Quote:
Originally Posted by Stevecsd2
When I watched the news this morning the attorney general was claiming fraud on loans using one of Trump's properties as collateral. She said Trump claimed the office or living space was 30,000 square feet, but she said it was really 10,000 square feet. This doesn't even pass the smell test. You don't think banks know exactly how many square feet a property is that they are reviewing for a loan. They would either send an appraiser to the property or use existing ones from a neutral third party. If the appraiser or third party appraiser lied, they would be on the hook for civil or criminal actions.
If the rest of her case is like this she's going to lose.
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Gotta agree. There are built in rules of doing business that should have caught that discrepancy. Unless somebody took a bribe or just plain screwed up……no way a building is misrepresented by that much.
Commercial real estate usually gets more than one appraisal on big deals. How this kind of thing could have happen , who knows?
Insurance inspectors should have it caught it too. Every year my building gets 2 insurance inspections. One at renewal and one at the mid point of the 12 month policy period.
