 |
 |
 |
|
Target Markets Program Administrators Association Vendors Brooke Credit Corp. When good business opportunities present themselves, it’s pretty much a given that capital—sometimes enormous amounts of it—must be generated to help establish a foundation, and then to start building on it. But finding the right lender is usually easier said than done. One company that carries a proud reputation among borrowers is Brooke Credit Corporation of Overland Park, Kansas. “Over the years,” says CEO Mick Lowry, “we feel as though we’ve made a difference within the insurance industry … an industry that has been underserved by traditional lenders. When this year’s first quarter ended, Brooke had loan balances of approximately $275 million outstanding to insurance professionals. “We are a finance company that successfully closed five loan securitizations of insurance agency loans recently,” continued Lowry. “That resulted in the issuance of over $135 million in Single A rated (by S&P) asset-backed securities. Securitizations are unique funding vehicles that allow for more efficient distribution of capital to agency entrepreneurs. And our company has secured an $80 million credit facility from a large German bank. It’s being used as a funding vehicle to originate agency loans.” Brooke Credit, a subsidiary of Brooke Corporation, is the parent company’s financing arm. Its focus is on transactions ranging from $1 million to $10 million. The lending program includes financing for management succession and buyouts, and for MGA and wholesaler acquisitions. Brooke’s credit expertise delivers funding based on intangible assets, a strength that’s reflected by a loan portfolio in the $300 million range. “That represents true commitment and expertise in the industry,” said Kelly M. Drouillard, chief operating officer at Brooke Credit. Mike Hess, president of Brooke Brokerage Corporation, has served in key executive roles with the organization for 20 years. He closely connects with the insurance industry as a board member at Patrons Insurance Company and Great Plains Mutual Insurance Companies. Among the prominent companies for whom Brooke has recently arranged loans are Nexus Managers, L.L.C. and CompSolutions, Inc., distributor and manager of insurance products and services for carriers and self-insured funds, $1,246,300 financing; Texas Truck Insurance Agency, $4,300,000 financing; equity investment in Northern Capital Insurance Company, a Florida-domiciled insurer for homeowners, $2,500,000 financing; SunCoast Holdings, Inc., owner of Guarantee Insurance Company, a workers compensation carrier, and Patriot Risk Services, Inc., $8,600,000 financing; Texas All Risk General Agency, Inc., acquisition by TARGA Investment Corporation, $3,400,000 financing; and many other well-known enterprises. A member of the Target Markets Program Administrators Association’s Vendor division, Brooke welcomes the opportunity to network and develop business rapport with other TMPAA members, reminding them of some ideal situations in which to consider calling on Brooke Credit: - A key insider buying out a retiring owner. Whatever your firm might require in terms of financial assistance, Brooke Credit Corporation will gladly arrange a confidential discussion with you. * |
|
|||||||||||
| ||||||||||||
