12.3.20 – TBH Series 4455 has paid off! You should expect to receive a final payoff check or direct deposit to your account within the next couple of business days. Click here for payoff communication.
10.6.20 – Property under contract to be sold. The anticipated Close of Escrow is November 11, 2020.
8.12.20 – Home has been staged and relisted on the market for sale. Click here for complete property update and pictures of the home.
6.22.20 – Property fell out of contract and is currently back on the market for sale.
1.28.20 – Property under contract to be sold. Click here for complete property update.
8.16.19 – Based on the findings and opinion from legal counsel all further legal action against the borrower will cease. Construction of the property has been completed and the property is being marketed for sale. Click here for complete property update and link to the market listing.
6.22.19 – Click here for additional property photos.
6.13.19 – Ignite Funding provided the necessary capital to complete the construction of the home in an effort to enhance the value of the property. Click here for photos taken during Ignite Funding’s most recent site visit. Click here for complete property update. Property update and onsite visit conducted by Ignite Funding.
6.5.19 – Due to bankruptcy filings by 2 of the 3 owners of Tailor Built Homes, court proceedings against the borrower will be split between state and federal court. Legal counsel for Ignite Funding investors will be conducting a Rule 2004 Examination for each owner of Tailor Built Homes. Click here for complete property update.
4.12.19 – The investor majority voted to pursue a Fraud Deficiency Claim against the borrower. Click here for complete property update.
4.5.19 – Click here for photos of the property taken during Ignite Funding’s most recent site visit.
4.1.19 – Investor ballot underway to determine if the investor majority wants to pursue a Fraud Deficiency Claim against the borrower. Ballots due 4/3/19
3.7.19 – Investor majority voted to approve selling the property “as is” with an estimated loss not greater than 35%, as proposed in the property update and ballot dated 2/26/19. Click here for the complete property update and ballot communication.
1.15.19 – On January 9, 2019 Pat Vassar (Director of Underwriting) and Carrie Cook (President) conducted a site visit on the Tailor Built Homes properties in default. Click here to view the video from the sites vists.
1.11.19 – An informational video created by Pat Vassar, Director of Underwriting, and Carrie Cook, President, to explain how a Trust Deed sale is conducted in the state of Utah. Click here to view that video.
1.9.19 – Property was successfully taken back through foreclosure at the Trustee Sale on 1/9/19.
11.15.18 – Default Update portal launched on the Ignite Funding website to allow investors to view all updates on this property in one location. Foreclosure proceedings continue on this property with an anticipated completion date in early January 2019.
10.30.18 – Onsite visit conducted by Ignite Funding determined that construction had halted on this property with the installation of the cabinetry. Click here for photos.
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
8.27.18 – Investor majority voted to approve proceeding with foreclosure action against the borrower on this property.
8.20.18 – The borrower, Tailor Built Homes, failed to make their July interest payments that were due August 1, 2018. The borrower has 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 continue to remain in communication with the borrower to discuss all viable resolution strategies during this default; however, our top priority is to protect investor’s principal. 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.
