7.28.2020 – TBH Series 4500 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.
1.28.20 – Buyer has obtained construction financing as intended to build homes on these lots and expects to complete the purchase of this property by the end of August 2020. Click here for complete property update.
10.25.19 – First part of investor approved two-part sale closed. Proceeds have been distributed to investors.
9.5.19 – Remaining interest reserve and construction control funds distributed to investors as a return of principal.
8.16.19 – Based on the findings and opinion from legal counsel all further legal action against the borrower will cease. Click here for complete property update.
6.12.19 – The investor majority voted to accept the purchase offer allowing the property to be sold in a two-phase takedown for a total purchase price of $260,000, which equates to a total principal return of approximately 66%. Click here for complete property update and ballot proposal dated June 5, 2019.
4.12.19 – The investor majority voted to pursue a Fraud Deficiency Claim against the borrower. The property continues to be listed on the market, but there are no offers at this time. Click here for complete update communication.
2.26.19 – Ignite Funding estimates that the current value of this property is $250,000, based on current market conditions. The resulting loss to investors is anticipated to be approximately 31% of the original investment amount. Click here for complete property update 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 default properties in Utah. Click here to view the video.
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.
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 the lot is still dirt and no construction has begun. 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 approved proceeding with foreclosure. The borrower, Tailor Built Homes, has not made their July interest payments that 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 filing 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.