Question 1

Can I use a P&L I prepared myself?

Accepted Answer

No. Lenders require a licensed CPA to prepare and certify the statement. DIY or non-CPA bookkeeper statements won't qualify.

Question 2

How far back does my business need to operate?

Accepted Answer

Most lenders want two years in business minimum. Some accept one year if you have strong industry experience and solid profit margins.

Question 3

Do all lenders calculate P&L income the same way?

Accepted Answer

No. Some average two years of profit, others use trailing twelve months. Calculation methods vary significantly across lenders.

Question 4

What if my P&L shows a loss one year?

Accepted Answer

One loss year can work if offset by strong profit in other periods. Lenders typically average or look at trends rather than single snapshots.

Question 5

Can I use this for investment property in Concord?

Accepted Answer

Yes, but DSCR loans often work better for rentals since they qualify on property income. P&L loans shine for primary residence purchases.

P&L Statement Loans in Concord — Income Verification Built for Business Owners