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.
"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.
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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