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
Self-expression, happiness drive expansion of Selfie Boutique playground
What started as a side project four months ago has grown into a huge, interactive exhibit dedicated to cultivating joy, said Alex Altomare, founder of the Selfie Boutique. “The mission is to bring people together and create happiness,” Altomare said. “The growth has been entirely driven by our supporters on all fronts, and we have…
Brewers ferment market opportunity, health benefits with kombucha startups
Fermented foods represent more than just trendy, niche products, Kansas City’s kombucha startups say. They’re where gut health and market opportunity meet. “If it’s not local, it’s not fresh,” said Lisa Bledsoe, emphasizing the quality advantage Kansas City brewers have over national brands competing for cooler space at metro grocery stores. Bledsoe’s Tea-Biotics Kombucha has…
Applicants pour in for a chance at $500K in LaunchKC grants
Editor’s note: This article is sponsored by LaunchKC but was independently produced by Startland News. After dishing out $1.5 million to 29 startups over the last three years, LaunchKC returns in 2018 with more experience and an enduring determination to drive entrepreneurial impact in Kansas City. The area’s most-popular grants contest already has garnered hundreds…
Peek inside: Wild Way coffee rolling Austin flavor onto Kansas City’s bean scene
Christine Clutton is taking the rollout of her Wild Way coffee camper concept one cup at a time, she said. Debuting Friday in Midtown, the mobile shop — serving coffee, tea and pastries with a mix of Austin and local flavors — is envisioned as a temporary stop on Clutton’s entrepreneurial journey, she said. “Our…