Graham and Scott report financial holdings
05/24/2013 12:00 AM
05/23/2013 10:03 PM
South Carolina’s U.S. senators have most of their wealth in real estate and took advantage of low interest rates to refinance mortgages last year, according to their latest personal financial disclosure statements.
The reports, which cover members’ financial dealings over the previous calendar year, were filed in May and released this week. They report holdings in broad ranges.
Republican Sens. Lindsey Graham and Tim Scott reported modest personal finances compared to their colleagues, some of whom are multimillionaires. Senators are paid $174,000 a year.
Graham, of Seneca, had between $33,000 and $146,000 in checking, savings and individual retirement accounts last year. He had about $245,000 in mutual funds and other investments.
The report shows Graham refinanced two mortgages last year. He now has a 30-year loan of between $100,000 and $250,000 on his rental property in Washington D.C., at an interest rate of 3.625 percent. The property is valued between $500,000 and $1 million.
A mortgage of between $50,000 and $100,000 on his primary residence in Seneca was refinanced at 3.74 percent for six years.
Graham also owns an undeveloped lot in Seneca worth between $15,000 and $50,000.
Scott, of Charleston, reported $14,372 in income last year from a retirement annuity with Great Western Retirement Services, but the annuity was closed during the year.
He also sold his partnership interest in Gideon Properties LLC in December for between $50,000 and $100,000. Scott had listed the commercial real estate asset in Charleston as valued between $1 million and $5 million and reported between $5,000 and $15,000 in rental income from the property.
Scott who once ran an insurance company, reported owning between $15,000 and $50,000 in Allstate Insurance stock.
Among his other assets was a partnership interest in Rivertown Investments LLC in Summerville, a residential real estate investment worth between $100,000 and $250,000.
He also collected interest and capital gains of between $10,000 and $30,000 from an installment note with the Dan Martin Carolina Insurance Group. The total value was listed at between $250,000 and $500,000.
Scott reported between $35,000 and $283,000 in checking and savings accounts, life insurance policies and his state retirement.
Under liabilities, Scott refinanced a mortgage on commercial property in Charleston for between $500,000 and $1 million for 12 years at 4.625 percent.
He also reported a mortgage of between $50,000 and $100,000 on property in Goose Creek at 6.375 percent for 15 years, and another on his personal residence in Charleston of between $100,000 and $250,000 at 5.875 percent for 20 years.
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