SOURCE: Oak Street Funding
January 29, 2013 08:00 ET
INDIANAPOLIS, IN--(Marketwire - Jan 29, 2013) - Oak Street Funding (www.oakstreetfunding.com), a financial services company that offers commission-based commercial financing for insurance professionals, announced it has increased its credit facility by $35 million, to $55 million, with four institutions led by BMO Harris Bank.
The expanded credit facility gives Oak Street Funding the ability to fund loans up to $10 million and to increase loan originations of all sizes, according to Rick Dennen, CEO of Oak Street Funding. "This latest credit facility demonstrates our credit partners' confidence in Oak Street Funding's ability to deliver the funding needed by insurance agents to buy, grow and sell their agencies," said Dennen.
The $55 million total agented deal was led by BMO Harris Bank, which contributed $30 million. Other participating banks include PrivateBancorp ($10 million), Lake City Bank ($10 million) and First Merchants Bank ($5 million).
Oak Street Funding experienced unprecedented growth in 2012 as loan originations increased nearly 300 percent over 2011 levels. Loan originations since inception now exceed more than $300 million.
About Oak Street Funding
Carmel, Ind.-based Oak Street Funding (www.oakstreetfunding.com) is a family of diversified financial services companies that offers commission-based commercial financing exclusively for insurance professionals and third-party loan servicing for financial institutions. Oak Street Funding utilizes industry knowledge, proprietary technology and passion to deliver top-quality service and capital products to insurance and finance professionals nationwide. Oak Street Funding was recognized as a 2012 Indiana Company to Watch. The company can be found on Twitter @OSFunding and on LinkedIn at http://www.linkedin.com/company/oak-street-funding.
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