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The subject property is a large detached Victorian house which has been converted into four flats.
The property is constructed in the traditional manner for buildings of this type having solid brick external walls under a slate roof with mainly suspended timber upper floors and a solid floor to the lower ground floor level.
The individual flats are relatively large for properties of this type and were reasonably well laid out and had good natural light. Once upgraded there will be a good demand for premises of this type either for owner-occupation or investment purposes.
The property is situated in a busy local through route connecting Thornton Heath with Croydon. Thornton Heath mainline station is a short drive away.
The immediate area is mixed, with residential, commercial and retail properties. Facilities like shopping, entertainment and transport are available in nearby Croydon which is approximately 10 minutes’ drive away.
The loan is cross collateralized with another property which we have an existing 1st legal charge on for the amount of £328,000 sterling. The property comprises of a Victorian house converted into 3 flats valued at £775,000 sterling, located in Wood Green, North London.
The borrower, a UK registered company, intends to repay the loan by refinancing.