Lev, a commercial real estate platform offering expedited, transparent capital, announced the launch of its Lev Lending platform, according to a press release shared with FinLedger.
The company says the new digital lending platform will act as its new direct lending arm, and will bring speed and transparency to commercial real estate (CRE) financing with automation and deal management tools for borrowers and brokers.
The new service utilizes Lev’s existing AI and broker expertise to give clients a top-down view of the CRE financing from quote to close, specializing in permanent, non-recourse loans on single-tenant net lease (NNN) properties.
During the products soft launch, Lev Lending has managed to close multiple $1 million+ loans, at three times the rate of traditional lenders, according to the release.
“There are countless examples of complicated financial sectors being simplified by technology. In every case, the upshot is that the best financing is available to more sponsors with a truly modern experience, which is a win-win,” stated Yaakov Zar, founder and CEO of Lev.
“Finally, these changes are coming to CRE. We’re building a platform that not only makes life easier for current investors, but opens the door for folks who’ve written off this sector for being too complicated or analog. Today, great digital UX is absolutely vital to success, and CRE is no different. We’re melding tech and expertise to pull CRE investing into the digital age,” Zar said.
This launch is intended to enable Lev to scale its business nationwide across all asset types. By automating manual tasks, the company seeks to allow brokers and executors to focus on supporting clients.
Founded in 2019, Lev closed $1 billion in CRE mortgages and grew its customer base tenfold in 2021 as a result of this automation and continued growth. The company has raised $40 million since launching, with investment from notable investors including Greenspring Associates, First American Title, NFX, Canaan Partners, JLL Spark and others.
“Our goal is to become the nexus of all CRE financing decisions. Today’s commercial borrowers are demanding fast, digital experiences that mirror consumer processes. They want a Rocket Mortgage for their commercial properties. Whether you’re a borrower using our marketplace for the best deal, or you’re a natural fit for NNN via Lisa, we’re here with a fast, beautifully-engineered lending experience,” Zar said.
In other recent proptech news, RentSpree hired its new CMO, Channing Fleetwood, following a lengthy tenure at Laserfiche. Walker and Dunlop also struck its largest technology acquisition to date, purchasing GeoPhy for $85 million cash.