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
Five years later: Google Fiber celebrates a Kansas City milestone
Five years ago today, the Kansas City area heard the news that it would receive a transformative, residential gigabit Internet service. Hundreds of cities lobbied to be the first to receive Google Fiber, but ultimately, Kansas City, Kan. won the highly-sought-after service. And the world learned that on March 30, 2011. Five years later, Google…
Mayor Sly James’ vision for Kansas City: Innovation and entrepreneurship
In an address to constituents Tuesday, Kansas City Mayor Sly James broadly painted his vision for Kansas City and outlined what success for the area would look like. And at the cornerstones of his ideas for the next decade? The future of Kansas City hinges upon innovation and entrepreneurship. “With Google Fiber and the smart,…
SparkLabKC nixes spring program, eyes management change
One of Kansas City’s top business accelerators is canceling its spring program amid a series of changes, including a potential management mixup. Founded in 2012, SparkLabKC will not be offering what would’ve been its fourth spring program as it evaluates its future. Through three separate classes, the organization has helped accelerate 30 area startups with…
We have liftoff! LaunchCode to boost Kansas City tech talent
About 3,500 tech firms need to fill 2,300 open positions in the Kansas City area, according to KCnext. Usually, that means businesses, both large and small, spar over the same people, snatching up programming talent wherever possible, including from their local neighbors. It makes for more than just awkward networking events among tech executives —…