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.
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