Overland Park, Kan.-based agency franchisor Brooke Corp. announced that it has secured a $50 million loan from a multi-seller asset-backed commercial paper conduit sponsored by DZ BANK AG, headquartered in Frankfurt, Germany.
Michael Lowry, president of Brooke’s finance company subsidiary, said the money will be used to fund loans made to franchisees of Brooke’s franchise subsidiary, primarily for the purpose of acquiring established independent insurance agencies.
Brooke said it has a network of 327 franchise locations and a loan portfolio of more than $141 million.
Was this article valuable?
Here are more articles you may enjoy.
Trump Demands $1 Billion From Harvard as Prolonged Standoff Appears to Deepen 
How One Fla. Insurance Agent Allegedly Used Another’s License to Swipe Commissions 
Florida Insurance Costs 14.5% Lower Than Without Reforms, Report Finds 
BMW Recalls Hundreds of Thousands of Cars Over Fire Risk 
