Literal question
Referring only to this most recent loan or line of credit, what type of collateral was required?
- Personal assets of owner (house, etc.)
Interviewer instructions
Collateral refers to property of the business or personal property of the manager or owners that is used to secure the loan in the event that the establishment defaults on its payment obligations. Collateral only refers to real property or financial assets, not to personal guarantees by third parties.
