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TOTAL LOAN AMOUNT AMOUNT FOR ASSIGNMENT INTEREST
PER ANNUM
LOAN-TO
VALUE
INVESTMENT
PERIOD
£497,250 6.0% 34.5% 6 months
Assigned
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Additional Info

DRAWDOWN DATE : 29/04/2015
REDEMPTION DATE : 28/03/2016
FULL TERM OF THE LOAN : 11 months
INVESTMENT PERIOD : 6 months
CURRENT PROPERTY VALUE: £1,440,000
SECURITY : 1) 1st charge; 2) 1st charge
PROPERTY TYPE : 1) Residential; 2) Residential
TENURE: 1) Freehold; 2) Freehold

Property 1

The property is a substantial bay windowed end terrace property, dating from around 1905 and which has been updated over the years. The windows have been replaced with modern double glazed units and the property has had a new roof and damp proof course.

The property is constructed of traditional solid load bearing walls under a pitched tile roof with bay windows to the front and a large rear paved garden. Internally, the property is now arranged as two flats; a one bedroom ground floor unit and a two bedroom maisonette on the upper floors. The flats have independent services with access via the front door and a shared entrance lobby from the front door leading directly to the doors for each unit.

The flats are in fair order throughout and are both occupied under Assured Shorthold Tenancy agreements.

The property is located in the London borough of Haringey within the district of Hornsey. Mainline rail services are available at Hornsey. Wood Green lies approximately 1km to the north which offers a significant range of national retailers, cinema, leisure and restaurant facilities and Crouch End to the south west.

The property street is an attractive tree lined avenue, within the ‘Haringey Ladder’ with light traffic just a short walk from Ducketts Common and Hornsey mainline rail services. The street is comprised mainly of period Victorian/Edwardian houses in their original form with some being converted into flats.

Property 2

The property, which has been rendered, has a single ground floor bay window and is an end terrace property dating from around 1900.

The property is constructed of traditional solid load bearing walls under an inverted (falls to an internal valley) pitched tile roof with a bay window to the front and a small rear overgrown garden. Internally, the property is now arranged as two flats; a one bedroom ground floor unit and a two bedroom maisonette on the upper floors. The flats have independent services with access via the front door and a shared entrance lobby from the front door leading directly to the front doors for each unit.

Both occupied under Assured Shorthold Tenancy agreements.

The property is located in Finsbury Park within the London Borough of Islington within about 500m of the Emirates Stadium home of Arsenal FC. Transport hubs are available at Finsbury Park Station (zone 2) 400m away providing over land rail services to Kings Cross and Moorgate and tube services on the Victoria and Piccadilly lines. Finsbury Park itself lies 500m to the north.

 

Property 1 has been converted in 1992 into a ground floor one bedroom flat and a first floor 2 bedroom maisonette. The borrowers will be applying and obtaining a Certificate of Lawful Use (for full planning permit) based on the fact that the property has been used as such the last 23 years. Once this is completed we have agreed to release the security Property 2, thus the LTV will alter from 34.5% to 65%.

The borrowers intend to repay the loan by selling the property they are to acquire after refurbishing it.