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Donald Trump, Facing $590 Million in Debt Payments, Gets $617 Million From Property Deal
On 5/1/21 at 10:02 AM EDT
Former President Donald Trump, who reportedly has $590 million in debts due over the next four years, is set to receive a $617 million cash payout as part of a bond deal made by Vornado Realty Trust, his longtime majority-stake partners.
Trump apparently scored the massive $600-million plus in cash after investors bought up $1.2 billion of bonds tied to the refinancing of a San Francisco office tower, 555 California. Trump has a 30 percent minority stake in the building, which makes up a massive portion, as much as $800 million, of his entire net worth. Because Vornado holds the majority stake, Trump doesn t have any control over the two properties he owns with them, the second being 1290 Avenue of the Americans in New York City. The windfall he stumbled into comes at a great time for Trump, analysts said, because numerous banks and businesses cut ties with him in t
Govt. expands refinancing options for low-income homeowners
The Federal Housing Finance Agency on Wednesday announced a new refinance option for certain low-income borrowers, helping them take advantage of low interest rates and save money each month.
“Last year saw a spike in refinances, but more than 2 million low-income families did not take advantage of the record low mortgage rates by refinancing,” said FHFA Director Mark Calabria. “This new refinance option is designed to help eligible borrowers who have not already refinanced save between $1,200 and $3,000 a year on their mortgage payment.”
To qualify, borrowers must have a Fannie Mae or Freddie Mac backed loan, for a single family home that they reside in. Their income must be at or below 80% of the median income for their area. And their loan needs to be in generally good standing with no missed a payment in the past six months and no more than one missed payment in the past 12 months.
Danaos Corporation Announces Consummation of Debt Refinancing
Danaos Corporation (the Company ) (NYSE: DAC) announced today the consummation of its previously announced $1.25 billion refinancing of a substantial majority of its outstanding senior secured indebtedness. On April 12, 2021, the Company refinanced all of the outstanding indebtedness, which aggregated $1.3 billion as of December 31, 2020, under nine of the Company s senior secured credit facilities, with the proceeds from a $815 million senior secured credit facility with Citibank N.A. and National Westminster Bank plc who have been lenders to the Company for more than 30 years, a $135 million sale leaseback agreement with Oriental Fleet International Company Limited, an affiliate of COSCO Shipping Lease Co., Ltd., with respect to five vessels, and the net proceeds of the Company s February 2021 offering of $300 million of 8.500% Senior Secured Notes due 2028.