Question 1

Who prepares the P&L statement?

Accepted Answer

Your CPA must prepare and sign it. Lenders won't accept self-prepared P&Ls.

Question 2

Can I use a P&L loan in Albany if I just started my business?

Accepted Answer

Most lenders require 2 years of self-employment history. One year minimum is possible with strong compensating factors.

Question 3

How is my income calculated from the P&L?

Accepted Answer

Lenders typically use your net profit from the statement. Some apply an expense factor to gross revenue instead.

Question 4

Are P&L loan rates higher than conventional rates?

Accepted Answer

Yes. Non-QM products carry a rate premium. Rates vary by borrower profile and market conditions.

Question 5

Can I use a P&L loan to buy in Albany with less than 20% down?

Accepted Answer

Some lenders allow 10% down on P&L loans. Expect higher rates and stricter reserve requirements at lower down payments.

Question 6

Does SRK CAPITAL offer P&L loans in Alameda County?

Accepted Answer

Yes. We shop P&L programs across our wholesale network to find the best fit for your income and purchase price.

P&L Loans for Self-Employed Buyers in Albany, CA