Trump frequently used "goodwill" claims to back up his loans, promising that his sizable net worth was enough to guarantee repayment for massive credit lines. Yet, the Times' story reveals how Trump's stated net worth landed far higher than what his finances showed.
While applying for the Chicago tower loan, Trump told the bank he was worth more than $3 billion, using the lofty figure to support his claim that he'd easily repay the borrowed sum. A Deutsche Bank study of Trump's finances found he was worth about $788 million, according to The Times. While the incorrect claim would typically disqualify a loan application, Deutsche Bank pushed forward and loaned Trump $640 million for the project.
Later, when the millionaire was looking to secure his first loan through Deutsche Bank's private banking division, Trump grossly overestimated the value of several assets to pad his net worth. Bankers found Trump's financial records claimed the property he bought in Westchester County for $7 million was then worth $291 million. After the bankers' full review, Deutsche Bank lowered Trump's asset values by as much as 70%, The Times reported.
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