Min menu

Pages

latest news

Trump's financial problems are rapidly worsening. Banks are now conducting multiple investigations into their properties and investments.


Former President Donald Trump continues to face growing legal and financial problems in the post-presidential era.    Four of Trump's properties were "under review" by banks holding loans, and one said he considered their loan a "worrying loan":



 Former President Donald Trump continues to face growing legal and financial problems in the post-presidential era.


Four of Trump's properties were "under review" by banks holding loans, and one said he considered their loan a "worrying loan":


"Part of the reason is COVID-19, which has affected many landlords."


"However, the hit to Trump's real estate operations in New York is harder than the rest of the industry, and comes after years of weak financial performance by Trump Organization properties in some of the city's most luxurious neighborhoods."


Many small apartments in Manhattan, like those on some Trump properties in New York


 are no longer simply working for families living there, as more and more people began working from home last year amid the coronavirus pandemic.


Many of them left the city, looking for "more space, green space, less risk of infection and a school system less vulnerable to COVID-induced lockdowns," according to a report by the Financial Times last year.


That put real estate owners like Trump in a difficult position. Trump's problems are deepening even further, as 2020 marked the fifth year in a row that Fifth Avenue Trump Tower and three other Trump properties have failed to achieve their financial goals:


"As of January, three of Manhattan's four buildings were marked by mortgage repayment processors due to their deteriorating financial shape.


  • This compares with one in four industry-wide business loans placed on similar watch lists.
  •  "According to a CBS report, Wells Fargo and other banks told investors who funded Trump's loans that the decline in income caused in part by the "global COVID-19 pandemic"
  •  means that buildings may not generate enough cash to cover mortgage payments.


Trump's other projects were also struggling. His hotels, like the hotel near the White House, were a "ghost town" because of the pandemic and Trump's departure from the presidency, which meant that his partners and allies would not come to D.C. To see him anymore.


Trump Tower also lost a large tenant in Tiffany & Co., which was renting a large space on the ground floor of the Trump Building in the Fifth Avenue Building while renovating their flagship store. They will move into the new building soon, meaning Trump will lose their annual rent of $7 million.


Trump also lost business at a rapid pace following the January 6 mob violence at the U.S. Capitol, which many view as a partially responsible front. The New York Times explains:


  1. "Within four days
  2. President Trump's family company lost its online store
  3. a stir from Mr.


 Trump's promotional tweets about its luxury resorts and boast rights as host of one of the most prestigious golf tournaments in the world. The mob attack on Congress last week by Mr. Trump's supporters led to the Trump Organization's reckoning by corporations and institutions, on a much larger scale than his previous polarizing actions. "






Comments