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Susanville sits in Lassen County — a rural market where small business owners, contractors, and sole proprietors are common borrowers.
Standard W-2 income docs don't reflect how these borrowers actually earn. A P&L loan closes that gap.
680 typical
Min Credit Score
CPA-prepared P&L
Income Doc
10–20% min
Down Payment
12 or 24 months
P&L History
Non-QM
Loan Type
Your CPA prepares a 12- or 24-month profit and loss statement. Lenders use that document to calculate your qualifying income.
Most lenders want a 680+ credit score for P&L loans. Down payment requirements typically start at 10-20%.
P&L loans are non-QM products. Your local bank almost certainly doesn't offer them.
Wholesale non-QM lenders handle these deals. That's exactly where a broker adds value — we have access to 200+ lenders, including the ones who price P&L programs competitively.
The P&L has to be prepared and signed by a licensed CPA. A self-prepared statement won't get past underwriting.
Lenders also look at how the P&L aligns with your bank deposits. If the numbers don't track, expect questions. Get your CPA involved early.
Bank statement loans use 12-24 months of deposits to verify income. P&L loans use your accountant's summary instead.
If your business runs through multiple accounts or has complex expenses, a P&L loan is often cleaner. Bank statement loans work better when your deposits are simple and consistent.
Susanville's economy includes logging, government, healthcare, and small trades. Many workers in these fields run their own operations.
Rural markets like Lassen County can mean fewer competing offers and more time to structure your loan correctly. That matters with non-QM — rushing these deals creates problems.
Yes. Lenders require a CPA licensed in the state where the business operates. A California-licensed CPA is required for Susanville borrowers.
Yes. P&L loans have no geographic restrictions. Rural properties are eligible, though lenders may scrutinize appraisals more closely.
Most lenders want a P&L dated within 60 days of application. Work with your CPA before you start shopping for a home.
Yes — non-QM loans carry higher rates than conventional loans. Rates vary by borrower profile and market conditions.
That's the core problem. The P&L reports net profit after expenses. Heavy write-offs reduce qualifying income — talk to your CPA first.
Yes. P&L loans work for purchases and refinances. Non-QM lenders allow cash-out refinances on this program as well.
Profit & Loss Statement Loans in Susanville