Trump obtained loan on $18.5million West Palm Beach mansion last year

According to the financial disclosures made public on Thursday by the Office of Government Ethics, The U.S President Donald Trump took out a new 30-year mortgage on a sprawling oceanfront house steps from his own Mar-a-Lago estate in Florida, and it is sitting empty on the rental market.

The $18.5 million West Palm Beach mansion was bought in May 2018 from one of Trump’s older sisters. It was then secured with an $11.2 million mortgage that has a 4.5% interest rate.

Trump disclosed the loan as a liability in financial disclosure forms filed this week.

Beginning in 2023, the interest rate can be increased, but is capped at a 2-percentage-point increase a year, according to mortgage documents filed with the county.

Unlike all other modern presidents, Trump has refused to release his tax returns, which would offer a clearer picture of how much money he is bringing in.

Democrats in Congress are working to try to obtain a copy of Trump’s income tax returns, but so far the administration has resisted demands.