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this post was submitted on 22 Feb 2024
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I barely grasp it too but I believe what you stated is half of the issue. The other half is that he claimed to the irs that the same building was worth significantly less in order to pay less taxes. Ergo he lied to both the bank and the government.
Also I'm not actually sure if he finished paying the bank, even if he had a perfect payment record so far if he decided to stop paying and they had to sell the building they wouldn't necessarily get all of the loan money back because the building isn't worth what they loaned him based on his false claims, assuming I explained it in a way that makes sense.