A recent investigation into President Joe Biden and First Lady Jill Biden’s financial history has revealed an extensive pattern of property refinancing and borrowing spanning decades, and it has raised serious questions about the first family’s financial practices — and could shakeup the 2024 presidential election.
This revelation comes amid growing scrutiny of the Biden family’s extensive history of influence peddling and potential conflicts of interest.
According to records obtained by The Daily Mail, the Bidens have refinanced or taken out new mortgages on their Delaware properties approximately every 17 months since the late 1970s, totaling an astonishing 35 instances.
Over the years, they have borrowed an estimated $6 million against these properties, treating them as The New York Post described as a “personal ATM.”
The couple’s current Wilmington mansion, purchased in 1996 for $350,000, has been leveraged with 20 different credit extensions and mortgages totaling $4.23 million — almost exclusively with banks based in Delaware.
Despite nearly three decades of ownership, the Biden mansion still carries an outstanding mortgage of $541,000.
The frequent refinancing of this property is stunning.
The Daily Mail reported:
- 21 Jul 1997 – Beneficial National Bank – $400,000 [PAID – 20 Nov 1997, construction mortgage]
- 20 Oct 1997 – Beneficial National Bank – $499,900 [PAID – 26 Feb 1998, construction mortgage]
- 24 Nov 1997 – Beneficial National Bank – $134,070.27 [PAID – 8 Jul 1999]
- 27 Feb 1998 – Chase Manhattan Mortgage Corp – $550,000 [PAID – 25 Aug 2003]
- 6 May 1998 – Beneficial National Bank – $94,450.04 [PAID – 11 Oct 2002]
- 16 Jul 1999 – Commerce Bank – $35,000 [PAID – 6 Nov 2000, line of credit]
- 18 Sep 2000 – Commerce Bank – $80,000 [PAID – 31 Jan 2003, line of credit]
- 18 Oct 2002 – Commerce Bank – $143,600 [PAID – 18 Sep 2003]
- 11 Jan 2003 – Commerce Bank – $20,000 [PAID – 17 Oct 2003, line of credit, then extended to $30,000 on 7 Jun 2003]
- 5 Aug 2003 – Wilmington Savings Fund Society – $649,000 [PAID 3 Apr 2013, balloon rider attached, mortgage modified on 20 Jul 2010 to $564,442.91]
- 5 Aug 2003 – Wilmington Savings Fund Society – $99,000 [PAID – 31 Mar 2005, line of credit]
- 11 Feb 2005 – Wilmington Savings Fund Society – $149,000 [PAID – 3 Apr 2013, line of credit]
- 3 Mar 2010 – Wilmington Savings Fund Society – $10,000 [PAID – 11 Jul 2011, line of credit]
- 10 Jun 2011 – Wilmington Savings Fund Society – $45,000 [PAID – 6 Feb 2012, line of credit]
- 4 Jan 2012 – Wilmington Savings Fund Society – $95,000 [PAID – 17 Aug 2012, line of credit]
- 16 Jul 2012 – Wilmington Savings Fund Society – $115,000 [PAID – 3 Apr 2013, line of credit]
- 28 Jan 2013 – TD Bank – $541,150
OUTSTANDING
- 28 Jan 2013 – TD Bank – $260,000 [PAID 18 Mar 2014, line of credit]
- 19 Feb 2014 – TD Bank – $300,000 [PAID 11 Dec 2018, line of credit]
TOTAL: $4,230,170.31 19 mortgages/lines of credit and one credit extension
That’s just the beginning.
The Biden’s previous Wilmington home, bought in 1975 for $185,000 and sold in 1996 for $1.2 million, had 15 mortgages and lines of credit attached to it.
The sale of this property to the then-vice chairman of MBNA Bank has drawn particular attention. Notably, critics of Biden note that MBNA had hired Hunter Biden that same year — and the executive that bought the Biden property was a longtime political supporter of the family.
For their first property, records show the Bidens took out 13 different home loans and two credit agreements from June 1978 to May 1994, totaling $1.72 million. They used various banks, including Artisans’ Bank and Delaware Trust Company, and even borrowed $50,000 from an individual, George D. Herrmann Jr., in December 1986.
Financial experts have questioned the need for such frequent refinancing, given the Bidens’ reported net worth of $10 million and their 2023 joint income of $620,000.
Real estate expert Tony Mariotti commented, “I don’t understand why anyone would view their home as an ATM. Constantly pulling money out of your home.”
“I understand to some that equity can feel like dead money that’s sitting there doing nothing, but over time, mortgage fees really add up,” Mariotti told The Daily Mail. “I’ve always preferred the view that paying off a mortgage over time is a forced savings account that bears modest interest.”
The Bidens’ financial records show assets between $1-2.6 million and liabilities between $350,000-$850,000. Despite their substantial income and assets, they continue to carry significant refinancing debt at Delaware banks for their Wilmington property. Additional debt includes a term loan of about $15,000 and a loan against a mutual fund for about $50,000.
Meanwhile, it’s worth noting that the Bidens’ Rehoboth Beach property, purchased in 2017 for $2,744,001, was a cash buy with no mortgages attached, contrasting sharply with their pattern of borrowing on other properties.
The couple’s income sources have also raised eyebrows.
In 2023, they earned four-fifths of their income from their jobs as president and teacher, respectively. Additional money came from interest on investments, pensions, and a pass-through entity that collects book royalties.
However, financial forms indicate that the president has had no royalties from his two books, “Promises to Keep” and “Promise Me, Dad,” this year.
Critics have frequently questioned the Biden family’s income and financial integrity. This pattern of borrowing and timely family financial windfalls from political allies, which has continued through Biden’s long political career, only adds to the serious questions about the Biden financial integrity over the years.
The frequent refinancing for individuals of the Bidens’ reported net worth and income — almost exclusively at banks based in Delaware — is suspicious to say the least.
The White House has not yet commented on these findings, and the full implications of these financial decisions remain unclear.
But with the 2024 election approaching, will the Biden’s explain their suspicious refinancing patterns and their long history of finances connected to Biden’s positions of power?
Don’t hold your breath.