|TOTAL LOAN AMOUNT||AMOUNT FOR ASSIGNMENT||INTEREST
The subject property comprises 4 bedrooms, which appear to be separately let with a shared kitchen and bathroom/WC.
The property occupies part of the top third floor of a four storey mid terrace residential building converted into 8 flats with two flats on the top floor.
The house was constructed around 100 years ago of solid brick walls under a double pitched tile roof which was originally a flat roof and the pitch roof was erected around 25 years ago.
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.