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Oak Street To Lend Against Agent Commission Streams

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NU Online News Service, Sept. 3, 2003, 1:32 p.m. EDT – Great Western Loans & Investments L.P., Carmel, Ind., which does business as Oak Street, has started Oak Street Funding, a unit that will lend money to insurance agents, insurance agencies and insurers.

Oak Street Funding will start by making loans secured by agents’ commission streams, Oak Street says.

Agents can use the loans for hiring associates or developing leads as well as for buying computers and making acquisitions, Oak Street says.

Oak Street has picked Rick Dennen to be president of the new unit.

Oak Street has been doing well in the mortgage lending industry, but it has been trying to diversify. In August, it teamed up with another company to start a collection agency.