Question 1

Can I use both bank statements and a P&L together?

Accepted Answer

Some lenders allow both. It depends on the program. We can shop across 200+ wholesale lenders to find who allows it.

Question 2

Do both loans require a CPA?

Accepted Answer

P&L Loans require a CPA-prepared statement. Bank Statement Loans do not — just 12 to 24 months of your actual bank records.

Question 3

Which loan has stricter credit requirements?

Accepted Answer

Both are non-QM and have flexible credit guidelines. Exact minimums vary by lender and borrower profile.

Question 4

What down payment do these loans typically require?

Accepted Answer

Non-QM loans generally require more down than conventional. Requirements vary by lender, loan size, and your credit profile.

Question 5

Which loan closes faster in Berkeley?

Accepted Answer

Bank Statement Loans often move faster — no CPA coordination needed. P&L Loans add a step if your accountant isn't ready.

Question 6

Are these loans available for Berkeley multifamily properties?

Accepted Answer

Yes, both non-QM programs can apply to 1-4 unit properties. Eligibility depends on the lender and property type.

Bank Statement vs P&L Loans: Which Fits Berkeley's Self-Employed?