Actually yes....your first step would be to issue a notice to perform. If the buyer does not respond to that, then you have the option to cancel.
That said, I would like to add the lenders holding up sales is very common. Have you or your agent spoken with the lender to determine what is really going on? If it's something that is small and fixable, you would still sell your home faster (most likely) by waiting it out with this buyer than starting all over...where the same thing could happen.
Since the late close is not the fault of the buyer, I encourage you to investigate the loan situation just a bit before making the final decision.