With a private party loan, unassociated to any financial institution, what can be considered collateral? It is any mutually agreed valued item?
If anyone with financial knowledge knows of common collateral that is not real estate or a vehicle and the security in taking such as collateral, I'd greatly appreciate it.
I'm in the process of considering giving a loan to someone and they're offering hard collateral that's valued about 1.5x the loan amount but is multiple high value items.
Greatly appreciate it.