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
Startup Crawl returns June 14; here’s where you’ll discover dozens of innovators shaping a new KC
Sneakers and sunscreen are recommended as Startup Crawl makes its way back to the Kansas City Power & Light District this summer. The annual gathering of startups will return the evening of June 14 to three locations across the entertainment district, Startland News announced this week. Organizers expect to reveal the band lineups for two…
Tesseract Ventures developing SWARM drone technology for US Special Operations Forces
A just-announced contract with the U.S. military will fund the development of an Overland Park company’s next-generation warfare drone, said founder and robotics technologist John Boucard. The SWARM (Special Warfighter Assistive Robotic Machine) is set to revolutionize military operations by offering a new, much-needed capability: a highly versatile nano drone equipped with smart payload and…
One last push: Doula bootcamp founder wins PHKC’s $10K pitch after setting due date for success
James Hogue gave himself a deadline: score a big win for his fledgling nonprofit by May 1 or pursue another career. On April 30, he earned the validation he needed — winning The Porter House KC’s Pitch Night and a $10,000 cash prize. “Today’s the day right before May, and so the opportunity for us…
St. Joseph entrepreneur innovates to grow her dry-cleaning business in a struggling industry
Editor’s note: The following story was produced through a paid partnership with MOSourceLink, which boasts a mission to help entrepreneurs and small businesses across the state of Missouri grow and succeed by providing free, easy access to the help they need — when they need it. ST. JOSEPH, Missouri — With only about half as…