Gov. Cuomo’s former right-hand man, who is under federal investigation, got nearly 100 percent financing on his sprawling Westchester home through a shady lender with close ties to the state capitol, The Post has learned.
Joe Percoco and his wife, Lisa Toscano-Percoco, obtained an $800,000 “balloon” mortgage to buy their $815,000 South Salem house in 2012 — and needed a new loan two years later to avoid default, records show.
The unusual, short-term loan was originated by GFI Mortgage Bankers, whose co-founder, Abe Eisner, is a key Cuomo liaison to Brooklyn’s Orthodox Jewish community. He even tagged along during the governor’s 2014 “solidarity” trip to Israel.
Gee, that was nice of the "key Cuomo liaison" to give Cuomo's top aide an $800,000 for an $815,000 house.
It's a shame Percoco couldn't seem to make the payments and really couldn't afford the house.
So what'd he do to fix the problem?
Percoco, 47, faced a deadline to pay off the massive debt around the same time he pocketed up to $125,000 in consulting fees from two firms with business before the state in 2014.
He and his wife failed to pay off the mortgage as required under its stated terms, and instead cut a deal with another lender on Aug. 25, 2014, to consolidate, extend and modify the agreement, records show.
Terms of that agreement include five years of fixed-rate, 3 percent interest payments to GuardHill Financial Corp.
At the time, Percoco had temporarily left his job as the governor’s executive deputy secretary to run his successful re-election campaign.
Official financial-disclosure forms made public on Monday show that Percoco made between $70,000 and $125,000 during 2014 as a consultant for two companies — COR Development and CHA Consulting — which are involved in publicly-funded revitalization projects upstate.
Sounds like Percoco needed to take the "consultant" fees from COR and CHA so that he wouldn't lose the new house that Cuomo's shady ally helped him get.
It's all kinda coming together now on Percoco, isn't it?
Given the near daily drip of sandal-related information on Percoco we're getting, I wouldn't be afraid to bet my own mortgage that Joe gets a new home for a couple of years that requires him to wear orange.