INDIANAPOLIS, IN — (Marketwire) — 01/29/13 — Oak Street Funding (), 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.
Carmel, Ind.-based Oak Street Funding () 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 .
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