Kyle Altenau Featured in 40 Under 40 Annual Spotlight
What is your most notable project, deal or transaction?
Actually, it’s more than one deal that I feel is significant. I take pride in being able to have stepped in to offer quick alternative financing to the many borrowers who were left high and dry by banks during the beginning of the COVID-19 pandemic. Through Progress Direct, I provided bridge loans to these individuals, who through no fault of their own were at risk of losing their deposits and acquisitions.
How do you contribute to your company and/or the industry?
My background in Systems Engineering enables me to bring a different perspective than most to the table. The financial industry has only recently begun implementing such business techniques and much less so in the bridge lending aspect. For this reason, I feel my skills are valuable to the firm and serve as an advantage over other growing financial service companies.
Who or what has been the strongest influence in your career?
It’s too easy to just say “my boss” is the strongest influence in my career and anyone who knows my boss, understands what I mean…Kathy Anderson is not your typical boss! Aside from an astounding resume built up over the past 30 years, she leads by example with her tight grasp of underwriting, attention to detail and demand that things be done only at the highest level. And she manages to do it all by providing a positive working environment. Kathy Anderson is a business woman who has earned great recognition within this male-dominated industry – if that’s not a strong influence, then I don’t know what is.
What impact has social media / networking had on your career?
Social media platforms have not only made a great impact in expanding my networking reach, but it provides me with a better understanding of what potential clients are looking for based on their posts. For example, I found a potential borrower who posted about a project in process. I was able to quickly connect with him and suggest how my services through Progress Direct could add value to his business. This valuable tool enables me to make the right connections and effectively communicate our services, while furthering my career.
Tell us how and when you began your career in the profession you are in, about your current position and why you choose the field/profession you are in today?
I developed a passion for real estate investing and bridge lending when I started working for a small lending company. I had little experience, but was fortunate enough to be surrounded and learn from some great mentors. It wasn’t long before I began investing in my own projects. As soon as the opportunity to work at Progress Capital came around, I knew it was the step I needed to take in moving forward with my career. I haven’t looked back since.
What inspiring word of advice would you give to a young executive graduating from college today?
Be KIND and WORK HARD – That’s it! These are two principles I stand by and anyone is capable of performing them. There will always be challenges and speed bumps to overcome and in my own experience, these qualities helped me persevere. I feel that it will get you where you want to be in life in the best way possible.
Kyle’s experience in direct commercial lending and practice of lean process improvement allow him to streamline the entire borrowing experience from application to closing table. Thus, providing clients with an improved borrowing experience while leveraging his team’s full potential. Kyle works alongside capital partners to ensure that the best resources and solutions are available to our direct borrowers. Kyle graduated from Philadelphia University with a degree in Industrial and Systems Engineering.