What steps he must take to become a secured lender bob

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Reference no: EM133450892

Case Study: Your friend, Albert comes to you and tells you that his friend, Bob, wants to borrow $250,000 from him to start a restaurant business on the corner of Belmont and Kimball in Chicago. Bob wants to give him equity in the business, but Albert says he want to be a secured lender only. Bob needs the money to buy equipment to run the business, and to sign a lease for the space.

Albert tells you that Bob has: (i) a rare collection of Grateful Dead memorabilia (i.e. Guitars, gold records); (ii) a house in Lincoln Park that is worth $500,000; (iii) a bank account with $50,000; and (iv) 200 physical stock certificates from "Google"?

Question: Explain to you friend Albert what steps he must take to become a secured lender to Bob?

Reference no: EM133450892

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