I have worked in banking for 30 plus years. If a Borrower says they are worth a billion dollars, no one cares. First, President Trump probably doesn't personally guarantee any of his borrowings on his real estate projects. What that means is the project has to stand on its own. The bank will look at the cash flows from the project, and a real estate appraisal to determine how much they can lend on project/building. If he says it is worth a hundred million, but it only supports fifty million in debt. He can only borrow fifty million. How much he is worth is not relevant. If he does guarantee the debt, the only thing the banks care about is his personal liquidity, and they will get statements from his accounts to verify this liquidity. A person's personal net worth is put together based upon estimates, not facts. Even if it is done by an accounting firm, they are only estimates. Did the president default on debt payments? Who was hurt? Did the State of New York lose any money? Who has standing to say they lost money because he inflated his net worth? This is clown world! The only thing inflated is Letitia James ego. It certainly isn't her intelligence, because she has none.
I have worked in banking for 30 plus years. If a Borrower says they are worth a billion dollars, no one cares. First, President Trump probably doesn't personally guarantee any of his borrowings on his real estate projects. What that means is the project has to stand on its own. The bank will look at the cash flows from the project, and a real estate appraisal to determine how much they can lend on project/building. If he says it is worth a hundred million, but it only supports fifty million in debt. He can only borrow fifty million. How much he is worth is not relevant. If he does guarantee the debt, the only thing the banks care about is his personal liquidity, and they will get statements from his accounts to verify this liquidity. A person's personal net worth is put together based upon estimates, not facts. Even if it is done by an accounting firm, they are only estimates. Did the president default on debt payments? Who was hurt? Did the State of New York lose any money? Who has standing to say they lost money because he inflated his net worth? This is clown world! The only thing inflated is Letitia James ego. It certainly isn't her intelligence, because she has none.
Great explanation!