Lev, the top online platform for commercial real estate financing transactions, announced a $30 million Series A round led by Greenspring with participation from First American Financial. A number of previous investors, including NFX, Canaan Partners, JLL Spark, Animo Ventures, and Ludlow Ventures, participated in the round. The funding, which is one of the largest to date in the commercial real estate (CRE) financing industry, will help Lev further its goal of assisting CRE investors in obtaining the best financing for their properties by fusing the expertise of Lev’s knowledgeable team with hundreds of millions of data points. 30m Series 130m 10mhalltechcrunch.
Lev’s team will be primarily expanded with the help of the funds raised, both physically and virtually, at their offices in New York City, Miami, and Los Angeles. Lev’s services will be increased and new products will continue to be developed. In 2020, Lev’s first year of operation, they closed about $100 million in loans, and they expect to close more than $1 billion in loans in 2021. Lev Series 10mhalltechcrunch.
According to Yaakov Zar, founder and CEO of Lev, “CRE is a massive space, with an addressable market of over $40 billion for CRE financing alone. However, the industry has been entrenched in an outdated workflow, slow to take advantage of technology to help put their customers first. By completely reimagining the process, we hope to change that and give our clients the fast, fair, transparent, and seamless workflow they deserve. Lev aims to empower the people involved in the transaction and make them more knowledgeable and effective. We acknowledge that every transaction has a distinctively human component.” Lev 30m 10mhalltechcrunch.
From analysis, financing, and closing to monitoring, servicing, and, when the time comes, disposition, Lev is the full-stack transaction platform for the lifecycle of a commercial real estate investment. Lev products are created by an internal team that combines their expertise in capital markets with cutting-edge technology. To handle even the most complicated deals, a large amount of loan data is processed using customized machine learning software. Lev 30m Series 10mhalltechcrunch.
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“We firmly believe that Lev is paving the way for the industry’s future by providing technology that not only makes transactions more efficient but also ensures that their customers get the best financing, with the best experience,” said Hunter Somerville, General Partner at Greenspring Associates. Lev is accomplishing all of this while collaborating with some of the biggest, most well-known companies in the sector. “Their willingness and tenacity to truly improve this industry is a vision we not only believe will come to pass, but one that will set the standard for CRE moving forward, and we’re excited to be a part of it,” says the company. Lev 30m Series 130m.
Lev helps commercial real estate owners and investors get the best financing for their properties. Lev’s capital markets experts are superpowered by machine learning technology to help understand your portfolio, identify the best lender for each transaction and get the deal closed quickly, keeping clients updated every step of the way. Founded in 2019 and headquartered in SoHo in New York City, Lev transactions across all asset types, nationwide.