Trump has '$1BILLION debt tied up in his skyscrapers and golf courses – and $900MILLION is due in next four years'

Trump has '$1BILLION debt tied up in his skyscrapers and golf courses – and $900MILLION is due in next four years'

October 27, 2020

DONALD Trump has around $1.1billion worth of debt tied up in his golf courses and real estate and $900million of this is due in the next four years, reports claim.

If Trump wins the 2020 election, while the US economy is still suffering during the Covid pandemic, that means much of his debt would be due during his second term, according to a report from The Financial Times.

Loans due within the next two years include those for his Avenue of Americas tower in New York City ($285million) and his California Street building in San Fransisco ($162million).

While the president's net worth is estimated to be around $2.5billion, the current uncertainty in the economy could spell trouble since much of his money appears to be tied up in assets.

It's unclear how much liquidity Trump would actually have access to, according to the Financial Times.

His primary source of income in recent years — work on television — has been "drying up" since he took office, according to a report from the New York Times.

The Financial Times broke Trump's creditors up into five categories in their report.

Trump reportedly owes $447million for the towers in NYC and San Fransisco; $257million in loans taken out against Trump properties; around $340million to Deutsche Bank, his biggest single banking backer; $25million to smaller banks and an asset manager; and $50million to the Chicago Unit Acquisitions Trust with the Trump International Hotel and Tower in Chicago as security.

The final loan is a bit mysterious, as Trump himself owns the company that the debt is owed to.

The New York Times asked the president about the loan in 2016, and he claimed that he "[has] the mortgage."

"That is all there is. Very simple," he said at the time. "I am the bank."

That debt is something called a "springing loan," which means it would only be due under certain circumstances, according to the Financial Times.

Those circumstances could be something like a decline in credit rating.

News of the hefty debts come after years of questions about Trump's finances, which the president has often dodged.

He is the only president in modern times to refuse to make his tax returns public.

A report published by The New York Times last month found that Trump paid only $750 in federal income taxes in both 2016 and 2017.

The report also found that the president paid no federal income taxes in 10 of the past 15 years through 2017.

Trump denied the report about his tax history, but did not provide any records or information to counter it.

The Trump Campaign did not immediately return The Sun's request for comment about the president's alleged debts.

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