When Trump needs cash, a California bank and one of its top shareholders have come to the rescue

WASHINGTON (AP) — Donald Trump left the White House facing a cash crunch and a tattered reputation after his attempts to overturn the 2020 election, threatening the viability of his business empire. Soon, though, a new source stepped forward to provide a financial lifeline when many longtime lenders refused.

Over the past two years, Axos Bank, as well as its largest individual shareholder, California billionaire Don Hankey, have collectively extended more than $500 million in financing that has benefited Trump, records show. The cash influx has helped Trump to pay off debts and pocket a tidy profit while escaping from a lease on his money-losing former hotel in Washington.

It also covered a $175 million down payment he made this week on an eye-popping civil fraud penalty.

Axos Bank officials as well as Hankey have said that the deals offer them a financial upside.

But as Trump again pursues the White House, ethics and legal experts question what the lenders may ask in return if there’s a future Trump presidency, considering even small regulatory changes can translate into millions of dollars in earnings.

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