Morpheus Lending has launched a dual representation service for bridging loan borrowers through a partnership with commercial law firm Glaisyers ETL.
The arrangement allows both Morpheus and the borrower to use the same law firm, with different solicitors handling each side to avoid conflicts of interest.
This approach is expected to speed up transaction times and lower costs, as both parties pay a fixed fee that is less than arranging separate legal representation.
Dual representation will only be offered in suitable cases, and Glaisyers ETL will provide the service as part of Morpheus Lending’s panel.
Matt Mawdesley (pictured, left), CEO and founder of Morpheus Lending, said: “We are thrilled to announce our new dual rep offering to the market alongside Glaisyers ETL.
“This will further drive efficiencies and customer-focused solutions on top of our already digital-only proposition, in turn reducing cost and uncertainty for our brokers and clients.
“Alongside other Morpheus Lending features such as title and search indemnity, automated valuations for transactions of up to 75 per cent loan-to-value, e-signing throughout and digital witnessing, this is another big step to removing barriers to completions.”
Leo Rossiter (pictured, right), partner and head of the real estate team at Glaisyers ETL, said: “Morpheus Lending is using technology to pioneer a new, more efficient way of doing things in the bridging space.
“However, bridging finance is a specialist area for lawyers, and many high street conveyancing practices simply do not have the experience to complete transactions quickly enough for time-pressured borrowers.
“I look forward to a long relationship with Morpheus as we work together to achieve the best, swiftest outcomes for customers with the minimum of stress.”
