LendingStandard closes $6.7M round with Flyover Capital among key longterm investors
June 6, 2023 | Startland News Staff
A Kansas City startup’s efforts to streamline the commercial real estate industry are not only reducing wasted time and frustration for lenders and borrowers, said Keith Molzer, it’s making good on investors’ expectations of the tech-driven Saas marketplace.
“LendingStandard has listened and responded to what the market needs,” said Molzer, founding managing partner at Flyover Capital and board chairman at LendingStandard. “As one of their earliest investors, we’ve seen them grow and are eager to watch their next steps.”
The startup on Tuesday announced a $6.7 million round of equity funding, led by Naples Technology Ventures (NTV) with participation from Kansas City-based Flyover Capital and existing investors.
Founded in Kansas City, Kansas in 2015, LendingStandard offers commercial real estate (CRE) lenders a single platform to manage the loan process across all their products. The company’s comprehensive commercial real estate finance platform increases efficiencies by up to 45 percent for clients working with some of the most complex loans.
Its platform is used by three of the top 10 U.S. lenders, and the company looks to rapidly expand its market share with this new round of capital, said Andy Kallenbach, CEO of LendingStandard.
“We’ve had amazing feedback from our prospects and clients over the last few years, and that input has driven us to reimagine how we can expand to serve the commercial real estate industry more robustly,” said Kallenbach. “This round of funding will help us push the platform — and our experienced enterprise team — forward faster.”
In recent years, LendingStandard has meticulously rebuilt its platform to support not just underwriting, but managing and optimizing the entire commercial real estate process from quote to close, according to Kallenbach. The company’s next-generation platform has also expanded to cover a larger spectrum of loan types, from Fannie Mae and Freddie Mac loans to balance sheet lending.
“At a tough time for the industry, commercial real estate lenders need to make the most of every single deal,” said Mike Abbaei, managing partner at NTV. “Our team is proud to support LendingStandard in simplifying and modernizing commercial real estate lending.”
As part of the funding deal, Frank Strauss, advisor at NTV, will join the LendingStandard board alongside Molzer.
Featured Business
2023 Startups to Watch
stats here
Related Posts on Startland News
Healthy hip-hop duo remixes rap for exercise, education tech
Raised in the urban core of Kansas City, Roy Scott grew up idolizing gangster rap. Inspired by 90s hip-hop artists such as N.W.A. and Bell Biv DeVoe, he always hoped to become a famous rapper. But years later when raising his own son, a light bulb went off for Scott when he heard his 4-year-old…
CNBC: Kansas City is a top place to affordably ‘live large’
Kansas City was once again nationally recognized as a locale in which residents can live well on a base salary that’s comparatively low to coastal cities. CNBC named Kansas City No. 9 on its list of 12 cities “where you can live large on $60,000.” “The best places are likely the ones where you can…
Listen: Madison Flitch founder carves a furniture firm with KC stories ingrained
Editor’s note: In partnership with the KC Greats podcast, hosted by Scott Parman, Startland News hopes to offer its audience more avenues to learn about entrepreneurs in Kansas City. Opinions expressed in this commentary are the author’s alone. In this episode, Parman chats with Madison Flitch founder John Pryor, who shares the story of bootstrapping his…
Meet the Kauffman Foundation’s newest board member
The Ewing Marion Kauffman Foundation has added a new member to its high-caliber board of trustees. The foundation announced Thursday that Esther L. George — the current president and CEO of the Federal Reserve Bank of Kansas City — will serve on its board. As a member of the board, George will support the foundation’s…