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“In early 2024, Rechnitz introduced Mayweather to Don Hankey, a billionaire specialty lender based in Los Angeles. Hankey, who rose to prominence in the lending business by providing car loans to buyers with poor credit, is best known for posting a $175 million bond for President Donald Trump.
Over the next year, Mayweather borrowed $54 million from Hankey at a roughly 9% interest rate, to "fund other ventures," his lawyer told Business Insider. He used as collateral 14 residential homes, his Las Vegas strip club, and his jet, according to Hankey and Business Insider's review of public loan documents.
Don Hankey, a billionaire specialty lender based in Los Angeles, worked with Mayweather in 2024 to borrow millions of dollars. Ringo Chiu/ Reuters
In loan documents, and according to Hankey's description of the deal, a portion of the debt was cross-collateralized, meaning it was taken against a collection of Mayweather's assets, rather than as smaller loans tied to individual properties. That structure is inherently more risky since, in the event of a default, borrowers can lose multiple properties at once, rather than one asset at a time, experts say.
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Hankey said that working with Mayweather gave him some insights into the boxer's finances. Mayweather's wealth, Hankey said, for instance, appeared largely anchored in the value of his personal homes. When Hankey searched Mayweather's credit history, "not much showed up," he said.
"I think some people buy stocks, some buy bonds and put their money in a bank, and I think he put his money in houses," Hankey said. "Before he came to us, I don't think he tried to borrow very much."
This is horrible. I feel nauseous after reading that.
Dude basically put his houses and properties up as collateral for loans to invest in some shady real estate deals. Never had any real investments.
Al Haymon had him protected as did Ellerbee. Someone got in his ear (a Jew) and they are fleecing by this dude.
