The dual representation offering will be on a fixed-fee basis and at a “meaningfully lower price point” than if both parties arranged legal representation separately.
Morpheus Lending said that alongside its digital platform and paperless process, this would “further enhance the journey to completion”.
The borrower and lender will always be represented by different solicitors within Glaisyers ETL and there will be “necessary safeguards” to avoid conflicts of interest. It will also only be offered in appropriate cases.
Matt Mawdesley, CEO and founder of Morpheus Lending, said: “We are thrilled to announce our new dual representation 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% loan to value, e-signing throughout and digital witnessing, this is another big step to removing barriers to completions.”
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Leo Rossiter, 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.”
Morpheus Lending launched to the market last year, and in an interview with this publication earlier this year said that it would be targeting £10m per month by year end.
