There is something you should know, I trust him. He is not trying to cheat me.
I said I could use the money. But I think you are right, I am going to leave it be. I could never take his menorah, that seems so wrong to do to anyone, let alone a friend. It would not even be productive.
That fine that you’re willing to extend the loan for him.
However, I would probably get a written payment schedule from him. If you’re comfortable with it, give him X number of months as a grace period and then a gradual repayment schedule. Something like (for example):
Dec 1, 2015: $400
Mar 1, 2016: $400
Jun 1, 2016: $400
Sep 1, 2016: $400
Dec 1, 2016: $400
(Of course, adjust the dates and amounts per payment to meet the needs of yourself and your friend).
I think it will do both of you a world of service to have clear expectations on when repayment is to be expected. Leaving it vague allows him to say “Oh, I’ll try another venture, he doesn’t need the money back yet…”
The Wolf