraised value of real estate + structures of MAL was of similar value to the Limbaugh property at $150-180M… fine. That’s the collateral the bank was considering… and Trump says its $1.5B. Trump then tried to argue "no no no… that 1.5B was for EVERYTHING “Mar A Lago” (real estate, business/club income, goodwill, etc)… but that’s bullshit. There was nothing in that disclosure about the club/business/“concern” or whatever-the-fuck “Mar a Logo” really is. It was just the property.
ETA: the $18M number is just a red herring and easy to poke fun at. The problem is not that he should have disclosed an $18M valuation. If he had used a $200M value, it wouldn’t have raised an eyebrow. But $1.5B is something entirely different.
No I did not say Trump lied. I’m saying that the bank should have independent appraisals on each asset that money was borrowed on. You don’t walk into a bank, tell them what your assets are worth and they blindly loan you money. Banks will have appraisals on every asset that money was borrowed on. Are you dense enough to believe that a bank would loan $1.5 billion on a property only worth $18mm? The bank did their homework before loaning the money. They would have on file what each asset is worth. They were clearly satisfied in what they saw and loaned out the money. Trump then paid the money back. Not a very smart group here.
So you read everything? I’m sure you did.
That wasn’t the opinion of the bank the money was borrowed from.