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
Makefully Studios earns $1M grant for problem-solving game co-designed by kids
A Kansas City media company’s commitment to play-based research and development recently helped score Makefully Studios a $1 million government grant for a children’s problem-solving game. “There’s no other word but proud and grateful,” said Anna Jordan-Douglass, founder and chief creative officer of Makefully Studios, which recently was awarded the funds from the National Science Foundation’s…
A dough master brought Chinese hand-pulled noodles (拉面) to South JoCo; a robotic cat delivers them to your table
Hand-pulled noodles were a staple in Elvin Liu’s childhood, he shared, joking that the traditional noodles could be found on any street corner in China — just like Starbucks in the United States. “I moved to Kansas around the end of the year of 2010. I saw a lot of noodle soups, like pho and…
Filling a capital void: AltCap builds capacity, momentum after its busiest year to date
Editor’s note: The following story is sponsored by Academy Bank, a Kansas City based community bank, and is part of a series of features spotlighting some of the bank’s startup and small business partners. The past 18 months have been a critical turning point for AltCap, said Ruben Alonso, as the nonprofit has grown to…
MO tech jobs pay double the state’s average wage, fueling economic growth, new report says
Missouri’s tech industry remains a driving economic force despite widespread job loss and economic turmoil caused by COVID-19, according to a new report that details how the Show Me State is outpacing national tech growth. Among the report’s key takeaways: Average earnings for all jobs in Missouri was $64,000 in 2020, while the average earnings of…