Leading Online Commercial Real Estate Financing Platform Lev Raises $30 Million in Series A Round
NEW YORK, July 20, 2021 / PRNewswire / – Lev, the leading online transaction platform for commercial real estate finance, today announced a Series A round $ 30 million under the direction of Greenspring, with the participation of First American Financial. Existing investors joined the round, including NFX, Canaan Partners, JLL Spark, Animo Ventures and Ludlow Ventures. The amount raised is one of the largest in Commercial Real Estate Financing (CRE) to date and will support Lev’s mission to help CRE investors get the best financing for their properties by leveraging the collective knowledge of Lev’s expert team of hundreds of millions of data points.
“CRE is a huge space with an addressable market of more than $ 40 billion for commercial real estate financing alone, but the industry is rooted in an outdated workflow and is slow to use technology to put its customers first, “said Yaakov Tsar, Founder and CEO of Lev. “We hope to change that by redesigning the entire experience to give our customers the seamless, transparent, fast and fair workflow they expect and deserve. We know that every transaction has a unique human factor behind the transaction, making it smarter and more efficient. “
Funds raised will primarily be used to help Lev’s team at their New York headquarters, the Miami R&D center and The angel Outposts, as well as remote positions. Further investments will be made in product development and the expansion of Lev’s services. Lev about closed $ 100 million of the loans in 2020, the first year of their existence, and is expected to be over $ 1 billion in 2021.
“Since working with Lev, we’ve been impressed with their deep knowledge of CREF and their ability to carry out all kinds of complex transactions,” said Steven Kachanian, Managing Principal at Klosed Properties. “The expertise Lev’s team brings, combined with tools that help my team and I stay up to date on how our deal is progressing, makes it clear that they have planned and redefined the entire funding process and a lot more.”
Lev is the full-stack transaction platform for the entire life cycle of a commercial real estate investment, from analysis, financing and closing to monitoring, maintenance and, if necessary, disposition. Lev products are developed by an in-house team that combines their knowledge of the capital markets with cutting edge technology and processes a variety of credit data through bespoke machine learning software to handle even the most complex deals.
“We strongly believe Lev is paving the way for the future of the industry by delivering technology that not only makes transactions more efficient, but also ensures that their customers get the best funding with the best experience,” said Hunter Somerville, General Partner at Greenspring Associates. “And Lev does all of this while working with some of the largest and most established companies in the industry. Your willingness and tenacity to really improve this industry is a vision that we not only believe will come true, but also one that will set the standard for CRE evolving, and we are excited to be a part of it too be.”
More information is available at www.levcapital.com.
Lev helps commercial property owners and investors get the best financing for their properties. Lev’s capital markets experts have machine learning technology to help you understand your portfolio, identify the best lender for each transaction, and close the deal quickly so clients are kept informed of every step. Founded in 2019 and headquartered in SoHo in New York City, Lev transactions across all asset types, nationwide. More information is available at www.levcapital.com
Contact: Sarah Mann, [email protected]
SOURCE Lev Capital