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The property is a two storey three bedroom mid terrace house constructed originally in the 1930s with conventional rendered solid brick under a double pitched slate roof.
The property is currently in the course of refurbishment and extension and is at first fix stage in most areas and the remaining items outstanding are mainly bathroom and kitchen fittings and floor coverings. The loft has been converted under a flat felted roof and slate clad and will include an en-suite room.
As per the valuation, upon refurbishment completion the value of the security property will increase to £465,000, thus decreasing the LTV to 39.8%.
The property is ¾ miles east of the famous Tottenham Hotspur Football Stadium close to the White Hart Railway Station. Other nearby stations are Angel Road and Northumberland Park.
The area is predominantly residential. There are a few commercial properties south of the road. It is an urban area with all local amenities situated nearby including schools within half a mile and local shops within secondary parades and national users within the High Road a few hundred metres away.
The borrower is a Real Estate developer who is a repeat client having previously redeemed his loans with us.
The borrower intends to repay the loan by selling the security property.