Question 1

Can I use a P&L I prepared myself?

Accepted Answer

No. Lenders require CPA preparation to prevent inflated income claims. Self-prepared statements get rejected immediately.

Question 2

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

Accepted Answer

Lenders average 12-24 months. One down quarter won't kill your deal if the trend line shows profitability.

Question 3

Do P&L loans work for brand-new businesses?

Accepted Answer

Rarely. Most lenders want two years of business history. Exceptions exist for seasoned entrepreneurs in the same industry.

Question 4

How long does P&L underwriting take?

Accepted Answer

Expect 30-45 days. CPA verification and business documentation review add time versus W-2 loans.

Question 5

Can I refinance with a P&L loan?

Accepted Answer

Yes. Rate-and-term refinances work the same as purchases. Cash-out refi requires more equity and reserves.

P&L Statement Loans in Wasco: Qualify on Your Business Earnings