Oak Street Funding said it has secured more than $50 million in new capital from two major banks in an effort to expand 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.
“This latest infusion of capital speaks to the confidence we instill in the financial community,” said Rick Dennen, CEO of the Indianapolis-based Oak Street Funding. 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 Company, DZ Bank’s commercial paper conduit, one of the banks that provided new capital, said that “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.
“As agency consolidation intensifies, more principals will pursue acquisition strategies—which will require capital,” said Dennen. He added that Oak Street is committed to helping insurance professionals grow and achieve their goals.
Source: Oak Street Funding,
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