Loan Closing Week Drama

“National Senior Center” Month

We were hoping to begin our business in September as that is “National Senior Center” month. As that deadline was sure to be missed we realized there will be another September in 2015. We have got a huge line-up of programming.

When we finally received word our closing would be December 5, our excitement was uncontainable.

Drama 1: Our most excellent Senior Loan Closer moved from Schaumburg to Florida Thanksgiving week. More documents were needed. Would we close?

Drama 2: Tuesday of closing week we received word the IRS transcripts for Sales Kitchen’s 2013 tax return contained all zeros. This was not good. We took a trip up to the IRS facility in Downers Grove and waited on line. We were called to an office, in a federal building, and now there is a federal agent, with a gun, between me and the exit. I’m Doomed. I informed the agent we filed form 1020S. He said we were not an S-corp. I assured him we were an S-corp. He disagreed, informing me we need to file form 2553 to be an S-corp, and there was no record of such form. Fortunately, the one book I bought was titled “Minute Book of Sales Kitchen, Inc.”

I am starting to sweat. I have no idea what form 2553 is or why he doesn’t see it. Some one at the bank thinks I’ve falsified documents because why would the transcript come back all zeroes? Also, there is a dude with a gun between me and the door. I open the book and find the Government filings section. Slowly tuning each page until page 10: form 2553. The book was on the agent’s desk and he was watching. I asked, “Is this the form you were looking for?” He nodded. “It looks like I filed this form on February 12, 2013.” He replied, “That is a very good book.” He continued probing through his monitor, made several keystrokes and informed me he had made a terrible mistake. Moments later I left that place with three copies of the transcript. I think the Loan Closer was even more excited when I informed her I had the transcript.

Drama 3: Friday, December 5, 8am: The closing is scheduled for 10:30am. We have yet to hear, “Clear to close.” This is not good. We talked with our lawyer and he found out one of the bank VP’s had a “family emergency” and we were running late. The lawyer said that was probably fiction and the bank needed more time. At 9:15 we headed north for the 35 minute drive to the bank. Our lawyer decided to stay in his office. We get to the bank and met up with our loan originator. He showed us the text he got from the VP describing the family emergency. We wait.

And wait.

It’s 11:00 and we find out the title company officer can only wait until 12:15 before she has another closing. We get the “Clear to Close.” We write the checks to the bank for our equity infusion. We head over to the title company to start signing closing documents.

Drama 4:

We get word at the title company their afternoon appointment was cancelled (probably due to a family emergency) At 11:40 our lawyer calls to tell us he has read through the documents and has found six issues. We handled all of them quickly.

Loan closed at 2:15. Wow.  Ok, so all our big plans for “National Senior Center” month will have to wait, but at least things are moving along nicely.  

Drama last: the bank requested wiring instructions to deposit the initial working capital funds into our bank. At 5:15 there was no money. The Loan Closer sent me the wiring instructions document. It appears the last digit of our account number was missing. Adjustments were made and the money was deposited Tuesday, December 9. Woo-Hoo

Watch this space for our upcoming article: “Construction Drama.”

Mission Statement

Naperville Senior Center is dedicated to providing quality care and day service to older adults, including those with special needs and disabilities. We aspire to improve the functional skills of every Member to promote personal independence and overall well-being.

We’ll be opening in early February, 2015. Contact us now to ensure you will be a Charter Member of this exciting new facility.

Addendum

As mentioned earlier, September is National Senior Center” month and 2015 didn’t disappoint.  We had a great first year and things are in full swing. The dreadful loan closing week is now just a comical memory