4.24.19 – Loan paid off as agreed by majority investor ballot vote
4.1.19 – The investor majority (51% of the loan balance) voted to approve the borrower’s Payoff Proposal which will allow a 102% return on principal investment
3.21.19 – Investor Majority Approved 45-day Forbearance
3.20.19– Borrower has requested a 45-day forbearance to postpone foreclosure. Investor ballot due 3.22.19. Click here to view the ballot.
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.
11.19.18 – 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
11.15.18 – The Borrower, Caldwell Investments, did not make their October interest payment that was due November 1, 2018. They went delinquent on 9 other loans with Ignite Funding last month and have been unable to bring those loans current. The borrower has informed Ignite Funding that they are experiencing a cash flow issue which has resulted in their inability to pay the interest due on their loans.
Although the borrower believes the cash flow issue is short-term in nature, Ignite Funding considers any loan to be in default when the interest payment or other terms of the loan are not met as agreed under the original terms of the loan. As such, Ignite believes that the most prudent option at this time is to begin the foreclosure process by filing the Notice of Default on the property. Upon filing 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. During this time Ignite Funding will remain in communication with the borrower to explore all viable resolution strategies, up to and including consideration of a Deed in Lieu or completing the foreclosure of the asset.
Additionally, Ignite’s President and Director of Underwriting recently made a visit to the property to determine the status of the property. To view photos from the visit please click here.