Former President Donald Trump announced on Wednesday that he has taken a $1.2 billion loan against his Bank of America skyscraper in San Francisco - his most valuable asset - but does not identify the lender. 'A loan of $1.2 billion has closed on the asset known as the Bank of America Building (555 California Street) in San Francisco, CA. It gives Trump and the Vornado Realty Trust a payout of $617 million, the outlet reported at the time. The loan replaces a previous $533 million loan that bore interest at a fixed rate of 5.10%, according to the company. Yashar Ali, a contributor to New York Magazine, noted that the loan comes in the form of bonds - not a traditional bank loan.

Source: Daily Mail May 20, 2021 02:15 UTC