need funds to close on or before september 10th on rental unit

[Kimberly Vallance]

I have a house under contract. I am trying to get a loan...current mortgage broker says 40 days to close. Seller is refusing to go through unless we can close by September 10th. I really like the house for a rental. it's in one of the best school districts in the state. I've got a good inspection on the house coupled with an independent contractor walk-thru and estimate of costs. I've got a $10k pad in my budget. The numbers indicate I'd have about $500 in monthly cash flow based on a conventional mortgage. I am closing on a rental i am selling on 8/25 and planned to 1031 the proceeds into this rental. the qualified intermediary is in place and agents and title companies notified so all paperwork is in place.