Question 1

Can I use personal bank statements instead of business?

Accepted Answer

Yes, many lenders accept personal statements. Some require business accounts depending on the program.

Question 2

Does the P&L have to be CPA-prepared?

Accepted Answer

Yes. Most lenders require a licensed CPA or tax professional to prepare and sign the statement. Self-prepared P&Ls are not accepted.

Question 3

Which loan has a higher interest rate?

Accepted Answer

Both carry higher rates than conventional loans. P&L loans sometimes price slightly higher. Rates vary by borrower profile and market conditions.

Question 4

How many months of bank statements do I need?

Accepted Answer

Most lenders want 12 months minimum. Some programs require 24 months for a stronger income calculation.

Question 5

Can I qualify with both options and pick the better one?

Accepted Answer

Absolutely. We run both scenarios when it helps. The qualifying income can differ significantly between the two methods.

Question 6

Do these loans work for Ferndale property types?

Accepted Answer

Yes, both work for single-family and multi-unit properties. Rural property types may require additional appraisal review.

Bank Statement vs P&L Loans: Which Fits Your Ferndale Business?