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
How one KC startup studio helps feel-good ventures grow impact while actually making money
Running a social venture comes with an inherent challenge for founders, shared Jacqueline Erickson Russell, emphasizing they must balance purpose and profit. Social Venture Studio — powered by LaunchKC — offers support along that journey, added Erickson Russell, the founder and CEO of Social Impact Advising Group and consultant for the Kansas City-based program. “Complex…
This hard swap plays easy: How one KC producer juggles community, breaking the club music cookie cutter
Tyler Jordan’s new spin on DJing: amplify fellow artists and unite people through music, he shared. Jordan — who produces electronic music and DJs under the name Oblivinatti (a mashup of his favorite video game growing up, The Elder Scrolls: Oblivion, and his interest in conspiracy theories) — is evolving his sound production business Vibration…
Art and technology too often butt heads, festival planners say; River Market event paints a reality where they coexist
The River Market Art Festival is back after a 20-year hiatus — with a nod to the past and an eye toward the future, shared The AI Hub’s Taylor Burris and James Spikes, startup founders who are hosting the event in partnership with the River Market Community Association. The revival of the art festival —…
PayIt co-founder: No one-size-fits-all formula for scaling one of KC biggest startup ideas
Mike Plunkett’s journey with PayIt came to an early, but critical crossroads when a wealthy entrepreneur offered half-million dollars to support the Kansas City-built govtech venture, he recalled. The catch: this investor insisted on imposing control and veto power as they committed more funds. Despite being low on funds, the PayIt team — led by…