Top Insurance Lender Oak Street Funding Secures More Than $50 Million in New Capital

INDIANAPOLIS--(BUSINESS WIRE)--Oak Street Funding (www.oakstreetfunding.com) 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.

“the clear-cut leader in insurance lending, thanks to its in-depth industry knowledge, customer service, and conservative financial practices.”

“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, called Oak Street “the clear-cut leader in insurance lending, thanks to its in-depth industry knowledge, customer service, and conservative financial practices.” Preece added 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.

According to Dennen, 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.” He added that Oak Street is committed to helping insurance professionals grow and achieve their goals. “As agency consolidation intensifies, more principals will pursue acquisition strategies—which will require capital.”

About Oak Street Funding

The Indianapolis-based Oak Street Funding is a family of diversified financial services companies that offers commission-based commercial financing through lending or purchasing of commissions and third-party loan servicing for niche asset classes. Oak Street utilizes industry knowledge, proprietary technology and passion to deliver top-quality service and capital products to insurance and finance professionals nationwide. For more information, visit www.oakstreetfunding.com or call 866-625-3863 ([e-mail]).