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
Exit to watch: Top startup LaborChart sells in a deal under construction for generations
LaborChart, one of Kansas City’s leading startups, has sold to a California-based giant in construction management — a deal that proves hard work and determination pay off, its founder said. The startup was sold to Procore Technologies, the companies announced Friday, noting in a release the deal is expected to further innovate the world of construction…
Bearded Fellas shave away ‘just a doll’ — leaving the beauty of everyday magic, people
Ali Bustos didn’t even know how to sew when she was gifted a sewing machine by her parents in 2008. More preoccupied with painting at the time, the machine sat mostly unused. But when her first son was born, it was difficult to paint with a wiggly baby in her arms, she said. Her yearning…
Storytelling startup rewrites the pandemic narrative, scaling into new success, downtown space
Editor’s note: The following story — a spotlight on a member of the Plexpod community — is sponsored by Plexpod, a progressive coworking platform offering next generation workspace for entrepreneurs, startups, and growth-stage companies of all sizes. Stories are powerful, Jeff Short said, recalling ways his storytelling startup, Overflow, has worked to help Kansas Citians harness…
Porter House KC receives $175K from JPMorgan Chase Foundation to support inclusive entrepreneurship
An investment by the JPMorgan Chase Foundation will help The Porter House KC fill a void in entrepreneur support programming in Kansas City, said Dan Smith. “Our goal is always to find a solution to the problem. We felt there was a gap. There was a whole population of people being missed. People who come…