Ignite Funding provides investors with all pertinent information as it relates to the default status of each loan, as updates are available.
Below you can click on each individual loan to see the most recent updates. It is important to remember that not all updates will contain video or pictures of the current state of the property.
Current Defaults
Default Process
Our top priority is protecting our investors principal investment. We take great pride in the assets we underwrite and offer as investments. We also recognize the risk of the investment and the trust our investors place in us when a borrower goes into default.
Ignite Funding stands by its investors throughout the entire investment process and when a default occurs, we move quickly to protect the investment and our investors capital.
Ignite Funding takes the following steps on behalf of investors:
STEP ONE: Ignite Funding may (at its discretion) pay the costs to take back a property, to be repaid upon the sale of the property.
When a loan goes into default the first thing Ignite Funding does is begin communication with the borrower to identify the problem, discuss all possible resolution strategies and determine the next course of action. Once Ignite has assessed the situation with the borrower, communication is sent to the investor’s with all the pertinent information and in most cases, investors are presented with ballot options to decide next action. Investor majority (51% of the loan balance) vote is required to take any action on a loan when it has gone into default status.
STEP TWO: Internal and external property marketing.
If the investor majority determines that a Notice of Default should be filed and the property is taken back through a foreclosure, the below steps are taken on behalf of investors.
STEP THREE: Negotiate property sale price and/or joint venture agreements.
STEP FOUR: Keep investors informed through property updates and proposal communications.
STEP FIVE: Ignite Funding may (at its discretion) pay the carrying costs on the property, to be repaid upon the sale of the property.
Need Assistance?
Compliance Department: 702.921.5148
Underwriting Department: 702.736.5475
