The interim managers of bankrupt USA Capital, a private lender with $950 million in assets, hope to have collateral pledged for an unsecured $57 million loan by Wednesday, a spokesman said.

Joe Milanowski, one of two key owners of USA Capital, offered to provide collateral for the loan, and the interim managers are anxious to obtain collateral on the unsecured loan, said Mark Olson, chief operating officer of USA Capital.

Milanowski offered to provide real estate jointly owned by him and Tom Hantges, the company's majority owner, including the Royal Resort, a time-share hotel at 99 Convention Center Drive, and raw land, Chief Restructuring Officer Tom Allison testified last week.

It's unclear what motivation Milanowski and Hantges have for providing the real estate as collateral.

"My perception is that (Milanowski) understands how the company got into this situation, and he has a desire to do what he can to help us resolve this situation," Olson said.

"The fact is Joe offered to pledge this asset (the hotel) to secure this loan, and we obviously are more than willing to do so," Olson said.

The value of the real estate will exceed the $57 million that Hantges and Milanowski owe, he added.

"It is our goal to have the company emerge from Chapter 11 down the road as soon as possible as a healthy and viable company," Olson said.

Olson doubts that the Nevada Mortgage Lending Division, however, would allow Milanowski and Hantges to return to the company. They were fired when USA Capital filed for bankruptcy last month.

USA Capital used money from individual investors to make loans to developers and others with real estate to secure the loan. Investors were attracted by double-digit interest rates on the short-term mortgage loans, far more than they could earn on a bank account, and the relative security of having real estate as collateral.

Some 3,600 investors who bought fractional interests in the mortgage loans, sometimes called trust deeds. About 3,200 investors in two funds that used investor money to make a portfolio of loans.