After ending his first trial for being accused of sexual assault, reports claim that Bill Cosby is trying to get approved for a hard money loan for $30 Million on his 12,000 square ft. mansion. Cosby purchased this home back in 1987 for $6.2 million with an addition $1.2 million in renovations.
If approved, Cosby plans on using the money to take care of all his legal bills because banks will not give him his money at the time. Hard money loans have high interest rates and are usually repaid in a short time, more than likely a year. There is even an issue with the loaners because they don’t think Cosby has enough equity and also if they go through foreclosure the house may not sell because of the fact of Cosby previously living there
More than 50 women accused Bill Cosby for sexual assault. Cosby has a retrial in the spring and has hired a new team with Michael Jackson’s defense lawyer Tom Mesereau, ex-federal prosecutor Kathleen Bliss, and Philadelphia’s Samuel W. Silver.