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
Rally Gin pours into KC as childhood friends mix spirit of resilience with Black-owned, woman-owned brand
After launching in the Los Angeles market, Rally Gin is coming home — distilling a pandemic dream into Kansas City reality. “We have so much pride in being Kansas City natives and are thrilled to share Rally Gin with the town,” said Alysha Daicy, co-founder. A launch event honoring Rally’s expansion into the Midwest is planned…
Hack Midwest set for July return — challenging coders to build game-changing apps in 24 hours
After a four year hiatus, Kansas City’s largest coding competition is back, bringing with it more than 300 of the region’s most talented software engineers — set to battle it out in July for prizes and honors. “Adding to Kansas City’s momentum as a leading tech hub, Hack Midwest gives passionate software engineers the opportunity to…
It’s wheels up for KC flight attendant-turned headwear designer: Heavy Head takes flight
Jaclyn Heupel had a gut feeling early in the pandemic that she would eventually get furloughed from her job as a flight attendant with American Airlines. Brainstorming ideas for a side gig to help her pass the time led Heupel to a sewing machine and fabric. Watching YouTube videos brought experimentation with materials. She settled…
Chefs transform ‘ugly’ produce into beautiful dinners: How Kanbe’s Markets is taking food waste off the menu
From lumpy apples to a spotty potato, foods with cosmetic flaws are still edible and nutritionally dense, said Ali Curbow. “People turn away these types of produce because it is considered ‘ugly’ — but we’re hoping to showcase that these ugly produce can be made into something beautiful,” said Curbow, marketing manager at Kanbe’s Markets,…