SOURCE: Oak Street Funding
INDIANAPOLIS, IN--(Marketwired - May 7, 2013) - Oak Street Funding (www.oakstreetfunding.com) is rapidly becoming one of the insurance industry's preeminent lenders serving the capital needs of large retail agencies, wholesalers and program administrators (collectively referred to as Oak Street Funding's "Strategic Markets" division), closing over $40 million of large loan (in excess of $1 million) originations in 2012.
Loans to Strategic Markets clients now account for more than half of Oak Street Funding's $80 million of annual loan originations in 2012. Oak Street Funding, which offers commercial financing exclusively for insurance professionals, has originated more than $300 million in loans.
"Our Strategic Markets business has been the most rapidly-growing segment of our multidimensional insurance lending business. Since these firms are larger than traditional agencies, their capital needs also are larger and more complex," said Rick Dennen, CEO of Oak Street Funding.
"Like traditional smaller retail agencies, the larger organizations within our Strategic Markets customer base are faced with owners who are nearing retirement age. Funding is needed for succession opportunities, including management buy-outs and third-party acquisitions," according to Todd Gray, Chief Financial Officer and head of the Strategic Markets Division at Oak Street Funding. "Oak Street Funding is poised to meet the needs of insurance professionals seeking funding in the $1 million to $10 million range," he said.
Oak Street Funding's Strategic Markets Division closed loans in 2012 with well-established and widely-recognized insurance organizations, such as Avalon Risk Management Insurance Agency, Everguard Insurance Services, TexCap-Concord Insurance Services, Scottish American Capital and Appalachian Underwriters, among others.
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, MGAs, MGUs and Program Administrators, and conducts third-party loan servicing for financial institutions. Since innovating commission-based and commercial lending for the insurance industry in 2003, Oak Street Funding has exceeded $300 million in loan originations to insurance professionals against all types of insurance policies and has entered into relationships with more than 1,600 partner programs with agencies, brokerage firms and insurance business partners across the country. Well positioned by virtue of strong relationships with all major carriers, Oak Street is the leader in lending to agents, agencies, MGAs and Program Administrators. Oak Street Funding can be found on Twitter @OSFunding and on LinkedIn at http://www.linkedin.com/company/oak-street-funding.