The arrangement enables a single approved legal panel to act for both the borrower and GB Bank. The lender said the move would reduce the delays associated with separate representation.
Dual legal representation is available for standard BTL and bridging property refinances where the total facility or group exposure is no more than £2m.
Borrowers and ultimate beneficial owners must be UK-based, including foreign nationals with UK residency rights, and the offering is also available for those applications where title indemnity insurance is used.
The pre-approved panel included the firms Ward Hadaway, Lester Aldridge, Jury O’Shea and Harold Benjamin.
Pankaj Thukral (pictured), chief lending officer and deputy CEO of GB Bank, said: “The legal process can be a source of delay for completing a refinance application, and often, having separate firms acting for the borrower and lender adds an additional layer of coordination that a single firm could manage more efficiently.
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“Introducing dual representation gives us a practical way to simplify that part of the transaction. By working with an experienced panel and setting clear eligibility requirements, we can offer intermediaries and borrowers a more streamlined route whilst maintaining the legal checks each case requires.
“We want improvements to our proposition to make a difference beyond the lending terms themselves, and how a case moves from application to completion is central to the service we provide.”
Earlier this month, the firm updated its bridging refurbishment range.
