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
The Lean Lab partners with 4.0 Schools to innovate KC education
More than 100 years ago, our education system was designed and built to prepare an early-1900s workforce for the industrial age. Today, children are learning with iPads and Youtube, but the bones of the traditional liberal arts structure remain similar to what our great-grandparents experienced. Local education innovation incubator The Lean Lab hopes to change…
Google Fiber nixes free Internet offering in Kansas City
It’s often said there’s no such thing as a free lunch. And in Google’s case, there’s no such thing a free fiber connection — at least anymore. The tech titan last week nixed its free Internet offering, which dished out download speeds of 5 megabits-per-second and upload speeds of 1 mbps. Google has offered the…
When your tech becomes an expensive paperweight
Here’s this week’s dish on expensive paperweights, company culture and bootstrapping. Check out more in this series here. The Verge: Nest is permanently disabling the Revolv smart home hub In a shot across the bows of any early-adopter interested in startup tech, Nest announced that it’s shutting down Revolv’s IoT smart home hub. Google-owned…
QM Power snags $9M round for high-tech electric motor
Kansas City-based QM Power recently raised significant capital to accelerate development of its electric motor that the company says will transform its industry. The tech firm raised $9.06 million from undisclosed investors to boost development of the “Q-Sync Smart Synchronous Motor.” QM Power says the motor is as much as 80 percent more efficient…