Question 1

Can I use personal bank statements instead of business statements?

Accepted Answer

Yes, many lenders accept personal accounts. Business accounts often produce a higher qualifying income after the expense factor is applied.

Question 2

Does the CPA need to be licensed for a P&L loan?

Accepted Answer

Yes. Lenders require a licensed CPA or tax professional to prepare and sign the statement. An unsigned or self-prepared P&L won't qualify.

Question 3

Which loan type has lower rates?

Accepted Answer

Both are non-QM and priced above conventional rates. Rates vary by borrower profile and market conditions — neither is consistently cheaper.

Question 4

How far back does the P&L statement need to go?

Accepted Answer

Most lenders want a 12 to 24-month P&L. Your CPA should prepare it to cover the period the lender specifies.

Question 5

Can I apply for both and choose the better approval?

Accepted Answer

Yes. We can run scenarios on both options. Sometimes one qualifies you for a higher loan amount or better rate.

Question 6

Are these loans available for Avenal properties in Kings County?

Accepted Answer

Yes. Non-QM lenders operate statewide. We work with 200+ wholesale lenders who can fund in Kings County.

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