Mortgages  

Openwork signs single-tie deal for secured loans

Openwork signs single-tie deal for secured loans

Enterprise Finance has been chosen as the exclusive provider of secured loans and bridging finance for Openwork advisers over the next five years.

The firm specialises in the distribution and packaging of secured loans, bridging finance, complex buy-to-lets and commercial mortgages, and has been working with Openwork since 2005.

Paul Shearman, mortgage and protection proposition director at Openwork, said: “After an extensive review of the market we concluded that Enterprise Finance, with its well-rounded proposition, commitment to innovation, and fantastic relationship with our members, is still the right specialist distributor for us.

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“The new contract provides surety for both parties, an important consideration given the increasing investment required ahead of forthcoming regulation.”

Harry Landy, sales director at Enterprise Finance, added: “We have been working with Openwork and its management team since inception and that has given us a very good understanding of what the network wants for its advisers.

It was back in 2010 that the network announced it would offer appointed representatives a multi-panel, multi-tie model as well as a single tie and whole of market IFA model.

emma.hughes@ft.com