Has anyone done business with LURIN?

Question

here is their website - https://www.lurin.com/

thanks in advance -

Seyi Fadamiro · Answer

Ditto.

I participated in 6 deals (between 2019 to 2023) with 2 now foreclosed (Fort Walton beach and The delmar). They're emails don't really suffice (watered down info) as they hide accountability and only seem to be prefer an aggressive approach (from scaling their operations too quickly to form an OpCo during the trough of the economic cycle) to now going after their lenders. Instead of focusing on their operational discipline to whether the storm (they let go of folks that had good client relations such an Allison Edger in 2023 during this ramp up ). My last investment with them was in 2023 once I saw the redflags becoming clear, but it was too late. Also, the hurricanes and the ensuing habitational insurance constraints didn't help, as they aggressively packed their deals in the most high risk areas such as panhandle FL. any chance on recovering the capital from the foreclosures? Would really like to see if there's any organized movement on the LP side to hold them more accountable and maximize funds recovery.

Would love to network to discuss more for those in the Houston area

Jeb Wilson · Answer

Yeah i would never invest with them again - they made bad decisions, and played chicken with their lender, losing it all - this after 3 years of value-add to the asset - why not just sell? Better than total loss!

Michael Turner · Answer

more bad news....

https://www.wfla.com/news/pinellas-county/imminent-threat-re...

https://www.fox4news.com/news/plano-orders-evacuation-evana-...

Michael W. McCord · Answer

I also invested in the Delmar deal and agree they got ahead of their skis. They did mention in their last update they are considering giving investors equity in another deal as compensation for losses incurred but I'm not holding my breath given the overall state of the company.

Kenneth Burke · Answer

I participated in 3 syndication deals total investment around $250K. Multiple capital calls, poor communication and recently notified that 2 of the 3 deals are being foreclosed on. Still have not received K1’s for 2024 or evaluations that were promised over a year ago

Jeb Wilson · Answer

I'm in the same situation, unfortunately. They had a massive $300m+ foreclosure action after failed capital calls and attempts at refinancing. If there are any other Lurin investors out there, please contact me!

Seyi Fadamiro · Answer

Same exact situation here. They bit off more than they can chew and has done a piss poor job of communicating to LPs

Chris Seveney · Answer

I did a quick check about the company and it passed the initial sniff test. As mentioned he is not out there selling programs or courses etc. Seems to be focused on his business. I have not invested with them but if I was interested in that type of product I would setup a call to learn more about them

Evan Polaski · Answer

@Michael Turner, I have not heard of them until now.

My quick and dirty due diligence, for what is worth:

Jon seems to have had a long and successful career on wall street.  He is not spamming people with his surface level knowledge e-books and creating passive income on linkedin.

His company seems legit.  He actually has open maintenance tech positions on his job board, etc.

Granted, this was my personal 90 second due diligence, but the initial sniff seems like they are a legit company doing real deals, and if I were actively looking for new syndication investments, it would prompt me to want to learn more.

Only thing that would keep me a bit skeptical on a call is their 2016 founding.  Not that I am opposed to this with a company that has founder with nearly 30 yrs of wall street experience, but I would want to hear their track record and how honest they are about it, primarily.

Jeff Pasmore · Answer

I am sorry to say - I have never used them ?

Has anyone done business with LURIN?

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