Bridge Finance L.L.C. has agreed to pay about $75 million for Oak Street Funding L.L.C.
Bridge Finance, Chicago, is a commercial finance company that has provided financing backed by borrower assets such as real estate, cash flow streams and accounts receivable.
Oak Street, Indianapolis, lends money to insurance agents and agencies. In many cases, the borrowers use commission streams from individual insurance policies as the collateral.
Oak Street has originated about $100 million in loans backed by about 500,000 individual policies, Bridge Finance says.
Rick Dennen, the president of Oak Street, now reports to Randy Abrahams, chief executive of Bridge Finance, Bridge Finance says.