Closing Pushback Advice

[Ryan M.]

Hi Y'all, We are trying to close our third deal. It's a cabin near Asheville, NC. We were supposed to close tomorrow, but the lender called last minute and said our business tax return transcript came back rejected. After hours (HOURS) on the phone with the IRS, we discovered our accountant, who we fired months ago, neglected to ever actually file them. 

So. 

We filed them today but they say it takes 6 to 8 weeks to get a transcript back. Our lender says it could take less time, but I think they are trying to guard against us going with someone else. We had bought flights to fly back there and work on it, and have a hot tub coming and a game barn ordered and have renters already signed up blah blah blah. The short of it is, if I wait 6 to 8 weeks, I'm out probably at least 3-5k. We've asked about owner financing and that was a no go. 

Should I shop around to other lenders that might overlook the lack of transcript? (the personal one went through fine, just not the business one, income isn't an issue) Or do I suck it up and just eat the lost money?

For our market Christmas and New Years are huge money makers, so it would really pain me to close the first week of January.  

FWIW, we're getting near 30% coc return for our first deal, another nearby cabin. The second is in the middle of rehab. This one we are expecting 20-25%. The prices here are pretty good for the rents you can charge. 

I'd really appreciate any advice anyone has to give. 

[Andrew Postell]

@Ryan M. sorry to hear this. Your lender should have caught the IRS transcript issue a while back.  There is an option that you take your return to an IRS office, submit it to them there, have them stamp it received, and that will substitute for the tax transcripts.  The sticking point is that the bank could have an "overlay" concerning this, meaning, they may not allow it.  So do ask your loan rep right away if this is permitted with them.  I'll be hoping that  you aren't going through a large bank.