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
Staying transaction-ready in uncertain market conditions
Editor’s note: The perspectives expressed in this commentary are the author’s alone. The following is a paid thought leadership piece from The Ferguson Smith Cohen Group at Morgan Stanley. In the face of market uncertainty, one thing private companies can control is their “transaction-readiness” for an IPO or secondary offering. Discover three things a company…
Zee underscores artists’ need for positive venues; creative powerhouse opens pocket of support
Zahra Briggs developed her creative voice in Kansas City; now she’s setting the stage for fellow independent artists who struggle to find venues that match their vibe — and often have to pay to perform. She’s even creating a version of herself in the metaverse to open access further. A singer and songwriter herself, Briggs — who…
MyAnIML earns NSF funding, patent; now facing new phase of growth with industry validation
Thanks to a recent federal grant — along with a newly secured patent on its first-of-its-kind, proprietary facial recognition tech for cows — MyAnIML is proving its place as a leader within a herd of ag innovation, Shekhar Gupta said. The Overland Park startup received a 250,000 Phase I grant from the National Science Foundation…
KC’s next LGBTQ+ space wants to be more than just a raging club; How this permanent takeover aims to better reflect queer nightlife
Westport nightlife is set for transformation as a sweeping expansion adds seven late-night hotspots to the historic entertainment district — anchored by a new bar catering specifically to Kansas City’s LGBTQ+ community. Q Kansas City — a collaboration with Lance Pierce of Queer Bar Takeover — is expected open its doors in October at 504 Westport…