Life Bridge Capital

I am currently invested in a deal with LBC and they are in the process of selling a deal for what seems to be a complete loss. Their communication to investors was only an automated Docusign about taxes in the local state. When you email their team including the investor relations email, two managing partners - no response for multiple weeks. Their website is also down now. I would give them a zero if I could.

How I thought these guys were anything but crooks is truly embarrassing. Whitney Sewall who is the head of Lifebridge actually hosted a syndication podcast. Maybe he should’ve focused more on the properties he was responsible for instead of hosting a podcast on something he knows nothing about. Can’t imagine this will be anything other than a complete loss. Looks like his legacy will end up being that he caused a ton of investors to lose a ton of money. He’ll never come back from this and no one will want anything to do with anything he has to do with going forward.

A few years ago I would've recommended this group, in fact I did. However when interest rates rose they had a lot of variable debt that wiped out multiple deals. I've lost more than $100k with this group from deals that were sold off with a total equity loss. And it appears that another deal might have the same outcome very soon. To add, one of the partners co-mingled funds between deals causing that partner to leave the company. Their one employee seems to no longer be working for them as emails to that inbox are rejected. I've emailed them asking when a K-1 will be sent for a deal that was a total loss but I can't get a response back. I've emailed their public email address and the remaining partner's email. I've tried calling but it goes straight to voicemail and says the inbox is full. At this point I honestly don't know what to think. If there was open communication at least I would be able to trust them somewhat. But when a sponsor goes completely dark, it's time to really worry and potentially seek legal counsel.

It's recently come to light that the GP partners have parted ways and that funds had been improperly allocated and co-mingled among projects... which is really bad! Until 6 months ago I would have told you that I thought things were going OK as the monthly reporting i received (I'm in multiple deals) did not indicate distress or impending issues. But since then they announced the partners split and the funding improprieties and ALSO that multiple projects are distress and they will sell them and likely outcome will be full loss of capital. So, in my mind I've fully written off one of my investments entirely. Looking back, clearly their investor reporting was pollyanish and just not credible.