Hard Collateral Realisability measures the practical recovery value of physical security, not just its book or valuation amount. In MSME underwriting, collateral may include property, plant, machinery, vehicles, or other tangible assets. A property with clear title, good location, market demand, and completed mortgage documentation is usually more realisable than specialised machinery or disputed land. For example, an industrial machine may have a high purchase price but limited resale market, making recovery difficult if the borrower defaults. This assessment matters because collateral coverage is useful only when the asset can actually be sold within a reasonable time and cost. The common caution is to avoid relying only on valuation reports; legal title, possession, encumbrances, insurance, asset condition, and buyer demand must also be checked.