This weekend was rough. After a week in suspense over what the sellers of our house will and won't fix on our post-inspection requests, I got a call on Saturday from the lender to tell me that I was no longer approved for the loan he approved me for a month and a half ago. Good For Ewe reported a loss last year- that's just what happens when you start a company halfway through the year with a ton of overhead- you don't break even. And although they won't consider any income from Good For Ewe to be valid income for the mortgage, they will consider last year's loss to be a good enough reason to stop everything. But they had to wait until after the sellers cashed the earnest check, I paid for 2 inspections (ouch!) and the sellers had started repairing what we requested to tell me they had changed their minds on the loan. Less than 2 weeks from the closing date. Thanks, Huntington. I'll be moving my 3 accounts to another bank within the next week.
Furious does not begin to cover what I'm feeling.
I knew that starting my own business would be slow and frustrating, but I wasn't prepared to put my life on hold for 3-5 years. (I need 2 years of tax returns not showing a loss before I can be considered for a mortgage, and it will be a while before I make up for all that overhead- especially since any "profit" is reinvested into new colors and going to trade shows.) I also haven't really been paying myself much from Good For Ewe because I haven't had to. I had savings, I sold cupcake hats and then I started working at the nursery. So what was best for the company is bad for my mortgage. There are days that I love owning a yarn company and everything is all butterflies and rainbows, but right now I'm regretting every decision I've made for the past 4 years. Not a great time.
I'm meeting with yet another lender tomorrow that specializes mortgages for small business owners and people with inconsistent incomes. I really hopes this works out- otherwise I've blown months of savings on a house I can't buy. Once again, thanks Huntington.
And something that makes me smile- Party Girl in her ogre hat and pumpkin sweater.