Hypothecation Loans - Who Are Common Lenders?

[Bryan Hancock]

If one wishes to carry back paper on an asset they own free and clear and later pledge the loan receivables as collateral for a new loan who would they normally contact to loan this money? What sorts of terms are generally offered by these lenders and how do they price the money?

I have read that the hypothecation lender would be lending in an unsecured position as well. Is there any way that said lender could protect their position so that they aren't wiped out in a bankruptcy?

I am thinking that this scenario would be a good way to give lenders security for a line of credit without completely sapping the ROE if one wishes to take a passive role in the underlying asset instead of managing the project. Is there anything incorrect with this line of thinking?