Thursday, October 18, 2012
Estaleiro do Ouro
(The Secured Loan, 3 of 5)
(continued from here)
That's when he told me about a banking situation back in the 70s that left him in the cold: after his journey to Newfoundland I've told you about before, Goa decided to start its own fishing business and soon he was thinking of buying a boat.
So he went to the bank and applied for a loan of $500,000.00. The bank took a mortgage on the boat as collateral and set up a reserve account of $50,000.00.