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
KCultivator Q&A: April Boyd-Noronha opens up on access to technology, authentic change
Editor’s note: KCultivators is a lighthearted profile series to highlight people who are meaningfully enriching Kansas City’s entrepreneurial ecosystem. The KCultivator Series is sponsored by WeWork Corrigan Station, a modern twist on Kansas City office space.Awakening education and business potential while in your pajamas is an unexpected side effect of rapid technological advancement, said April…
KC Pinoy parks restaurant in West Bottoms, plans fiesta of Filipino flavors
KC Pinoy’s new spot on Genessee Street in the West Bottoms was an opportunity that just fell into Chrissy Nucum’s lap, said the owner of the Filipino food truck turned brick-and-mortar restaurant. “I wanted something where there’s a sense of community within whatever area we choose,” said Nucum. “When the West Bottoms Kitchen decided to…
Curb appeal attracts investors to $850K round for real estate tech firm RealQuantum
A year of steady growth will help Kansas City real estate tech firm RealQuantum end 2018 with the close of its first round of seed funding — securing $850,000 in investments, revealed Mark Davis. “We closed a couple of times actually — people just kept showing up at the last minute wanting in,” Davis, RealQuantum’s…
Battery Tour energizes Sunshine Boxes with global vision to power developing economies through music
AY Young’s recent Battery Tour generated enough money to send two of 17° 73° Innovation Co’s Sunshine Boxes to Haiti — the first step in a partnership between the two ventures with common goals, the energetic founder said. “[We] just realized that we were trying to kind of do the same thing as far as…