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The property is a three storey, plus loft, converted mid-terrace house constructed around the turn of the last Century of solid brick walls under a slate pitched roof with a lean to at the rear.
The house offers the opportunity for owner occupation as a family house or as an investment for rental income which could be obtained by dividing the floors into self-contained units.
The security property is part of four cross collateralized loans, meaning that all security properties will remain securities until all four loans are paid in full.
The four loans of £480,000, £200,000, £150,000 and £113,000 (totaling £943,000 with a total LTV 54%) are secured with four properties to a London resident couple owning several Real Estate properties in the area of Finsbury Park and Holloway, in Islington North London. For additional comfort we have also obtained a second equitable charge on a fifth property.
All the security properties are situated within a very close proximity to shops, amenities, hospitals, schools, universities and Arsenal’s Emirates Stadium.
The borrowers intend to repay the loan by refinancing after refurbishment and development of the property into a Buy to Let.