To help agents and brokers grow and achieve their goals and instill confidence in the financial community
Oak Street Funding, the Indianapolis-based insurance lender, has secured more than $50 million in new capital from two major banks, expanding opportunities for agents and brokers to borrow money to achieve their strategic goals. The new capital comes on the heels of launching the Gold Program, Oak Street’s stimulus plan that offers flexible terms and reduced interest rates and fees to qualified agents, and Oak Street Servicing, a wholly-owned subsidiary specializing in niche loan-servicing.
Rick Dennen, CEO of the Indianapolis-based Oak Street Funding, said: This latest infusion of capital speaks to the confidence we instill in the financial community. He credited the company’s continued success to sound strategic and financial decisions over the past five years, including resistance to sub-prime lending practices.
Patrick Preece, managing director of Autobahn Funding, said: DZ continues to support Oak Street’s effort to help agents and brokers grow and achieve their goals. DZ Bank AG Deutsche Zentral-Genossenschafts is the fifth largest bank in Germany and acts as a central bank for approximately 1,200 cooperative banks worldwide.
Oak Street sacrificed many growth opportunities in the past and intentionally stayed away from over-leveraging agencies as the competition had done. “We never overreacted to the capital market gyrations that have prevailed over the past three years,” Mr. Preece added.
Oak Street Funding is a diversified financial services company that offers commission-based commercial financing through lending or purchasing of commissions and third-party loan servicing for niche asset classes.