Loading
Shafter sits in the heart of Kern County's agricultural and logistics corridor. A lot of business owners here don't fit the W-2 mold lenders default to.
P&L loans exist for exactly that reason. Your CPA prepares a profit and loss statement, and that document replaces tax returns as income proof.
620+
Min Credit Score
10-20%
Down Payment
12 or 24 months
P&L Period
CPA-Prepared P&L
Income Doc
Profit & Loss Statement Loans in Shafter
Your CPA signs off on a 12- or 24-month P&L showing business income. Lenders use that to calculate qualifying income — not your Schedule C.
Most lenders want a 620+ credit score and 10-20% down. Stronger credit gets you better pricing. Lower scores still have options, but rates climb.
Local decision guide
Use this guide to connect profit & loss statement loans eligibility, lender expectations, and local market factors before comparing payment options in Shafter.
Shafter sits in the heart of Kern County's agricultural and logistics corridor. A lot of business owners here don't fit the W-2 mold lenders default to.
P&L loans exist for exactly that reason. Your CPA prepares a profit and loss statement, and that document replaces tax returns as income proof.
Your CPA signs off on a 12- or 24-month P&L showing business income. Lenders use that to calculate qualifying income — not your Schedule C.
Big retail banks don't offer P&L loans. This is a non-QM product, meaning it lives in the wholesale and specialty lending world.
We work with 200+ wholesale lenders at SRK CAPITAL. Several specialize in non-QM programs for self-employed borrowers. Rate shopping matters here — pricing varies widely.
The biggest mistake I see: borrowers submit a P&L their CPA threw together in an hour. Lenders scrutinize these. It needs to be detailed and internally consistent.
If your business income swings a lot month to month, a 24-month P&L usually averages out better than a 12-month snapshot. Ask your CPA which period makes you look stronger.
Bank statement loans use 12-24 months of deposits to verify income. P&L loans use your CPA's summary instead. P&L can be cleaner if your deposits are messy.
1099 loans work if most of your income is contract-based. Asset depletion loans work if you have significant savings. P&L fits when your business generates clear recurring profit.
Kern County has a dense base of farming operations, trucking companies, and independent contractors. Many of these owners write off aggressively — making tax returns useless for qualification.
A P&L loan lets those borrowers show actual business performance. If your operation is profitable on paper but your AGI looks low, this loan was designed for you.
Most lenders require a licensed, third-party CPA. Your in-house bookkeeper typically won't qualify. Use a credentialed CPA who can sign and stand behind the statement.
Some lenders accept 12 months. Others require 24. A 24-month average often produces a higher qualifying income if your business has grown steadily.
Expect rates higher than conventional. Non-QM pricing reflects the additional documentation flexibility. Rates vary by borrower profile and market conditions.
Single-family homes, condos, and small multi-unit properties typically qualify. Some lenders also allow investment properties under this program.
One bad year can kill the deal. Lenders want to see consistent or growing profitability. A 24-month average helps, but sustained losses are a hard stop.
Many lenders ask for 2-3 months of business bank statements to validate the P&L. It's a cross-check, not a replacement, for the CPA-prepared document.