10.27.22- TBH Series 4535 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.
9.12.22 – Property is under contract to be sold and is anticipated in close in November 2022.
9.2.22- Buyer has completed the work on this home and the home is listed for sale. Click here to view the listing.
The property is not currently under contract. Once the property is under contract and the sale is finalized, we anticipate a final payoff on the property.
As you may recall, the buyer agreed to pay a 1% per month extension fee beginning April 1, 2022 through December 31, 2022 for each month that the loan remains outstanding. The additional 1% will be added to the final sale price of the property and distributed pro-rata to investors upon the final payoff.
5.26.22 – Buyer is in the process of completing the final work on this property at which point it will be listed for sale. We anticipate a final payoff by the end of Summer 2022.
12.29.21 – Click here for property valuation update.
6.11.21 – Property went back under contract as previously approved by the investor majority on 8.13.2020. The first part of the two-part sale closed and proceeds will be distributed to the investors within the next few business days. The second and final part of the sale is anticipated to close in the first quarter of 2022.
5.5.21 – Property has fallen out of contract and has been relisted on the market for sale.
2.5.21 – Property is under contract to be sold with an anticipated close by end of March 2021.
10.13.20 – Property has fallen out of contract and has been relisted on the market for sale.
8.14.20 – The investor majority (51% of the loan balance) voted to approve the purchase proposal as described in the communication from 8.13.20.
8.13.20 – Click here for purchase proposal sent to investors for ballot consideration.
1.28.20 – The previous purchase offer on the property fell out of contract and the property has been relisted on the market for sale. Click here for complete property update.
9.5.19 – Remaining interest reserve and construction control funds distributed to investors as a return of principal.
8.22.19 – The investor majority voted to accept a purchase offer that would allow for a return of principal of approximately 69%. 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 $200,000, based on current market conditions. The resulting loss to investors is anticipated to be approximately 65% 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 that 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.
