Lender not factoring startup income because biz not 2 yrs old?!
I am looking to buy a property with a co-borrower and the main lender that we are working with is only counting my co-borrower's income and not mine for a reason that I don't see valid. I am going to be looking for other lenders, but in the meantime, I wanted to get the opinion of the bigger pockets community on if this is reasonable or not. I will give the full situation below:
A few friends and I started a business about a year and a half ago which is doing quite well for being in the middle of a pandemic. We just closed our seed round and have enough runway to last for about 2 years or so until we raise again. My coborrower has been working in the same industry for 2 years and has enough history to justify a loan. HOWEVER, apparently, because I have an ownership stake in my company, I need to have 2 years of payment history AT THE COMPANY, not including past work.
Why is this necessary? What if I just got hired at a startup without owning any of it? At least then my past work history would be valid? What gives? Thoughts? Questions?