Question 1

Do I need a CPA for a bank statement loan?

Accepted Answer

No. Bank statement loans don't require a CPA. Lenders calculate income directly from your deposit history.

Question 2

Can I use a P&L loan if I'm a sole proprietor?

Accepted Answer

Yes, sole proprietors qualify. Your CPA still needs to prepare and sign the statement for lender acceptance.

Question 3

Which loan type has stricter credit requirements?

Accepted Answer

Both are non-QM products with similar credit floors. Your specific lender and loan size drive the minimum score.

Question 4

What if my deposits are high but my P&L shows low net income?

Accepted Answer

Bank statement loans may serve you better. They work from gross deposits, not the net figure your CPA reports.

Question 5

Can I apply for both and compare?

Accepted Answer

Yes. We run both calculations before you commit. Rates vary by borrower profile and market conditions.

Question 6

How long does it take to close a P&L loan?

Accepted Answer

Timeline depends on how quickly your CPA delivers the statement. Once docs are in, non-QM closings typically mirror bank statement timelines.

Bank Statement vs P&L Loans in San Anselmo