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The security property is a large house, providing for good sized accommodation but requiring refurbishment throughout.
This semi-detached Victorian house is built of traditional construction have fair-faced solid brick walls, set beneath a slate pitch and hipped roof with plastic gutters set around the eaves.
The loft void has been converted into habitable accommodation with dormer windows.
A shared driveway provides access to a rear garage, as well as the rear garden, which has a laid lawn and a paved patio. The front garden benefits from a laid lawn and a paved pathway.
The property is situated to the western end of Torrington Park a predominantly residential road, close to the junction with High Road, with all its associated local and national retailers. Woodside Park underground station, served by the Northern Line is 0.5 miles to the west and a number of bus routes serve the locality with the bus station situated to the Triangle of Tally Ho.
On street parking is restricted to Resident Permit Holders only. There are numerous primary and secondary schools within a 3 mile radius. To the eastern end of Torrington Park is Friary Park, providing for ample open space.
The loan is cross collateralized with another property that is already owned by the borrower which we are taking as a first legal charge for the amount of £435,000 sterling. The property includes a two bedroom ground floor flat and a three bedroom first floor flat valued at £1,100,000 sterling, also located in North Finchley in North London. Taking in to account the above the total LTV amounts to 36.3%.
The borrower intends to repay the loan by re-financing.