Question 1

Can I apply for both and compare?

Accepted Answer

Yes. We run both scenarios across our lender network. You pick whichever qualifies you for a better rate or loan amount.

Question 2

Who prepares the P&L statement?

Accepted Answer

A licensed CPA must prepare and sign it. Self-prepared P&L statements are not accepted by lenders.

Question 3

How far back do bank statements need to go?

Accepted Answer

Most lenders require 12 months minimum. Some go 24 months for a stronger income average.

Question 4

Do these loans have higher rates than conventional?

Accepted Answer

Yes, non-QM loans typically carry higher rates than conventional. Rates vary by borrower profile and market conditions.

Question 5

Can I use personal bank statements for a business loan?

Accepted Answer

Yes, personal accounts work if business income flows through them. Lenders may apply an expense factor to deposits.

Bank Statement vs P&L Loans in Westmorland, CA