The billionaire backing former President Donald Trump's $175 million bond payment has revealed the steps it took to get a deal done, revealing that Trump posted all the cash as collateral, and that the bond in New York was organized quickly.
"It's what we do. I'm happy to do it. We would have done it for anybody else," Chairman and majority holder of Knight Specialty Insurance, Don Hankey told CNN in a phone interview.
"It was an easy transaction. It was put together very quickly."
Knight Specialty Insurance, based in California, is known for providing high-risk auto loans to car buyers with lower credit scores.
Hankey has previously supported Trump's presidential campaigns and stated he reached out to the Trump Organization last month when the former president was facing a bond total of $464 million.
According to Forbes, Hankey's fortune is valued at $7.4 billion.
"We had a conversation about putting together a bond of that size," Hankey told CNN.
A New York appeals court eventually brought the amount of the bond down to $175 million. That's when the Trump team contacted Knight Specialty, Hankey continued.
Initially, Trump was to post a series of investment-grade bonds and cash as collateral (80% bonds and 20% cash). Despite Knight Speciality receiving the bonds and approving them, Hankey revealed they were not posted in the end.
While Hankey has not heard directly from the former president, he revealed that Eric Trump did reach out Tuesday morning to thank him for the business.
This is not the first Hankey and Trump find themselves in business with one another.
In 2022, California lender, Axos Bank loaned Trump $100 to refinance the mortgage on Trump Tower.
Although Hankey is a prominent shareholder in Axos, he said he was not aware of the Trump Tower loan at the time.
