Billionaire Donald J. Trump, real estate and casinos investor initiates new career for himself. New company Trump Mortgage will offer various commercial mortgages. Trump Mortgage firm, based in Manhattan, plans to complete three billion dollars in loans this year and has a goal of issuing 100 billion dollars in loans annually in the next five to ten years.
The firm will offer loans ranging from 30000 dollars home equity lines of credit to 300 million dollars commercial mortgages. According to the U.S. Commerce Department sales of new houses fell 10.5 percent in February, the largest drop since 1997. The average rate on a 30-year mortgage is about 6.35 percent, close to a 2 1/2-year high, according to mortgage buyer Freddie Mac. Despite these dry facts, the representative of Trump Mortgage believes that this industry will eventually prove itself.
Trump Mortgage initially will serve as a negotiator for mortgages. The company is working with sixty to seventy banks. Trump Mortgage plans to function as its own supporter for residential loans. The transition will take about six months. According to Forbes magazine, Trump has a net worth of 2.6 billion dollars, however, Trump Mortgage is the billionaire's first excursion into the consumer-loan business.
