Can a company give security over an et that isn't theirs for a loan, if the et owners agree?

If a lender agree to lend a sum of money to company to be secured against a property that the company doesn't own but a shareholder does, and the shareholder(owner of the property) agrees in the contract of the loan that they will allow the company to give their property as security. Is the person allowed to take charge on the et owned by the shareholder if the company defaults and replayment terms are not met?