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
KC Rising red flag: Educated talent leaving KC, metro tech jobs unfilled
More college-educated workers are leaving Kansas City than being drawn to the region, according to a new KC Rising report. That means local companies are forced to look outward for qualified talent, said Ryan Weber. “Most of those tech firms are hiring; it’s just for skill sets that few people have,” said Weber, president of…
Students struck by KC gun violence search for solutions at MECA Challenge
Editor’s note: MECA Challenge and Startland News are both programs of the Kansas City Startup Foundation, though the content below was produced independently by Startland. For more information on the relationship, click here. Escaping the cycle of gun violence can seem impossible, said Lea Thompson, still wearing a cast on her hand after being shot…
STEAM Studio team coding best fit for boy’s 3-D-printed prosthetic arm
Four-year-old Hudson Borton extended his arm Wednesday, as his father fitted a 3-D-printed prosthetic to the boy’s upper arm and elbow. The light blue plastic piece mimicked the size and length of Hudson’s right arm, though his father and Mandi Sonnenberg, co-founder and director of STEAM Studio, agreed the new device wasn’t yet a perfect…
KC-based SouveNEAR vending machine startup prepping to scale up
SouveNEAR offers travelers a piece of KC — from KC, said co-founder Tiffany King. The Kansas City-based startup, which repurposes vending machines to sell locally made souvenirs, is in its fourth year of steady, organic growth, King said. As a member of ScaleUP! KC new class, SouveNEAR is preparing to grow the business and turn…