Trump Mortgage Expands License Stable

NEW YORK CITY-Trump Mortgage, LLC has acquired additional state mortgage licenses, bringing its total to cover more than 25 states. The firm is a specialized mortgage company that facilitates provision of capital, credit and advisory services to a diverse audience of potential homeowners and commercial real estate concerns.

Founded by developer Donald Trump, the company is headed by E.J. Ridings. The company is headquartered in New York City and expanding rapidly enough to open satellite offices on a national basis.

"It started out that we were going to be more residential, but, dollar volume-wise, we are heavier commercially right now. Eventually we would like to see the two sides overlap," Ridings tells GlobeSt.com. He adds that in units, the company is about two-thirds residential and one-third commercial, but dollar-wise it's about 75% commercial.

On the table right now Ridings says is about "$4-1/2 to $10 billion in potential equity placement, mostly with an enormous international equity firm." He calls the firm "high quality" and expects that the deal in all probability, or at least most of it, will go through. The company also has about "$2 billion" in smaller deals," says Ridings.

Also of note, Ridings tells GlobeSt.com that Trump Mortgage has eyed a number of federally chartered banks and would be interested in acquiring one. This, he says, will eliminate the need to garner licenses in each state it wants to operate in. "And we will have one audit a year, not 50—one in every state. Not that we have anything to hide [audit wise], we do everything to a T, it's just easier."Ridings says management "literally put the key in the in April 2005" and walked into a bare office. Since then it's put a foundation in place to write mortgages and tend to expansion plans. "We're just looking to be a safe place for people to come and find a mortgage," says Ridings.