Bill Cosby is allegedly trying to take out a $30million loan against his townhouse on Manhattan’s Upper East Side
Bill Cosby is allegedly trying to take out a $30million loan in order to help pay legal fees related to allegations of sexual assault that have been brought against him.
Specifically, the former comedian, 80, is looking to take out a hard money loan against his townhouse on Manhattan’s Upper East Side, according to a source who spoke to Page Six.
A hard money loan is typically taken out through a private company and has a higher interest rate than standard loans; therefore, it poses a higher risk. It is meant to be repaid in a short time.
An anonymous source told the gossip site: ‘Cosby must be desperate because the banks won’t give him money.’
The source added: ‘Lenders aren’t keen to give Cosby the money because they don’t think he has enough equity.’
A representative for Cosby contacted Page Six about the allegation and neither confirmed nor denied it.
Cosby, a source told Page Six, is trying to take out a hard money loan, or one that has a high interest rate and is generally paid back quickly, in order to help pay his legal fees. Pictured is the home, which Cosby purchased in 1987 for $6.2million
Cosby purchased the 12,000-square-foot home in 1987 for $6.2million and reportedly sank $1.2million more into it for renovations.
Cosby’s trial for aggravated indecent assault failed to reach a verdict in a Pennsylvania court back in June.
After 53 hours of deliberations the jury returned unable to reconcile the two very different scenarios placed before them by the prosecution and Cosby’s defense.
He is due to be retried this spring.
The date for the new trial has not been scheduled. Originally, his retrial had been scheduled for this November.
His trial specifically pertains to his alleged assault of Andrea Costand.
More than 60 women have accused Cosby of sexual assault.
Pictured is an old photo of Cosby leaving the 12,000-square-foot home with his wife, Camille