Updated over 1 year ago on . Most recent reply
Seeking Advice: Managing Tax Obligations and Property Down Payment
Hello everyone,
I find myself in a challenging financial situation and would greatly appreciate any guidance you can offer.
I have a pending income tax payment of approximately $200K for the year 2023, due by September 10.
Additionally, I am in the process of closing on a commercial property, which requires a $300K down payment by October 15.
If I settle the tax bill, I won’t have sufficient funds for the property down payment.
However, failing to pay the tax could result in a lien against my company, complicating the approval process for a mortgage and incurring an estimated $10K in penalties.
Obtaining a $200K loan to cover the tax appears to carry a similar risk of a lien, potentially jeopardizing my mortgage approval.
What would you advise in this situation? Are there any hard money lenders or alternative solutions that could help navigate this dilemma?
Thank you for your insights.