Question 1

How recent does my P&L statement need to be?

Accepted Answer

Most lenders want statements no older than 90 days at closing. Your CPA prepares them specifically for the loan application, not from old tax filings.

Question 2

Can I use my bookkeeper instead of a CPA?

Accepted Answer

No. Lenders require a licensed CPA or certified public accountant to prepare and sign the P&L. Bookkeepers don't meet underwriting standards.

Question 3

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

Accepted Answer

Lenders average income over 12-24 months. One down month won't kill the deal if overall profit is consistent and trending positive.

Question 4

Do I still need to provide tax returns?

Accepted Answer

Some lenders want to see returns to verify you file taxes. Others only require the P&L and business verification documents.

Question 5

How long does P&L loan approval take in Pinole?

Accepted Answer

Figure 3-4 weeks once you have CPA statements ready. The underwriting takes longer than conventional because lenders actually analyze your business financials.

Profit & Loss Statement Loans in Pinole — Income Verification for Self-Employed Borrowers