Oak Street Funding acquired for $75 million

Oak Street Funding, a Carmel company that makes loans to insurance agencies secured by commissions, has been bought by Bridge Finance Group of Chicago in a deal Bridge values at about $75 million.

Oak Street will become a subsidiary of Bridge and Oak Street President Rick Dennen will report to Bridge CEO Randy Abrahams, Bridge announced today.

Bridge, which offers a number of loan products, said it considered Oak Street a strategic fit.

Last summer, Oak Street received commitments for as much as $260 million in loans to fund its growth.

Oak Street funding is not to be confused with Oak Street Mortgage. Also based in Carmel, the sub-prime mortgage company sought Chapter 11 bankruptcy protection June 8 after riding the once-hot housing market run-up and then selling most of its assets in September to NovaStar Mortgage Inc. of Kansas City, Mo.

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