8.16.19 – TBH Series 4491 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 legal claim update.
6.7.19 – A sale communication and ballot were sent you on June 5th regarding TBH Series 4491, LLC in error. The communication included information related to the sale of a dirt lot and your investment has a partial completed structure. The communication did however include information related to the status of the deficiency claim and fraud lawsuit as intended to be sent to each client.
As it relates to an update regarding the property it is currently be marketed for sale and there have been no offers as of today.
We apologize for any confusion this may have caused.
6.5.19- Update sent on legal claims status and current purchase offer with investor option ballot. Click here to view.
4.12.19 – The investor majority voted to pursue a Fraud Deficiency Claim against the borrower. Click here to view ballot results and property update letter that was sent to investors.
4.01.19 – 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 – Ballot Results: Investor Approval to Sell “as is.” Click here to view.
2.26.19 – Update sent on current estimated value and investor option ballot. Click here to view.
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 default properties in Utah. Click here for photo.
1.11.19 – 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.
1.11.19 – 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.
10.30.18 – Onsite visit conducted by Ignite Funding found that construction stopped at the conclusion of framing. Click here for photo.
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.
9.10.18 – The investor majority (51% of the loan balance) voted to approve proceeding with foreclosure.
8.29.18 – 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.
