Question 1

Who prepares the P&L statement for this loan?

Accepted Answer

A licensed CPA must prepare and sign it. A bookkeeper or self-prepared statement won't be accepted.

Question 2

Can I use one year of P&L instead of two?

Accepted Answer

Some lenders accept 12 months. Others require 24. Twelve-month options usually come with stricter credit or down payment requirements.

Question 3

Do P&L loans have higher rates than conventional?

Accepted Answer

Yes. Non-QM products carry higher rates than conventional loans. Rates vary by borrower profile and market conditions.

Question 4

What if my business had a loss year?

Accepted Answer

A loss year on your P&L will likely disqualify you. Lenders need to see consistent profitability across the statement period.

Question 5

Can I use a P&L loan to buy investment property in Brawley?

Accepted Answer

Yes. Many non-QM lenders allow P&L qualification on investment properties. Expect a larger down payment requirement.

P&L Loans for Self-Employed Buyers in Brawley