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You walk into the mortgage broker’s office hoping to cadge a cheap loan and who stands up to shake your hand? Donald Trump!
Well, it might not work out quite that way. But it’s true that Donald Trump is starting to go public about a new mortgage brokerage he’s starting up, the Wall Street-headquartered Trump Mortgage LLC.
Characteristically, the website is chock-full of quotations from The Donald, such as this one from the home page:
“From my standpoint, it’s tangible; it’s solid; it’s beautiful; it’s artistic. I just love real estate.”
According to the website, Trump Mortgage will broker residential and commercial mortgages and home-equity loans. But according to a recent article in Commercial Property News, it seems that a lot of the initial energy is going into complex property-development projects, including a big resort development in Vietnam.
Trump knows a lot about mortgages, not to mention the difficulties of paying them off.
Thanks to my plugged-in colleague in Atlanta, Brian Grow, for pointing out Trump’s latest venture.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.