Funeral Home Loan Franchise Extended By Brooke
Posted on: 05/09/2006
Brooke Credit Corporation qualifies funeral home loans for warehouse facility franchise.
Michael Lowry, president and chief executive officer of Brooke Credit Corporation, the finance company subsidiary of Brooke Corporation, announced Brooke Credit has reached an agreement with its warehouse lender, DZ BANK AG Deutsche Zentral-Genossenschaftsbank (DZ Bank), to expand its warehouse facility to include funding funeral home loans.
Brooke Credit secured a $50 million warehouse facility from DZ Bank in 2004 for funding insurance agency loans, which was subsequently increased to $80 million in 2005.
“The inclusion of funeral home loans into the warehouse line represents a significant milestone for this lending program, which was started in 2003,” Lowry said. “We are pleased with the continued support of DZ Bank and the confidence it has shown in our lending programs.” Lowry noted that funeral home lending became a part of Brooke Credit’s insurance lending specialty because many funeral directors sell insurance as part of their pre-planning service.
Brooke Credit Corporation is a subsidiary of Brooke Corporation (Nasdaq: BXXX) that originates loans to insurance agencies and related businesses. Brooke Credit’s loan portfolio balances totalled approximately $401.4 million on July 31, 2006. Loans have been mostly sold as individual loans to participating lenders or as pooled loans to investors through asset-backed securitizations.
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