New digital-only bridging lender Morpheus launches in the UK
Morpheus, a new digital-only bridging lender, has launched in the UK with the aim to provide funding services for corporate, commercial, and property professionals.
Morpheus launches in the UK (Image: Morpheus)
Based in Manchester, the start-up was co-founded by Matt Mawdesley, former head of strategy at UK property lender Together, and Lee Jones, co-founder of Sedulo, an advisory firm for mid-tier businesses in the UK.
The company says it has been built “on the belief that there’s a better way to provide mortgages in the specialist lending space”.
Mawdesley, who also acts as the firm’s CEO, explains that Morpheus was created to cater for customers, brokers, and lenders who have been “crying out” for a “digital and more efficient experience” when it comes to securing bridging loans.
Initially, Morpheus will provide bridging loans of up to £750,000, with the start-up leveraging a suite of tech features such as digital KYC and due diligence checks, open banking, and biometric authentication to streamline the lending process.
Morpheus claims that its approach “significantly reduces” the time required to secure funding, compared to last year’s sector average of 58 days.
In addition, the company states that it has built a “bespoke property valuation tool” that utilises data analytics and artificial intelligence (AI). The tool eliminates the need for paper by deploying embedded electronic signatures and automating tasks and follow-ups for brokers and clients.
“We’ve secured strong funding and have a clear commitment to simplifying the customer journey through technology,” adds Mawdesley.
