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Bill Cosby is trying to take out $30M loan to pay legal fees: report

As his legal fees mount, Bill Cosby is taking out a $30 million loan against his New York City home to pay for his mounting legal bills as he faces a retrial for sexual assault, according to a new report.

According to the New York Post's Page Six, the disgraced comedian is struggling financially, largely because of the lawyer fees from his first trial. The 80-year-old is now trying to take the $30 million hard money loan on his 12,000 square foot mansion so that he can pay for new legal representation.

"Cosby is looking for a 30 million hard money loan against the house. Which means Cosby must be desperate because the banks won't give him money. Hard money loans have high interest rates and are usually repaid in a short time, such as a year," a source told the newspaper. 

In 1987, Bill purchased a townhouse in New York's Upper East Side for $6.2 million. He spent over $1 million renovating the home.

"The lenders aren't keen to give Cosby the money because they don't think he has enough equity.

Also, the lenders believe if they foreclose on the house, that they may not sell it," the source told Page Six. "Provenance and the history of a house is very important, and buyers would certainly be put off by the thought of what could have taken place in the house over the years, and that they'll be sleeping in Cosby's bedroom."

Bill is accused of sexual assaulting more than 50 women. His first trial ended in June with a hung jury. He now faces a retrial in spring 2018.

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