President Donald Trump’s latest personal financial disclosure, released Thursday, shows that he borrowed millions in 2018, Mother Jones reports.
Trump borrowed between $5 million and $25 million in 2018 from a Florida bank.
The president borrowed money from Professional Bank, which specializes in real estate and construction loans. The money, borrowed at 4.5 percent interest, was used to finance the purchase of a mansion located next to Trump’s Mar-a-Lago club.
The funds were borrowed through a limited liability company called 1125 South Ocean LLC, and the mansion — 1125 South Ocean Avenue — is owned by Maryanne Trump Barry, the president’s sister.
Local media reported that Donald Jr. and Eric Trump, the president’s sons, purchased Maryanne Trump Barry’s property, but according to the president’s annual financial disclosure the company behind the transaction is controlled by him personally. According to land records, Trump’s latest loan was $11.2 million.
As Mother Jones notes, Trump already owed more money than any president in United States history.
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by – inquisitr.com