Tony Blair takes out a 4.2 million loan !

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Tony Blair takes out a 4.2 million loan !
« on: September 18, 2012, 09:00:11 PM »

Feeling the pinch, Tony? Blair takes out ?4.2million loan against his central London des res from U.S. bank he advises
?Former PM receives seven-figure mortgage from JP Morgan, who pay him ?2.5million a year for advice
?Source speculates that Mr Blair has secured the finance to purchase 'a place in the sun'
?Mr Blair's office denies that he received 'preferential terms' from the bank because of his work with them

 By Colin Fernandez
PUBLISHED:12:51 EST, 16 September 2012| UPDATED:04:11 EST, 17 September 2012

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Lines of credit: Tony Blair has taken out a ?4.2million loan from JP Morgan against his central London home
Tony Blair has taken a ?4.2million loan secured against his family home from the US bank he advises, it emerged yesterday.
The former Prime Minister received the seven-figure mortgage from JP Morgan, which pays him ?2.5million a year for his advice.
It was unclear last night why Mr Blair needs a capital injection of ?4.2million, with his office declaring it a ?private matter?.
In the past he has taken out mortgages on his properties to help fund further investments, and sources suggest he may be looking for an overseas home to add to his portfolio.
One said yesterday: ?It would not surprise me if Blair was hunting for a place in the sun, somewhere like the Caribbean or Tuscany.
?He doesn?t ski, so you can rule out a chalet.? Mr Blair?s ?17million property portfolio already includes homes in central London, in the country and properties for each of his three elder children.
The latest mortgage is secured against the family home in Connaught Square, central London ? purchased in 2004 for ?3.65million.
Mr Blair later extended it by buying the mews house behind and the property is now worth an estimated ?7.5million

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