Financing -- Loans/Equipment Loan

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Question
I live in California.
A friend wants to borrow $75k to upgrade his printing equipment
valued at $500k. He is the sole owner and claim no loan against the equipment.
His home mortgage is upside down.
His printing business is better than break even.

How do I protect myself?
1. I like to have the equipment as the collateral?
  What form do I use for that & where to file?
2. How do I check that there is no lien already exist?
Thanks!
Yung

Answer
Mr. Yung,

If the company has any business loans the lender most likely has filed a lien on all the assets of the company and if there is it will most likely include the printing equipment. If the printing equipment is free and clear of any liens then you can file a lien against it online.  You can do all of that here:http://www.sos.ca.gov/business/ucc/.

Good luck!!!

Financing -- Loans

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Michael Pechony

Expertise

Commercial loans through Banks, Fannie Mae, Freddie Mac, USDA, SBA, HUD, Life Companies, CMBS, Private Lenders, Specialty Lenders. I would be glad to answer questions about acquisition or refinance of a business, equipment financing, obtaining a line of credit, bridge and permanent financing for investment property such as multifamily, mixed use, owner occupied, student housing, hospitality, NNN, and retail

Experience

Principal at Anchor and Anvil, a boutique commercial financing firm. Previously: Senior Vice President of American Street Capital - commercial real estate financing firm. Managing Partner at Investment Street Capital - business financing firm.

Organizations
AUCCI

Education/Credentials
Northeastern Illinois University

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