Stormy Daniels is cooperating with federal investigators, according to a source familiar with the investigation. The size of that business loan is not publicly known.
At a hearing in the U.S. District Court in Manhattan, Joanna Hendon, a lawyer for Trump, said the president had "acute" and "weighty" interests at stake.
"It resulted in the unnecessary seizure of protected attorney-client communications between a lawyer and his clients", Ryan said.
"His attorney-client privilege is no greater than any other person who seeks legal advice", he said.
"We have every reason to believe that some of the documents seized relate to my client", he said.
Trump's Deputy Attorney General, Rod Rosenstein, reportedly signed off on the warrant.
Monday's raids of attorney Michael Cohen's home and office followed a referral by U.S. Special Counsel Robert Mueller, who for almost a year has been looking into whether the Trump campaign colluded with Moscow.
But Mueller did have a hand in instigating the raids.
According to the Post, which cited an unnamed source, the Federal Bureau of Investigation raid on Cohen's office was not only in search of information on what part he played in payoffs to two women who claimed they had affairs with the president - but also for his dealings with New York-based Sterling National Bank on his taxi medallions.
Federal Bureau of Investigation special agents, working under the authority of the USA attorney in Manhattan, seized records relating to Karen McDougal, the former Playmate who said she had a 10-month affair with Trump, and Stephanie Clifford, the porn star known as Stormy Daniels, who said she had sex with Trump just once, according to the person.
In addition to seizing documents related to two women who claim they had affairs with the president, investigators also sought material related to the "Access Hollywood" tape in which Mr. Trump was heard making vulgar comments about women.More news: Rescuers searching for missing Indian family find body
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Among other items seized from Cohen were tax records, business documents, and electronic devices, according to the Times, who cited a person briefed on the search.
It's easy to see why Trump would value Cohen's fixer work (though he probably wishes Cohen had done a tighter job on the Daniels situation), but less clear why he'd need his legal advice.
Those who say the media shouldn't cover the tabloid saga of Stormy-who just sold an interview and nude photo shoot to Penthouse-say most Americans don't care if she and Trump had one sexual encounter in 2006. Some senators fear doing so could lead to a constitutional crisis.
The president on Wednesday continued his attacks on the Justice Department, tweeting that "much of the bad blood with Russian Federation is caused by the fake & corrupt Russian Federation investigation".
Cohen "would be as damaging a witness against Donald Trump as any witness Mueller could secure".
"This is about getting Donald Trump at all costs even if it means stretching the boundaries of exceptions to attorney-client privilege", said former Trump campaign adviser Michael Caputo.
"I'm not anxious", Cohen said.
But he doubts Cohen can be compelled to betray his own client to "save his own skin".
The president had been telling confidants for weeks that he was not eager to make the three-day trip, which had already been shortened from original plans, according to two people who have discussed it with him in recent weeks but were not authorized to disclose the private conversations.
Prosecutors blacked out sections of their legal memo in which they described what laws they believe Cohen has broken, but the document provided new clues about an investigation the USA attorney's office in Manhattan had previously declined to confirm existed.