Deutsche Bank reportedly loaned more than $2 billion to President Trump over multiple decades while he was a real estate developer.
The New York Times reported Monday, based on interviews with more than 20 bank officials, that the bank repeatedly loaned money to Trump despite multiple business-related “red flags.”
The report, which details the history between Trump and the bank, comes as congressional committees and the New York attorney general are investigating Trump’s financial ties to the bank.
In attempting to secure loans from the bank, Trump often exaggerated his wealth, according to the Times.
When Trump was trying to get a loan from the bank to build a skyscraper in Chicago, he reportedly said his net worth was $3 billion. The bank, however, reportedly concluded that he was worth about $788 million.
But the bank still agreed in 2005 to lend Trump more than $500 million for the project, a decision that was made after Trump used flights on his private plane in an attempt to woo the bankers, according to the Times.
Years later, in 2010, Trump again turned to Deutsche Bank for a loan as he attempted to buy the Doral Golf Resort and Spa for $100 million. The bank again reportedly determined that Trump was exaggerating his wealth, this time concluding that he had overvalued some of his real estate assets by up to 70 percent.
You must be logged in to reply to this topic.