When it comes to collateral, Todd Biltz, president of Rapid Funding, York, says there's no reason to prefer real estate to racehorses.
On the one hand, he says, "You can't drive a piece of real estate away and hide it in a barn." But on the other hand, he recalls a man who mortgaged a piece of a property based on a street address. Later, the man went to the post office, got the address changed, visited another bank and got another mortgage under the new address.
"Real property didn't stop an unscrupulous person from defrauding the bank," Biltz says. Not long ago, he met a customer who had taken a mortgage on a racehorse. "The racehorse had value."
Some may consider …
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