New business owners can't attain a mortgage?

[Shawn Choi]

Hello,

For context on the situation,

1. Purchased an investment property in December 2019.

2. Took on ownership of an existing business in March 2020 (revenue/profit are both good).

3. Identified another property to purchase (not as an investment).

4. Was told I am unable to receive a new mortgage for about two years because I am considered "owner of a new business" (as of March 2020).

Are you familiar with this kind of issue of not being able to receive a new mortgage due to the status of a new business owner?

I understand that in the eyes of the underwriter, point #2 of taking ownership of an existing business is seen as starting a new business, and would be difficult to lend to an owner of an 11 months old business.

What are some ways to attain a mortgage without the two year waiting period, given the aforementioned facts?

Please share any experiences or ides, I'd greatly appreciate them.

Thank you for your help!!!