How it started
Oak Street was formed in 2003 to provide commission-based loans to help insurance agents and brokers maximize their book of business value and grow their agency business. After building successful finance companies through traditional lending channels, the founders of Oak Street Funding realized insurance agents and brokers had unmet needs for capital.
Over the years, we’ve expanded to become a family of diversified companies that provides a suite of services, including Oak Street Funding services, Oak Street Lending services and Oak Street Servicing services. Oak Street Servicing specializes in third-party loan servicing for banks and financial institutions. We leverage proprietary technology and web-based reporting tools to maximize client visibility, control, and security over their asset portfolio. Our servicing system can be customized to support any loan structure and repayment terms.
The Oak Street family of companies is wholly owned by Angelo, Gordon & Co., a private equity investment advisor that manages billions of dollars of assets.
   
How it works
Each loan is set up so that the insurance agent’s future expected renewal commission stream is utilized to support the repayment of the loan. We have underwriters that use technology to quickly determine how much capital can be borrowed. Over the term of your loan, our proprietary technology carefully monitors your book of insurance policies to ensure the policies are performing as expected and are sufficient to pay off your loan.
We believe that emerging agencies and agents should retain their key asset — the customer. Every loan is custom-designed so that it can be repaid through the expected renewal commissions with minimal out-of-pocket cash from the borrower. Once the loan is repaid, the renewal commissions revert back to the borrower.
Industry knowledge
Oak Street Funding was one of the first lenders to develop the concept of commission-based lending for insurance agents and agencies. We focus solely on serving the capital needs of insurance agents and brokers by providing loans, lines of credit and perpetuation planning financing. Our team of professionals has extensive experience helping insurance professionals who are taking steps to grow their agency business. Since 2003, we’ve hundreds of millions of dollars in capital to insurance agents and agencies in 46 states.
Vision Statement
Oak Street utilizes industry knowledge, well-developed technology, and passion to deliver best-in-class service and capital products to insurance and finance professionals nationwide. Our customer-focused mindset and access to capital will allow us to continue to fulfill customer needs, identify growth opportunities, as well as provide an empowering work environment for employees.
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