11.25.19 – Property paid off by borrower.
11.14.19 – 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.
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 agreed to pass through rents less expenses ($7,500), beginning with April rents which are due by May 15th.
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 some minor exterior work is needed. Most of the units are rented but it looks like there are at least six that are vacant. Click here for photos.
10.24.18 – 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.