Further, unbeknownst to me, this was an unsecured loan.

I had two lines of credit one unsecured for 5 million ( check book) and another for 10 million that we would secure them up with .. but you need time to do that bank required appraisal etc before we could tag the secured line and even at that they only lent 72% in these commercial loan structures..

WE are all cash other than I have some smaller unsecured LOC's that I rarely use they total less than a million..

.- The kitchen sink was unsecured and fell into the kitchen cabinet.- My insurance was cancelled until I fixed roof issues.- Debris littered the recently occupied unit, the basement, and all over the back yard.As mentioned, we had an initial video walk through before the contract to purchase.

I take it that the loan was an unsecured otherwise all of you folks would be starting a foreclosure . 

.: RAD encourages investors to make them hard money loans (that are really unsecured) with a 20% interest rate because the "REIT is full" or there is "a waitlist" to get in on the opportunities. pretty tough if not impossible to  take on 20% long term debt on buy and hold / rent model.. its tough at 10% let alone double that .. 

When I checked it out the fund he spoke of was making unsecured working capital loans to businesses with no credit.  

Lending to grow is typically unsecured.

The Debt Snowball strategy to pay down your unsecured debts is much better.

Its an unsecured loan.