Question 1

Can I use a P&L my bookkeeper prepared?

Accepted Answer

No, lenders require a licensed CPA signature. Bookkeeper-prepared statements don't meet underwriting standards even if numbers are identical.

Question 2

Do I need to show profit every month?

Accepted Answer

No, but you need net positive income over the statement period. Seasonal businesses work fine if annual numbers support debt ratios.

Question 3

What if my business is only 18 months old?

Accepted Answer

Most lenders require 24 months minimum. A few accept 12-18 months with higher down payments and reserves, but options narrow significantly.

Question 4

How do lenders verify my CPA is legitimate?

Accepted Answer

They check state licensing boards and may contact your CPA directly. Using the same CPA who prepares your tax returns strengthens credibility.

Question 5

Can I combine P&L income with W-2 income?

Accepted Answer

Yes, if you have both. Many Lafayette borrowers own businesses while drawing W-2 salaries, which improves debt-to-income ratios substantially.

Profit & Loss Statement Loans in Lafayette: Finance Without Tax Returns