United Trust Bank (UTB) has launched dual legal representation for bridging loans with JMW Solicitors following a successful pilot phase.
Although dual legal representation is common in mortgage conveyances, UTB said it is seen as a big step forward in simplifying the legal process for bridging loans. It can facilitate transactions being paid out much more quickly and deliver a significant cost saving for the borrower.
Michael Walters (pictured), head of sales – mortgages and bridging at United Trust Bank, said: “Dual legal representation provides a significant cost and speed benefit to bridging customers, and service improvements like this are important for growing the bridging market.
“I’m sure many bridging customers will benefit from dual representation in future, especially now this facility is available via all introducers to UTB.
“We are continuously looking for ways to enhance and improve UTB’s bridging offering both in terms of products and service and enjoy working with likeminded partners in developing these kinds of enhancements. We look forward to implementing further innovations in the future.”
Amadeus Wilson, director at SPF Short Term Finance, said: “Working with UTB and JMW Solicitors on the pilot was a great success.
“Not only was the client extremely satisfied with the reduced cost of using dual representation, but the speed and efficiency of keeping everything under one roof was invaluable, leading to a swift completion and all-round client satisfaction.
“The provision of this service augments the overall UTB proposition and complements their superb service levels and market-leading products that we are accustomed to.”