Openwork is to offer a dedicated mortgage service for high net worth clients via Capricorn Financial, one of its largest and fastest growing mortgage practices.
The agreement will see Capricorn Private Clients, the mortgage broker’s large loan team, arrange specialist financing for Openwork advisers and their UK and international clients seeking mortgages over £1m.
Capricorn, an AR of Openwork since 2006, launched in 2005 and now has 32 advisers working across four London offices.
It expects to arrange more than £1bn of lending this year.
Openwork, which has seen mortgage lending soar almost 50 per cent year-to-date compared to the same period last year, is aiming to lend more than £10bn in 2016.
John Cupis, mortgage director at Openwork, said the move “adds another important weapon to the Openwork armoury both in the mortgage arena but also more broadly in terms of building our capabilities to support our advisers’ wealthier clients”.
“Capricorn is an impressive and ambitious business with exceptional lender access and this agreement further cements our relationship while demonstrating the strong appeal of the Openwork proposition.”
Conor Murphy, chief executive at Capricorn Financial, said his firm’s relationships with a variety of lenders means it will enable Openwork advisers to offer their clients a wide range of choice in larger loan deals.
Last month Just Mortgages Direct moved to Openwork, becoming its largest mortgage-focused appointed representative firm.
Just Mortgages, the financial advisory business of Spicerhaart, the UK’s largest independent estate agency chain, joined Openwork from Legal & General at the end of March.
Its integration followed a nationwide training programme to familiarise Just Mortgage’s 130-plus advisers with Openwork’s market leading mortgage proposition.