Banks and other lenders commonly lend money on a secured basis. If the borrower defaults on a secured loan, the lender has the right to foreclose on some or all of the real and personal property of the borrower. Borrowers      Counsel can help you by reviewing the loan documents prepared by the lender, advising as to the appropriateness of the documents and identifying areas where additional flexibility may be appropriate. While borrowers often don't have a great deal of leverage over the terms and conditions of a loan, a lender will often accept comments that protect the lender's interest while granting the borrower more freedom. Lenders      Counsel can assist you in by drafting legal documents that give you the desired level of protection and security. Loans can be made on a secured or unsecured basis, they may be convertible into equity, and they may be subordinate to or senior to specific types of indebtedness. Secured loans give the lender rights in specified items of collateral that are senior to or prior to unsecured creditors. Both personal property and real property can serve as items of collateral.