Bill Cosby Seeking $30 Million Loan Against Home To Pay Legal Bills
Bill Cosby is seeking to take out a $30 million loan against his home, to help pay for his legal bills, according to reports. The 80-year-old comedian is said to be taking out a loan on his Upper East Side townhouse. The funds will reportedly help pay for legal bills associated with the retrial for sexual assault.
He purchased the six-story townhouse in 1987 for $6.2 million and reportedly spent another $1.2 million renovating it. A source says,
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. But 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. 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.
As previously reported, more than 50 women have accused Cosby of sexual assault. He is due to be retried in a sexual assault case this spring; the original trial did not reach a verdict this past June.