Revealing how the firm behind Trump’s $175 million bond deal came together

Knight Specialty Insurance’s chairman and majority shareholder, Don Hankey, recently spoke with CNN about the deal to underwrite former President Donald Trump’s $175 million bond in New York. Hankey stated that the transaction came together quickly, with Trump providing all cash as collateral.

Knight Specialty Insurance is known for offering subprime auto loans to individuals with weaker credit scores. As a lender based in California, they have been at the forefront of providing financial services to underserved communities.

After supporting Trump’s presidential campaigns in the past, Hankey reached out to the Trump Organization when the former president encountered difficulties putting together a $464 million bond. When the New York appeals court lowered the bond amount to $175 million, Trump’s team approached Knight Specialty once again. Initially planning to use a mix of investment-grade bonds and cash as collateral, Trump ultimately decided to provide all cash.

Hankey confirmed that both he and his family have donated to Trump’s campaigns, with plans to support him in the 2024 election. While he has not heard from the president directly, Eric Trump reached out to thank him for the recent business dealings. This isn’t the first time Hankey and Trump’s businesses have been connected; Axos Bank, another California lender where he is a leading shareholder, loaned Trump $100 million to refinance the mortgage on Trump Tower in 2022, a deal that Hankey was unaware of at the time.

By Aiden Johnson

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