Harvey Weinstein got a $4 million mortgage on his $15 million Manhattan townhouse from a company which specializes in crisis loans backed by property.
DailyMail.com can reveal that the disgraced film producer got the mortgage from Titan Capital in April, four months before he was accused of sexually harassing or abusing dozens of women.
Weinstein appears to have have cashed out on the home – although it is unclear why he did so at the time. If he still has the cash, he will desperately need a legal war chest to deal with the number of women who could sue him.
The cash came as he conducted what seems to be a firesale of his property assets – and take his total mortgage borrowings to at least $15.5 million.
If he was paying the current average 30-year mortgage rate of 3.92 per cent, that would mean repayments of $71,000 a month – but his the $4 million loan is likely to be far higher than the average.
Financial troubles: Weinstein has total mortgages of at least $15.5 million, including $4 million from a crisis loan company on his West Village townhouse (top left); sold a Westport, Connecticut, home for $600,000 under the asking price two days before the New York Times story which ruined him was published; slashed the price on his Hamptons estate by $1 million; but still has the Westport, CT, beachfront home where he hosted a $2 million fundraiser for President Obama
Vacation like Harvey: This is the Hamptons estate Weinstein appears desperate to offload. It has a $5 million mortgage and he has cut the price from $13.5 million to $12.4 million
Prime: The Amaganasett property Weinstein has slashed the price on has views of the Atlantic and a pool. It is next door to one the Clintons have used
Recent deal: This is the four-bed, three-bath house in Westport which Weinstein sold just two days before the New York Times revealed the first of the allegations against him. The property is believed to have been used by his mother
Firesale: Harvey purchased the home in 1995 for $825,000, but sold it for a whopping $1.65 million earlier this month. The house had been on the market since April
The four-bedroom, three-bathroom, 3,000 square-foot property was believed to be home to his mother until her death last year
A sun-filled living room leads into a chef’s kitchen with an adjacent family room, while the master suite features a large sitting room and bath
Harvey’s mother Miriam Weinstein, pictured with the mogul and his wife Georgina Chapman in 2012, died in 2016. After the New York Times released its expose on the film producer, Weinstein told the paper he organized a $5million foundation at USC to give scholarships to female directors in honor of his mother
Weinstein also offloaded a Connecticut home for $1.65 million two days before the first New York Times report came out alleging decades of sexual misconduct.
And he slashed nearly $1 million off the price of his $12.4 million beachfront estate in the Hamptons to try to get rid of it.
His firing from film production company The Weinstein Co, meaning he could be personally liable for payments to women who alleged that he attacked them.
He could also face an expensive divorce bill from his wife Georgina Chapman, 41; the split from his first wife Eve Chilton cost him $23 million in 2004.
A review of property records by DailyMail.com reveals that Weinstein has around $15.5 million in mortgages still outstanding across all of his properties.
On April 21 this year Weinstein obtained the $4 million mortgage on his five-story Bank St townhouse in Manhattan.
The financing was from Titan Capital which calls themselves New York’s ‘premier direct private bridge lender’ – a bridge loan is a short term loan for people who need immediate cash.
It is not entirely clear that Weinstein was taking cash out of the property.
Titan’s website features examples of wealthy clients who have remortgaged in order to take out millions of dollars for their homes.
Weinstein had last obtained a mortgage for the property worth $6.5 million in 2014 from City National Bank, which is known as the ‘Bank to the Stars’ because it caters to many celebrities.
By turning to Titan rather than a more conventional lender it suggests that Weinstein was in more urgent need of the cash than before.
On its website Titan says that it has managed over $3.5 billion in mortgage backed securities and ‘delinquent tax lien portfolios’.
Among the loan types offered by Titan is one called ‘Owner Occupied’. The description says: ‘Loan which allows the borrower to meet any current obligations or to finance an expenditure for his or her company or personal life.
‘The loan is secured by equity in real estate in which the borrower currently operates its business’.
Weinstein’s most striking sale was on October 2 this year, two days before the New York Times published its first expose of his sexual harassment of women that began his downfall.
The four-bedroom, three-bedroom property in Westport went for $1.65 million after being on the market since April – initially at a price of $2.25 million.
Weinstein appears desperate to sell is his luxurious seven bedroom mansion overlooking a bay in Amagansett on Long Island, New York
Located on an estate measuring just under two acres on Gardiner’s Bay, the light-filled home has porch with sprawling views of the Atlantic
Picturesque: The screened porch has floor-to-ceiling windows that lookout to the harbor
The idyllic summer home, which is listed on Sotheby, features a huge patio which over looks the ocean. Weinstein’s personal mortgage borrowings are now at least $15.5 million
Weinstein bought the property in 1995 and paid $825,000 for the 1953 home. it is understood to have been used by his mother until her death last year.
Weinstein still owns a beachfront property in Westport worth an estimated $15.6 million.
In 2012 he held a fundraiser for President Barack Obama, raising $2 million and was attended by Anne Hathaway, Jim Naughton, Joanne Woodward, Aaron Sorkin, and Anna Wintour
The other property that Weinstein appears desperate to sell is his luxurious seven bedroom mansion overlooking a bay in Amagansett on Long Island, New York.
According to Suffolk County property records when he bought it in 2014 for $11.4 million he got a $5 million mortgage and extension and modification loan so he could make improvements.
Again it was from City National Bank which shows how unusual it was he went to Titan for money for the townhouse.
Hamptons life: Harvey was pictured alongside April Gornik and his supporter Donna Karan in her private residence in East Hamptons in August during a special screening of The Weinstein Company’s Tulip Fever
Now that he wants to sell the place Weinstein has cut the price from $13.5 million to $12.4 million meaning he will make a modest profit of around $1 million.
Weinstein has also swapped on high-powered real estate agent at Corcoran for another at rival company Sotheby’s in a bid to shift it.
An article in Variety said that Weinstein and his wife ‘have a serious bee in their real estate bonnet’ about selling the 1.9 acre site that has gates leading to a wooded lane.
Weinstein also owns a 1927 cottage in the Beverly Grove area of West Hollywood that he bought in 2015 for $1.5 million, where his daughter Lily lives, and where he was seen on Wednesday.
Reports have suggested that Weinstein is worth as much as $150 million but his finances are opaque and his movie companies The Weinstein Co and Miramax have a history of financial troubles.
During the 1990s Miramax was the world’s most successful independent film studio off the back of hits like ‘Sex, Lies and Videotape’.
It was bought by Disney for $60 million in 1993 and Weinstein founded The Weinstein Co with his brother Bob.
But in 2009 The Weinstein Co had to undergo a brutal restructuring to avoid going bankrupt which included selling 200 films from their catalog.
Adding to the misery for the Weinsteins was that Disney sold Miramax to a group of investors for $600 million after the brothers’ attempts to get back control failed.
According to the Weinstein Co website the Weinstein brothers have won 341 Oscar nominations and won 81 Academy Awards during their careers.
According to Suffolk County property records when he bought it in 2014 for $11.4 million he got a $5 million mortgage and extension and modification loan so he could make improvements
Luxury: The massive property boasts 9,000 square feet, seven bedrooms, seven full bathrooms, and three half bathrooms
A vaulted master suite features its own private balcony, while there are also four additional family bedrooms and a self-contained two-bedroom guest/staff wing with its own entrance and three-car garage
Everything must go: Weinstein is reportedly selling the house because he and wife Georgina do not use it often. Pictured is the giant foyer
Life of luxury: The home has four en suite guest and family rooms as well as giant masterbedroom with a fire place
The film mogul even has a theater-style screening room with a 20-foot-wide screen that can display 3D movies
But in recent years The Weinstein Co. has struggled to make many hits and it has been usurped by Netflix and other streaming services as the champion of independent film producers.
This year The Weinstein Co has released just six films and took in $122.6 million at the US box office; 20th Century Fox by comparison has already raked in more than $1 billion from its top 15 films.
Its last big year was 2013 when it grossed $463 million domestically, led by the $116 million from Lee Daniels’ The Butler.
Last year the company tried to sell a stake in its television unit, the maker of Project Runway, valuing it at $650 million, after an attempt to sell it in full to British broadcaster ITV failed.
In light of the recent allegations film financier AI International Holdings sent letters to The Weinstein Co to pay back a $45 million loan it gave them last year.
Opening the floodgates: Harvey was seen leaving his West Village townhouse on Bank St, days after he was accused of sexually harassing multiple women. Weinstein’s Wife, Georgina Chapman was also seen for the first time while leaving their family home in New York amidst her husband’s sexual allegations
In a letter AI said that the dismissal of Weinstein from being co-chairman was a ‘material adverse change’ that allowed them to call back the loan.
AI’s money was used to fund films like The Butler and Hacksaw Ridge.
According to the New York Times the Weinstein Co. has a $500 million credit line to finance movies from a consortium of 12 banks led by Union Bank.
However the agreement only runs until next year and could well be renegotiated in light of recent developments.
An additional blow surfaced this week as it emerged that the company’s next release, The Current War, could have its November release postponed in the wake of the scandal.
Weinstein cannot turn to the UK office of The Weinstein Co. to rescue him either.
According to documents in Companies House, the company’s turnover in 2010 was £454,219 ($598,000) with expenses of £424,503 ($558,964), leaving a profit of just £29,716 ($39,036)
The latest financial documents are financial statements for the end of 2016 that show net assets of £551,305 ($725,930)
Nobody for Weinstein or Titan was available for comment.