Lev Raises $170M in Funding for Its Digital Commercial Real Estate Transactions Platform
Lev seeks to change the way commercial real estate transactions are conducted through its smooth and reliable platform. The company makes it easy for those looking to secure financing, with a network of over 5,000 commercial real estate lenders and the ability to close deals quickly. If you want to learn more about Lev and how he is redefining commercial real estate transactions, check out the following article.
Since its launch in 2019, the CRE transaction platform has grown to become one of the top 100 loan originators in the industry, having facilitated over $1.5 billion to date
NEW YORK, May 5, 2022 /PRNewswire/ — Lev, the digital commercial real estate transaction (CRE) platform, today announced $170 million in new funding. The company has closed a $70 million Series B funding round led by Parker89 and Cross River Digital Ventures with participation from NFX, Canaan, JLL Spark, Animo Ventures, Capital One Ventures, Citi Ventures and Citi SPRINT, StepStone Group and Blitzscaling Ventures. Additionally, Lev secured $100 million in debt financing from Cross River’s Strategic Direct Lending Group. The new round brings Lev’s total funding to over $200 million.
Lev transforms the CRE industry’s notoriously manual lending process into a beautiful digital experience. Its technology offers loan seekers instant access to personalized financing, based on their specific needs, from leading financial institutions. To date, Lev closes CRE loans up to three times faster than existing methods, which take over 100 days.
“Commercial real estate is one of the biggest industries on the planet and has kind of completely withstood the fintech revolution that has taken over virtually every other industry over the past decade,” Yaakov Zar said. , CEO and co-founder of Lev. “We’ve been lucky to have the right team, to build the right products in a massive industry, and that’s what drives our continued growth. We are honored to have the world’s best investors, as well as leading financial, real estate and banking institutions helping us drive the development and adoption of our industry-defining technologies.
With its new funding, Lev will continue to enhance its product offerings, recruit top talent across all departments, and double down on research and development for its end-to-end market and lending experiences.
“Having witnessed the increasing digitalization of the residential mortgage lending process over the past few years, we believe commercial lending will undergo a similar evolution,” said Nate Levin, CEO of Parker89. “Yaakov and Lev’s team are leading this charge, and we couldn’t be more excited to partner with them as they continue to reinvent the process.”
Lev’s new funding comes amid a period of rapid growth. In 2021, the company closed nearly $1 billion in CRE mortgages, growing 10x year-over-year through its reinvented approach to CRE financing. Lev’s growth over the past year has placed it among the top 100 CRE loan originators in only its second year of existence.
“Yaakov and his team have introduced technology to disrupt the last bastion of traditional lending that is resisting the wave of innovation,” said Gilles Gade, Founder, President and CEO of Cross River. “We have worked closely with Lev since our initial investment and are confident that they will continue to revolutionize CREF’s value chain and the way borrowers and lenders interact.”
Lev is the digital commercial real estate finance platform providing fast and transparent access to capital from the world’s leading financial institutions. After closing $1 billion in CRE mortgages in 2021, Lev grew 10x year-over-year with its proprietary approach to CRE financing, including the industry’s only API. Founded in 2019, Lev has raised over $200 million in funding from Parker89, Cross River Digital Ventures, NFX, StepStone Group, Canaan Partners, JLL Spark, Animo Ventures, and Ludlow Ventures, among others. For more information, visit levcapital.com.
the original article can be found on PR Newswire.