Carmel-based Oak Street Funding, which specializes in financial services for insurance agencies, has raised $50 million
in new capital.
Oak Street plans to use the money to increase the number of loans it provides to commission-based insurance agents and brokers. In July, Oak Street introduced a new “Gold Program” offering reduced interest rates and fees for qualified insurance customers.
Autobahn Funding Co., a subsidiary of DZ Bank AG Deutsche Zentral-Genossenschafts, the fifth-largest bank in Germany, led the $50 million deal. Oak Street CEO Rick Dennen said DZ Bank was willing to lend because of Oak Street’s resistance to subprime lending practices.
“This latest infusion of capital speaks to the confidence we instill in the financial community,” Dennen said.