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.
State Farm Agrees to $15M Settlement for Underpaid Vehicle Claims 
Florida Woman Drives Elevated Pickup Over Lamborghini Sports Car in Parking Lot 
Three Sentenced in Bear-Suit Attacks Insurance Fraud Case 
Liberty Mutual Says Safeco Brand Is Officially Retired 
