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The property comprises an end terraced house arranged over two floors built around 1900, with a garage to the side. It occupies a larger than average site with potential to extend/develop.
The property is of traditional construction with solid brick and rendered masonry walls under a pitched and tiled roof. Internally the floors are of timber and solid construction. The windows are aluminum framed with double glazed units.
The property is situated within an established residential area Walthamstow E17, amongst properties of similar age, type and design.
All usual local amenities are available within close proximity which also includes local schools and public transport facilities available in Walthamstow.
The borrower, a civil engineer, will be using the loan to build a second house in the same plot of the security property, thus increasing the value of the security substantially.
For additional comfort we have also obtained a charge on the borrower’s primary residence, worth £395,000 with an outstanding loan of £128,000, leaving a Net Equity of £267,000.
The borrower intends to refinance with a mainstream bank in eight months.