Ivanka Trump proposed lowering net worth requirement for her father to $2 billion in Deutsche Bank loan, emails show
From CNN's Lauren del Valle, Kara Scannell and Jeremy Herb
Louis Solomon, a lawyer for the New York attorney general, showed emails during questioning of Ivanka Trump where she proposed lowering the required net worth for her father under a loan agreement with Deutsche Bank.
The final agreement for the Deutsche Bank loan required Donald Trump, as the guarantor, to maintain a minimum net worth of $2.5 billion.
One earlier draft of the loan terms proposed by the bank required Trump maintain a $3 billion net worth. Ivanka Trump proposed a change to lower the net worth requirement to $2 billion, in an email Solomon showed in court.
At the time, Trump's net worth on his statement of his financial condition in 2011 was $4.2 billion.
The loan terms are significant because the attorney general alleges that Trump’s falsified financial statements allowed him to obtain better loan rates – an expert witness for the attorney general testified earlier in the trial Trump’s “ill-gotten gains” from the fraud totaled $168 million.
Trump was able to get better terms for the Doral property with Deutsche Bank’s loan secured by Trump’s financial statements because he personally guaranteed the loans with the private wealth management group, which offered the option for a high net worth individual to back the loan.
Trump Org. was offered different terms through Deutsche Bank's commercial real estate arm for the same property.
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