Bill Cosby Seeks $30M Loan Against Upper East Side Home, Report Says

UPPER EAST SIDE, NY — Comedian Bill Cosby is attempting to take out a multi-million dollar loan against an Upper East Side property in preparation for a second trial for allegations of sexual assault, the New York Post first reported.

Cosby is reportedly seeking a $30 million hard money loan against his 12,000-square-foot townhouse home, an anonymous source told the Post's Page Six column. Cosby is seeking the load in order to pay mounting legal expenses, Page Six reported.

Apparently the home hasn't proved attracted collateral to money lenders, according to the report.

"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,"

Cosby recently hired the defense lawyer who successfully defended Michael Jackson. Cosby's spokesperson Andrew Wyatt said on Monday that lawyer Thomas Mesereau, who defended Jackson during a 2005 child molestation trial, will lead his new defense team.

In June, a hung jury led to a mistrial in an initial sexual assault case against Cosby. Cosby was charged with three counts of aggravated indecent assault and has been accused of a long list of other accusations from women who said they were victimized by the comedian and entertainer.

Read the New York Post's full article here.

Photo by Matt Rourke/Associated Press