Here’s an example of how desperate banks are to loan money — and perhaps how desperate Phil Falcone is to take everyone up on their offers.
Citi recently gave Phil Falcone a $22.5 million loan at an interest rate of 2.357%.
Add that loan to the $113 loan Falcone took from his public company, and the five-year loan he and his wife took from Bank of America on some of their art, and it makes you wonder just what exactly are the renovations he’s making to the Guccione mansion, because that’s the reason being given every time someone questions his loans.
Could they possibly be more awesome than already planned? We can only hope.
A spokesman for Falcone, responding to the insinuation that the many loans the billionaire has taken recently imply that Falcone is strapped for cash said:
“This is a normal ordinary course mortgage financing on Mr. Falcone’s home that was completed seven months ago and has no relevance to Harbinger Capital Partners’ business or its investors.”
Apparently he’s already paid half of it back.
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