10.23.20 – Caldwell Series 4552, LLC has paid off! You should expect to receive a final payoff check or direct deposit to your account within the next couple of business days. Click here for final payoff communication.
9.11.20– Property fell out of contract with previous buyer but is now back in contract with a new buyer. The anticipated close date is 10/12/20. Click here for complete property update.
8.10.20 – Proposed purchase offer approved by the investor majority to allow a 80% return of principal to investors. Click here for the Purchase Offer Proposal sent to investors.
6.2.20 – Purchase Offer previously approved 5/6/20 has fallen out of contract. Property is back on the market for sale.
5.6.20 – Proposed purchase offer approved by the investor majority to allow a 85% return of principal to investors. Click here for the Purchase Offer Proposal sent to investors for ballot determination on May 4, 2020.
2.20.20 – Property successfully taken back through foreclosure at the Trustee Sale on 2/20/2020.
2.3.20 – Borrower was unsuccessful in refinancing this loan as previously approved by the investor majority; however, the borrower is still expecting to pay the loan off before the Trustee Sale (foreclosure) date on February 20, 2020. Click here for full update communication on this loan.
11.22.19- Investor majority voted to approve Payoff Proposal to allow a 100% return of principal. Click here for proposal and ballot communication.
8.15.19 – Investor Majority approved to extend the forbearance until the end of December 2019.
8.9.19 – Borrower has requested to extend the forbearance until the end of December 2019. Click here to view ballot.
7.20.19 – The investor majority (51% of the loan balance) voted to approve the proposal as described in the communication dated July 17, 2019.
7.17.19 – Sent ballot vote to investors for payoff proposal to allow a 100% return of principal.
5.3.19 – Investor majority voted to approve cancelling the foreclosure scheduled for May to allow the borrower additional time to resolve the loan. Foreclosure may be reinitiated in 90-days (August 6, 2019) if the loan has not been resolved.
4.30.19 – Onsite visit conducted by Ignite Funding on April 30, 2019.
Borrower still in progress to refinance property.
Borrower has continued work on this property, at his expense, to bring the property to completion. Following is a list of just some of the work done in the last month:
- Water heaters have all been replaced with new units, venting and expansion tanks
- Faucets have been replaced
- Shower valves replaced
- Repaired and reinstalled washing machine drains and supply boxes
- Completed drywall, painting and shelving in all pantry’s
- Repainted ceilings and touched up all painting throughout property
- Replaced all exterior doors
- Replaced roof post
- Repaired and replaced damaged outlets throughout property
3.21.19 – Investor Majority Approved 45-day Forbearance
3.20.19– Borrower has requested a 45-day forbearance to postpone foreclosure. Click here to view ballot. Investor ballot due 3.22.19.
3.19.19 – Onsite visit conducted by Ignite Funding on March 19, 2019. Click here to view the video.
1.9.19 – Onsite visit conducted by Ignite Funding on January 9, 2019. Click here to view the video.
11.13.18 – The Notice of Default to initiate the foreclosure process has been filed and recorded in the state of Utah. Click here for a link to the filing. For additional information on the foreclosure process in the State of Utah, please visit https://www.foreclosure.com/statelaw_UT.html
10.30.18 -Onsite visit conducted by Ignite Funding on Oct. 30, 2018 found that Property is completely vacant. Sewer work looks to be completed but major rehab is still needed. Click here for photos.
10.23.18 – The investor majority (51% of the loan balance) voted to approve proceeding with foreclosure.
10.15.18 – The Borrower, Caldwell Investments, has not made their September interest payment that was due October 1, 2018. They have informed Ignite Funding that they are experiencing a cash flow issue which has resulted in their inability to pay the interest as due.
Although the borrower believes the cash flow issue is a short-term problem and they believe they will be able to rectify this default in a short amount of time, Ignite Funding considers any loan in default when the interest payment or other terms of the loan are not met as agreed. As such, Ignite Funding believes that the most prudent option at this time is to begin the foreclosure process by filing a Notice of Default on the property. Upon filing of the Notice of Default the Borrower has a minimum of 120 days in the State of Utah to cure the loan, by bringing the interest and fees current.
Ignite Funding will remain in communication with the Borrower to discuss all viable resolution strategies in an effort to bring the loan back to Good Standing as quickly as possible. Additionally, Ignite Funding’s President and Director of Underwriting will make a site visit to the property this week to determine the exact status of the property. Detailed information from the visit will be provided along with ballot results in the next communication to investors regarding this loan.
