Donald Trump’s business paid back a loan that it had extended during the first year of the pandemic, according to a document filed with New York City authorities this month.
Back in 2010, Investors Savings Bank took over two previous Trump loans—an $8 million one connected to a New York golf club and a $15 million one tied to a Manhattan condo development—and consolidated them into one loan of $23 million, with Trump Park Avenue mortgaged against it.
Over the years, the Trump Organization slowly whittled down the principal. In 2015, Allen Weisselberg, Trump’s now-indicted chief financial officer, told Forbes that it had dropped to $14.3 million. The following year, the New York Times reported that it was down to $12.5 million. In 2019, one of Weisselberg’s underlings told Forbes the number was $9.8 million.
Trump was scheduled to pay back the remaining balance in 2020. But last year, the Trump Organization was facing problems throughout its portfolio. Over the 12 months that ended in August 2020, the Trump International Hotel in Washington, D.C. produced a net operating loss of $8.6 million. Revenues at the president’s four golf resorts plunged by more than 50% in 2020. Both commercial tenants at Trump Park Avenue closed their locations.
The Trump Organization opted to extend the maturity date of the loan to 2021. Doing so came with a minor cost: the interest rate inched up from 3.25% to 3.5%.
But in September 2021, a representative of the bank signed a paper confirming that the loan had been paid in full. That document became a matter of public record earlier this month.
Because the loan was relatively small, Trump’s overall balance sheet won’t be affected much by the payoff. As of September, Trump had an estimated $1.3 billion of debt against $3.8 billion of assets.