2.12.19 – Loan 4516, LF Evans Square, LLC has paid off! All remaining principal has been paid off. Investors will receive 100% return of principal via a final payoff check or direct deposit to your account within the next couple of business days. If you have any questions please contact your Investment Agent.
01.17.19 – Under contract to be sold with 100% principal return to investors within Q1, 2019
01.11.19 – An informational video was created by the Director of Underwriting, Pat Vassar and President, Carrie Cook that explains how a Trust Deed sale is conducted in the state of Utah. You can view that video here.
01.11.19 – Property successfully taken back through foreclosure at the Trustee Sale on 1/9/19.
11.15.18 – Default Update portal launched. Foreclosure proceedings continue with an anticipated completion date in early January 2019.
9.12.18 – 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
Additional correspondence will be sent if there is any action taken by either the borrower or the lender (Ignite Funding on behalf of the investors) during the foreclosure process, and once the property is taken back as real estate owned and ownership is transferred to the investors.
8.27.18 – The investor majority (51% of the loan balance) voted to approve proceeding with foreclosure.
8.20.18 – The Borrower, Tailor Built Homes, has not made their July interest payments which were due August 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. As such the Borrower is now considered to be in default on their loans with Ignite Funding.
Ignite Funding will remain in communication with the Borrower to discuss all viable resolution strategies during this default; however, our top priority is to protect your investment. Therefore, the most viable option is to begin the foreclosure process by filing a Notice of Default on the property. Upon the 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 interest and fees current. During this time Ignite Funding will continue to communicate with the Borrower to explore all viable resolutions.
8.23.18 – Onsite visit conducted by Ignite Funding on Aug. 23, 2018 found that development work has been completed, project is ready to go vertical. Click here for photos.