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Mill Valley runs on founders, consultants, and creative professionals. Most don't have W-2s — and conventional loans are built for people who do.
A P&L loan uses a CPA-prepared profit and loss statement to prove income. No tax returns. No pay stubs. Just your actual business performance.
680+ typical
Min Credit Score
CPA-prepared P&L
Income Doc
10–20% min
Down Payment
12 or 24 months
P&L Period
Non-QM / Portfolio
Loan Type
Profit & Loss Statement Loans in Mill Valley
Your CPA prepares a 12- or 24-month P&L statement. Lenders use that to calculate qualifying income — not your Schedule C losses.
Credit requirements vary by lender, but most want a 680+ score. Expect a down payment of at least 10%, often 20% for better pricing. Rates vary by borrower profile and market conditions.
Local decision guide
Use this guide to connect profit & loss statement loans eligibility, lender expectations, and local market factors before comparing payment options in Mill Valley.
Mill Valley runs on founders, consultants, and creative professionals. Most don't have W-2s — and conventional loans are built for people who do.
A P&L loan uses a CPA-prepared profit and loss statement to prove income. No tax returns. No pay stubs. Just your actual business performance.
Your CPA prepares a 12- or 24-month P&L statement. Lenders use that to calculate qualifying income — not your Schedule C losses.
P&L loans are non-QM products. That means they're not sold to Fannie Mae or Freddie Mac. Only specialty lenders and portfolio lenders offer them.
We work with 200+ wholesale lenders at SRK CAPITAL. Several specialize in non-QM products for self-employed borrowers in high-cost markets like Marin County.
The biggest mistake I see: borrowers assume their CPA's year-end P&L is ready to go. It usually needs to be formatted to lender specs — your CPA needs to know that upfront.
P&L loans price off risk. A strong credit score, bigger down payment, and 24-month P&L instead of 12 all push your rate lower. Every variable matters on these.
Bank statement loans use 12–24 months of deposits to calculate income. P&L loans use your CPA's figures directly. If your deposits are messy, P&L is often the cleaner path.
1099 loans work well for independent contractors with clean 1099s. Asset depletion loans fit borrowers with large portfolios but minimal income. P&L sits in between — it rewards profitable businesses.
Mill Valley property prices demand serious loan amounts. P&L loans can go well into jumbo territory — a key advantage for buyers here who can't use conventional jumbo products.
Marin County attracts a lot of business owners and independent professionals. The P&L loan exists for exactly this borrower. It's used heavily in markets like this one.
The P&L must be prepared and signed by a licensed CPA. Most lenders won't accept P&Ls from bookkeepers or self-prepared statements.
Yes. P&L loans can reach jumbo amounts. Exact maximums depend on the lender and your borrower profile.
No — that's the point. Lenders use the CPA's P&L figures, not your tax return. Write-offs don't reduce your qualifying income on this loan type.
Most lenders require a P&L dated within 60 days of application. Your CPA may need to issue a current statement even if year-end is recent.
P&L loans carry higher rates than conventional products due to the added risk. Rates vary by borrower profile and market conditions.
Not necessarily. The process depends on your CPA's turnaround and lender requirements. A broker who knows non-QM underwriting avoids most delays.