Aaron Schock got a $600,000 mortgage on property he just paid $300,000 to buy

And both the seller of the property and the bank that gave him the mortgage were DONORS:

Illinois state and county property records show that a Shell company linked to Congressman Aaron Schock paid one political donor $300,000 last year for a commercial property in Peoria.

Then, the congressman took out a $600,000 mortgage for the property from a local bank run by other donors.

The newly disclosed arrangement follows similar real estate deals that have recently come to light. Thanks in part to a recent Associated Press investigation into Schock’s business transactions involving political contributors over the past decade.

Quick: A show of hands. How many regular readers — not Congressmen — do you know who got a mortgage for twice what you paid for the property? Anybody? And don’t say “yes” unless you are ready to show me the documents.

Tell you what. Walk into Heritage Bank and loudly demand one of those Aaron Schock mortgages. And report back to me what happens.

One thought on “Aaron Schock got a $600,000 mortgage on property he just paid $300,000 to buy

  1. No commercial loan officer would write a loan for an amount more than a property is worth. That is the absolute upper limit. For a property with no revenue stream, they would certainly not write a loan for twice the amount of a property’s worth.

    I wish I could get a deal like that. But then again, I wouldn’t spent 75K for a car.

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