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passive income

GGD Oakdale, LLC #4823 | Illinois – FUNDED

First position loan collateralized by a flex office building totaling 100,625 square feet in Peoria, Illinois (about 150 miles southwest of Chicago, IL). The property is currently 85% occupied to DHL Logistics and OSF Healthcare. DHL is a national credit tenant and OSF Healthcare is a large regional healthcare provider. Although 15% of the space is vacant, it is the suite with the best visibility so it should be easier to get leased. OSF Healthcare leases over 70% of the space and has been at this location since 2011 where they use the facility as a call center. With much of the routine doctor visits being conducted as virtual visits, it is anticipated the tenant will renew its lease when it expires in 2022. Even though Illinois is a bit outside of the typical geographic footprint of Ignite Funding, given the strong tenants and cash flow, we believe in the viability of this project. Loan Amount: $3,850,000 Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (Principal Balance < $100,000) Interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period. Term: Nine months with an optional nine-month extension at maturity.

By |December 11th, 2020|Funded Investments|0 Comments
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Lokal Registry Ridge Towns, LLC | Colorado – FUNDED

The collateral for this loan consists of 43 fully developed residential lots located in Fort Collins, CO (approximately 60 miles north of Denver, CO). These 43 lots are part of the original 74 lots the borrower acquired. Since acquisition in 2018, the borrower has sold 31 of the homes. Remaining from the original 74 lots are seven single family home lots and 36 townhome lots. Homes in the community have been selling for about $400,000 for the townhomes and $550,000 for the single-family homes. Given the current sales velocity of three units per month, the borrower anticipates selling out of the community in roughly 14 months. Loan Amount: $2,734,000 Yield: 10.5% (Principal Balance ≥ $100,000); 10% (Principal Balance < $100,000) Interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period. Term: 9 months with an optional 9-month extension period at maturity.

By |November 19th, 2020|Funded Investments|0 Comments
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GGD Oakdale, LLC #4815 | WISCONSIN – FUNDED

First Trust Deed collateralized by an approximately 30,000 square foot single tenant commercial building occupied by Best Buy in Kohler, WI (about 50 miles north of Milwaukee, WI). Since the property was originally built in 2006, Best Buy has been the only tenant. Given the initial lease term is set to expire in 2023, our borrower was able to acquire the site via an online auction at a steep discount to intrinsic value. The seller, an affiliate of US Bank, took the property back via foreclosure of their $5,225,000 deed of trust. After the property was originally appraised for $6,600,000, the original owner made their monthly payments to the bank until 2017 at which point it went into a default status. As it currently stands, the Best Buy continues to pay over $30,000 per month in rent and is responsible for the building maintenance, property taxes, and insurance. Our borrower has already begun discussions with Best Buy to sign a new, long term lease. Once this is accomplished, he would then sell the property via more traditional avenues. Loan Amount: $2,450,000 Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (Principal Balance < $100,000) Interest is paid monthly in arrears with payments

By |November 10th, 2020|Funded Investments|0 Comments
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Delta Quad Holdings, LLC #4812 | Missouri – FUNDED

The collateral for this loan is a 1.92-acre site that has a 21 story, 371,454 square foot building on it. Located in the heart of Kansas City, Missouri, the building which was originally constructed in 1921 as the headquarters of one of the twelve regional Federal Reserve Banks but has been vacant since 2008 when the bank moved to new offices. Since acquiring the property, the borrower has worked within the guidelines established for rehabilitating historic buildings. By working within the guidelines, there are some federal tax credits that the borrower will be able to obtain. Additionally, they have continued to work on the asbestos remediation on the property which is anticipated to be completed in a few months. According to the borrower, over $37,000,000 has been spent on the project to date. Loan Amount: $6,500,000 Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (Principal Balance < $100,000) Interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period. Term: Nine months with an optional nine-month extension at maturity.

By |November 2nd, 2020|Funded Investments|0 Comments
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Sequoia Homes, LLC #4810 | Nevada – FUNDED

The collateral for this loan is an .98-acre lot located in the Northwestern part of Las Vegas (approximately 18 miles northwest of downtown Las Vegas, NV). Since acquiring the property in July of this year, they have worked with the city and county to allow for the construction of a home on the site. The building plans call for a 4,139 square foot home to be constructed. The home will consist of four bedrooms and four and a half bathrooms. The square footage does not include the four-car attached garage. Although the property is not presold, the borrower will engage a brokerage company to market the property for sale once the construction begins. Loan Amount: $680,000 Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (Principal Balance < $100,000) Interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period. Term: Nine months with an optional nine-month extension at maturity. Value: $1,240,000 based on a BPO done by Mosaic Commercial Advisors on 10/29/2020. LTV: 55% based off the BPO shown above.

By |October 30th, 2020|Funded Investments|0 Comments
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North Pass, LLC #4801 | NEVADA – FUNDED

First Trust Deed collateralized by 4.72-acres of land that is currently zoned Neighborhood Commercial. Located approximately 15 miles southeast of downtown Las Vegas and very near the prestigious master plan community of McDonald Highlands in Henderson, Nevada, the site sits across the street from the “Pass at Black Rock”. The Pass at Black Rock is the brainchild of the borrower who is currently working with the city to approve this mountain bike park. Directly south of the site is a 122-lot community that the borrower has worked through since late 2017. In addition to the collateral shown above, the borrower is working with the City of Henderson on a land swap that will add six finished lots to the collateral once completed (summer 2021). Loan Amount: $2,250,000 Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (Principal Balance < $100,000) Interest is paid monthly in arrears with payments due on the 1 st of each month with a 10-day grace period. Term: 6 months with one optional 6-month extension period at maturity.

By |October 20th, 2020|Funded Investments|0 Comments
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Village at St Rose, LLC #4800 | NEVADA – FUNDED

First Trust Deed collateralized by a 12.5-acre parcel of land approximately 13 miles south of downtown Las Vegas, NV. Since acquiring the property in late 2018, the borrower has continued to work with local city and county officials to get the property zoned for its intended use. Now that the property zoning of “mixed use” is in place, they have continued to work with officials to get the tentative map approved for a 300,000 square-foot development that will feature a mix of retail, office and medical space. Although leasing is ongoing, the borrower is in advanced negotiations with the anchor tenant, a major, national health care provider, which intends to occupy over 50% of the space. In addition to refinancing the existing acquisition loan, money will be used for the continued development of the project in preparation for the construction of the mixed-use building. Loan Amount: $12,500,000 Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (Principal Balance < $100,000) Interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period. Term: 9 months with an optional nine-month extension period at maturity

By |October 8th, 2020|Funded Investments|0 Comments
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Yuma Care, LLC #4799 | ARIZONA – FUNDED

First Trust Deed collateralized by a parcel of soon to be commercially zoned land approximately 170 miles east of San Diego, CA and 180 miles west of Phoenix, AZ. Once the borrower acquires the site, they will continue to work with the local municipalities to get the property entitled to allow the construction of a geriatric behavioral health facility. This will be the borrowers fifth such facility since 2011 with plans on doing two more each year. Once completed, the property will consist of 16,800 square feet facility with 24 beds. The total project costs are anticipated to be nearly $9,000,000 once construction starts in the first quarter of 2021. Additionally, Ignite was able to review the recently completed appraisal that shows the stabilized value of the project to be nearly $15,000,000. Loan Amount: $1,050,000 Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (Principal Balance < $100,000) Interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period. Term: 9 months with two optional nine-month extension period at maturity.

By |September 29th, 2020|Funded Investments|0 Comments
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GGD Oakdale, LLC #4797 | NEVADA – FUNDED

First Trust Deed collateralized by an approximately 62,000 square foot former BevMo! building which is part of the larger Still Water Plaza in Fallon, NV (about 61 miles east of Reno, NV). Although the property is currently vacant, the borrower has a lease ready to be signed with Harbor Freight to occupy 16,310 square feet. Once this new tenant is signed up (shortly after acquiring the property), the borrower will be left with 46,425 square feet of vacancy. There is new leasing broker working on filling the remaining space and they have had preliminary discussions with a grocery store, a Christian bookstore, and two smaller tenants. Other tenants in the plaza include Burger King, Wells Fargo Bank, Pizza Factory, Enterprise Rent-A-Car, Verizon Wireless, GameStop, and Jiffy Lube. Although these other tenants are not part of the collateral of the loan, they are all within the same shopping complex. The other space in the shopping plaza (which is owned by a different owner), have not had much of an issue with staying occupied unlike the building that the borrower is acquiring which has sat vacant for a few years. The prior ownership group was unrealistic in their rental rate expectations and

By |September 23rd, 2020|Funded Investments|0 Comments
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Midway Heritage Development, LLC #4796 | UTAH – FUNDED

First Trust Deed collateralized by roughly 24.9 acres of farmland which will eventually be developed into at least 160 townhome and cottage sized lots as well as a few commercial pads. This is the next phase of the successful Whitaker Farms project the borrower recently completed. Although the tentative map has not been approved, part of the site is already zoned to allow higher density townhomes. Over the next year, the borrower will work with the city to get a masterplan approved for the entire site that will eventually turn into a phased development. As of today, it is not anticipated for the development work to begin until June of 2021. Additionally, the borrower already has over 20 reservations for the townhomes and two of the commercial pads even though homes won’t be finished for at least 18 months. Loan Amount: $11,900,000 Yield: 10.50% (Principal Balance ≥ $100,000); 10.00% (Principal Balance < $100,000) Interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period. Term: 9 months with one optional 9-month extension period at maturity. Looking for an updated? Take a look at this video taken in January 2023: https://vimeo.com/786705835

By |August 27th, 2020|Funded Investments|0 Comments
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Ignite Funding, LLC | 6700 Via Austi Parkway, Suite 300, Las Vegas, NV 89119 | P 702.739.9053 | T 877.739.9094 | F 702.922.6700 | NVMBL #311 | AZ CMB-0932150 | | Money invested through a mortgage broker is not guaranteed to earn any interest and is not insured. Prior to investing, investors must be provided applicable disclosure documents.
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