Hannity, who reportedly made $36 million between June 2016 along with 2017, bought his Oyster Bay house using a limited liability corporation he controls, SPMK IV. Records show the house sold for $8.5 million in 2008, apparently without a mortgage, to SPMK IV.
In March 2017, records show, Hannity took out a $1.5 million adjustable rate mortgage via Quicken Loans. On the same day, records show, Hannity took out a $1 million variable-rate revolving credit line on the house, also through Quicken.
Also of which day, according to records, ownership of the house was transferred via SPMK IV to Hannity, as a named individual along with “a married man,” in a maneuver known as a “quit-claim,” for $1.
The quit-claim is actually noteworthy because the item appears to be one of the few transactions, if any, in recent years in which Hannity is actually identified by name as the actual owner of a property.
Hannity, when contacted by CNBC through a Fox News spokeswoman last Tuesday, refused to answer when asked why he took out the loan.
CNBC, in its query, noted of which Hannity had a very high salary along with of which land records showed of which the property previously had never been used to obtain a loan.
Through the Fox News spokeswoman, Hannity replied last Tuesday: “The intrusion into one’s life has crossed the line along with This particular story is actually beyond the pale. These loans had nothing to do with advice or discussions with attorney Michael Cohen, nor were they used to pay Cohen or any third party, as my statement said yesterday.”
the item is actually not uncommon for individuals, even those using a high personal net worth along with easy access to cash, to take out loans on real estate along with different assets.
Often, the money via those loans is actually used to make investments with an eye toward earning a rate of return of which exceeds the cost of interest on the debt.