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
Demand more than the life you see scrolling Instagram, Ryan Harvey urges after scam inspires self-reflection
Kansas City motivational speaker Ryan Harvey thought his dreams had come true when a duo from Los Angeles offered him a job creating videos for their up-and-coming self-help company, he recalled. To the community thought leader’s shock, the two took the revenue from the company and disappeared — leaving Harvey to answer to upset clients…
Right fit, refined: Carlanda McKinney’s third venture in apparel measures up to its digital design
Online shopping is a staple for Carlanda McKinney, she noted, but the inaccuracy and variety of size guides leave both shoppers and retailers with major pain points. “On the shopper side, it is frustrating to order multiple sizes and not have anything fit your body the right way. … On the seller side, retailers are…
OpenCities sells: Denver govtech company acquires Australian startup with Kansas City HQ
An Australia-based govtech startup with a sizable Kansas City operation has sold. OpenCities — a hub-like platform that digitizes city forms and requests — was acquired by Denver-based Granicus, the companies announced Thursday, solidifying a deal that’s expected to better define what the future of civic engagement might looks like. Financial terms of the acquisition were not…
60 percent of Black residents on KC’s east side are renters: How one small biz hopes to reverse redlining’s hit to homeownership
An investment in The Greenline Initiative is, on its face, an investment in the future of Kansas City’s historic and re-emerging east side, said Ajia Morris. But there’s more to the effort than meets the eye, the effort’s co-founder explained, detailing ways she and her husband, Christopher, hope to uplift the metro’s Black community; a…