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The property is a three storey mid terrace house converted into two self contained flats constructed at around the turn of the Century of solid brick under a double pitched slate roof to the main elevation and single storey rear extensions under a felted flat roofs.
The entrance to the two flats is via a single entrance front door. The ground floor flat benefits from a rear garden. The windows have been replaced by uPVC windows and gas central heating serves low pressure radiator system.
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.