Daily News: January 29, 2013

BMO Harris, Others Close Oak Street Funding Facility Amendment

Oak Street Funding announced it increased its credit facility by $35 million, to $55 million, with four institutions led by BMO Harris Bank.

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).

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.

Carmel, IN-based Oak Street Funding is a financial services company that offers commission-based commercial financing exclusively for insurance professionals and third-party loan servicing for financial institutions.