Politics - News Analysis
Eric Trump Brags About His Family’s Cash After Taking New $100 Mil Loan From Republican Lender
That's debt, big guy. I know it's hard to understand, but think it through.
Eric Trump, never known as the smartest of the Trump children, appears to not know how lending works after a statement on Wednesday.
When Trump was elected president, he signed over most of his business dealings to his children to avoid conflicts of interest. That led to his kids being in charge of the Trump Organization, and specifically to Eric Trump being the president of “Trump Tower Commercial LLC.”
Financial magazine Forbes uncovered a loan that Eric signed for in his position as president of TTC in order to refinance Trump Tower, whose previous $100 million mortgage was scheduled to come due in a few months. The company took another hundred-million-dollar loan to avoid paying that hundred-million-dollar loan just yet.
Ironically, Eric said in a statement that it was a breeze to secure that cash. But it turns out the lender he used to get the new loan is a mega-contributor to Republican political candidates.
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. We have incredibly low debt, have a tremendous amount of cash and have an extremely profitable company. We had no problem refinancing.
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Um, a hundred million dollars in the red is not “incredibly low debt.” And with hotels prying the 3-foot-tall gold letters T-R-U-M-P off the sides of their buildings left and right in the wake of his father’s disastrous presidency, it’s hard to imagine how Eric still thinks the Trump brand is even remotely profitable.
“Well, we don’t rely on American banks. We have all the funding we need out of Russia,” Eric once said to a writer in 2014. That was during a discussion of, curiously, Trump’s access to $100,000,000 in loan money.
It’s weird how all of that works, isn’t it?