SOURCE: Oak Street Funding
January 08, 2014 06:00 ET
INDIANAPOLIS, IN--(Marketwired - Jan 8, 2014) - Oak Street Funding (www.oakstreetfunding.com) continues to demonstrate its strength and intent to grow by securing additional capital. After significantly increasing its lending capacity with one of its lending partners in November of last year, the financial services company announced it has increased its other credit facility from $55 million to $105 million with a consortium of banks led by BMO Harris Bank.
Despite recovering credit markets, many insurance businesses are still finding it challenging to secure funding from banks and alternative lenders. Oak Street Funding has succeeded in establishing a lending model that not only meets the unique needs of insurance professionals but also results in a high quality loan portfolio. As the credit markets tightened over the last several years, Oak Street remained consistent with its lending disciplines and even expanded its capabilities and services to customers. The company continues to grow and has expanded its maximum loan amount from $10 million up to $15 million.
"We're committed to helping insurance agents, brokers and MGAs of all sizes meet their growth, acquisition and succession goals," said Rick Dennen, CEO of Oak Street Funding. "To do so means we have to constantly evaluate customer needs and make adjustments to our facilities and infrastructure in order to meet the demand. It also means Oak Street has to be vigilant about maintaining a healthy portfolio so our bank partners are comfortable increasing our credit facilities as we grow. Because our bank consortium partners understand our business and the value we can offer to the insurance industry, they each have become valuable partners in growing our business."
BMO Harris Bank has been a partner of Oak Street Funding for nearly 10 years. "BMO Harris Bank works to partner with market leaders, such as Oak Street Funding, to provide solutions that meet market demand, including those of our clients and customers," said William Bower, regional senior vice president and corporate banking group manager of BMO Harris Bank. "Oak Street Funding plays an important role in providing capital for the insurance industry, and no other company understands the unique needs of this industry as thoroughly as Oak Street Funding."
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 can be found on Twitter @OSFunding and on LinkedIn at http://www.linkedin.com/company/oak-street-funding.
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