11.13.2023 – Foreclosure of the property was completed on November 2, 2023, on behalf of the first lien position loan, which eliminated your principal investment on this property.  The loss will be reflected on investor’s November statement.  Click here for the final update sent to investors.  To view a copy of the Trustee’s Deed Upon Sale click here.

10.10.2023 – Foreclosure sale date is scheduled for October 20, 2023.

8.30.2023 – Foreclosure is on hold as Ignite Funding continues to work with the borrower to identify a resolution that will avoid foreclosure of the asset and a complete loss of principal to investors on this loan, as a result.  Click here for the complete update sent to investors

6.26.2023 – Foreclosure sale date has been delayed until July 27, 2023.

6.8.2023 – Foreclosure sale date has been delayed until June 21, 2023.

5.22.2023 – Ignite Funding postponed the foreclosure sale scheduled for 5/22/23 to explore the viability of a purchase offer on the property. The new foreclosure date is anticipated to be June 6, 2023, if the sale cannot be completed before foreclosure is necessary.

5.12.2023 – The buy-out option presented for investor ballot did not achieve the required investor participation level to move forward. Only 66% of the investors on the loan responded to the ballot. Of respondents 26% voted to participate in the buy-out option and 74% voted not to participate. In order to pursue a buy-out all investors would have needed to participate and complete a capital call.

5.9.2023 – Click here for the update and buy-out option presented to investors for ballot vote.  Signed ballot responses are due no later than Friday, May 12, 2023.

2.21.2023 – A Notice of Default has been filed on this property on behalf of the investors on Loan 5078, which is in first lien position.  Click here for the complete update on your investment in Loan 5247 and what this Notice of Default filing may mean for your investment on this property.  In addition, to view a video of Ignite Funding’s recent visit to the property you may click here.

11.17.2022 – Investor majority approved foreclosure ballot proposal dated November 15, 2022.  Click here for the proposal and ballot communication sent to investors 11/15/22.

Original Loan Details