3.21.24 – Ignite Funding has identified an interested buyer for this property. Although the property is not under contract with the buyer at this time, they are working on behalf of Ignite Funding investors to obtain final map approval from the city and are procuring the fill dirt for the site, which we believe is a strong indicator of the buyer’s intent to ultimately purchase this property. The mapping process is expected to take approximately three months to complete. Once the mapping is approved, it is anticipated that the interested buyer would execute a formal contact to purchase the property.
1.17.2024 – Ignite Funding continues to work with the existing engineer on this property to obtain final map approval. Fill dirt has been brought and added to the site, which was required to move forward. The property is expected to be listed on the market with an outside broker within the next few weeks. Ignite Funding, on behalf of investors, has filed a lawsuit against the previous borrower and the voucher control company and is seeking an accounting of funds released to the borrower as it appears virtually none of the development work was completed in accordance with the release of funds from construction control.
11.13.2023 – The property continues to be marketed for sale. There are no pending offers at this time.
8.29.2023 – Property successfully taken back through foreclosure at the Trustee Sale on August 15, 2023. Click here for a copy of the Trustee’s Deed of Sale recording. The property is currently being marketed for sale.
7.20.2023 – Foreclosure date scheduled for August 10, 2023. No additional updates at this time.
6.8.2023 – Foreclosure date still anticipated to be July 25, 2023. No additional updates to report.
5.9.2023 – Foreclosure date still anticipated to be July 25, 2023. No additional updates to report.
04.07.2023 – Click here to view the Notice of Default filing recorded for this property. The Trustee Sale (foreclosure) date is anticipated to be July 25, 2023. If there are any updates between now and the foreclosure date, they will be posted here.
2.15.2023 – Borrower made a partial payment toward the interest payment for December which was due January 1, 2023. The associated late fees and remaining interest due will be added to the final payoff amount. The Notice of Default filing is in progress.
1.10.2023 – Borrower made the interest payment due for November which was processed out to investors.
12.21.2022 – Investor majority approved foreclosure ballot proposal dated December 15, 2022. Click here for the proposal and ballot communication sent to investors 12/15/22.
