That was really informative. Thanks. My point, however, isn't about collateral. It's about future cashflow. A Senior engineer at Google might have a salary of

That was really informative. Thanks. My point, however, isn't about collateral. It's about future cashflow. A Senior engineer at Google might have a salary of $150k, but total compensation package including 270 shares of GOOG distributed per year (~23 shares per month) for a total comp of $350k. For such an individual, do you lend based on salary alone or do you factor in the stock? I imagine that with a correct discount the stock can and should be used in the cashflow calculation.