Getting a loan after less profit year over year

[Conor Olstad]

I am looking to get my first rental property. I own a house and rent to 3 friends - an electrician, a plumber, and a carpenter. I want to invest in a local foreclosure, fix it up, and rent it out. I am self employed and work at Apple part-time for the healthcare benefits. When speaking with a loan officer I was told that since my business is going to report less profit this year than it did last year, I will not be able to get a loan until the recent rules (due to COVID) are lifted. The part that sucks is my gross increased this year, but my net decreased because I hired someone and have invested in more equipment. 

Am I out of luck? What other avenues can I pursue to get a loan?