086CF
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TOTAL LOAN AMOUNT AMOUNT FOR ASSIGNMENT INTEREST
PER ANNUM
LOAN-TO
VALUE
INVESTMENT
PERIOD
£268,000 7.0% 55.0% 6 months
Assigned
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Additional Info

DRAWDOWN DATE : 08/12/2014
REDEMPTION DATE : 08/06/2015
FULL TERM OF THE LOAN : 6 months
INVESTMENT PERIOD : 6 months
CURRENT PROPERTY VALUE: £1,850,000
SECURITY : 1st charge
PROPERTY TYPE : Residential
TENURE: Freehold

The loans of £291,000, £268,000 and £459,000 valued at total £1,850,000 (total LTV 55%) are cross collateralized, meaning that all three houses will remain as security until all three loans are paid in full. All three properties are located next to each other in an established residential location in Whetstone, an area in the London Borough of Barnet in north London.

The subject property comprises what was originally a 3 bedroom semidetached house which has been altered and adapted to create two self-contained flats (one on ground floor providing 1 bedroom and the other on first floor with 2 bedrooms). Each flat has its own entrance door. The property dates to the 1930’s.

The property is of traditional construction with solid brick walls and a part pebbledash render finish to the upper floors under a hipped and pitched tiled roof. The windows are predominantly uPVC double glazed (there are a limited number of older aluminium framed units) with floors of suspended timber construction. To the rear of the property there is a two storey extension of similar construction.

Externally the property has a single garage of concrete framed construction under a pitched corrugated cement sheet roof together with garden area to the rear. Access to the garage is via a shared drive over which we have assumed that appropriate rights of way have been reserved. Off street parking for 2 cars is provided at the front of the property.

The subject property is located on the north west side of St Margarets Avenue, close to its junction with the High Road within an established residential location in Whetstone.

St Margarets Avenue comprises a road of similar style residential dwelling houses within a short walk of the local services and facilities situated on both High Road and Totteridge Lane. This includes Totteridge and Whetstone London underground station (Northern Line). In addition Oakleigh Park overground railway station is located within ½ mile of the subject property.

Whetstone is an area in the London Borough of Barnet in north London, bearing the postcode N20. It is to the east of Totteridge, and these areas are known together as Totteridge & Whetstone.