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The property is a terrace house built around 1935 and is constructed in the typical manor of properties of this type having brick external walls mainly suspended timber floors under a tiled roof. It has a rear garden and a front garden.
At the time of inspection the property was in shell condition and was in the process of being upgraded. We are advised that the property has consent for an extension to the rear of the property, at ground floor level, adding a further 30sq.m of accommodation.
The property is situated in a predominately residential area close to all amenities and transport services. Walthamstow is a popular residential area having good access to central London via the tube network and in consequence is popular with commuters.
The borrower, an experienced builder, plans to refurbish and develop the property, adding value to the property after completion.
As per the valuation upon completion the value of the security property will increase to £475,000, thus decreasing the LTV to approximately to 25%. The achievable Market Rental Income subject to completion of all works amounts to £25,000 per annum.
The borrower intends to repay the loan by selling the security property.