What to do when mortgage broker vanishes 25 days from closing?

[David Fernandez]

Hi all,

I have two properties under contract to close on June 30. They are 2 small multifamily buildings (6 and 7 units) in a different city and state (Baltimore, MD) than where we currently live and have experience investing. I already own another property there and I have been assembling a team up there to help us expand into this market.

We have strong W-2 income, excellent credit (>800), and capital to put 20-25% down; thus I was able to vet different lenders and mortgage brokers and get good financing options. We wanted to go with a lender that we liked, had great referrals, and we know he delivers, but he happened to be switching banks as we got the contract signed and he couldn't work on our deal for about month, so we decided to go with a mortgage broker that I vetted him well (I thought). 

We are 25 days from closing and this guy has vanished. He doesn't return emails, phone calls, or texts. We didn't pay him anything in advance, this is not our worry. Our main concern is that we may lose an amazing deal if we can't close by June 30th. 

The lender we originally wanted to work will start working on our file tomorrow, but he wont be able to process the loan until end of July/early August. 

Tomorrow, we are going to call the seller and request a closing extension, we may even offer to put non-refundable EOM. Hopefully, he will agree to it and the problem will be solved.

However, if he says "NO", what are our options? We can come up with ~$250k, but we will be about $500k short. I already asked a few friends and family, but I am not sure if we will be able to raise that amount in such short period of time. 

Do you know any lender that can process a loan within 25 days? Or do you know any lender that can offer a short-term loan for this situation? We know we will be getting a loan in no more than 60 days. 

Thank you!