Question 1

Can I use both bank statements and a P&L together?

Accepted Answer

Some lenders allow both as supporting documents. Most programs pick one method as primary — mixing them isn't standard.

Question 2

Who qualifies for a P&L loan in Tiburon?

Accepted Answer

Self-employed borrowers with a CPA-prepared P&L covering at least 12 months. You must own your business — W-2 earners don't qualify.

Question 3

Do bank statement loans cost more than P&L loans?

Accepted Answer

Not necessarily. Bank statement programs have more lender competition, which can help pricing. Rates vary by borrower profile and market conditions.

Question 4

Does my CPA need special credentials for a P&L loan?

Accepted Answer

Yes — lenders require a licensed CPA or enrolled agent to prepare and sign it. A bookkeeper's statement won't be accepted.

Question 5

How many months of bank statements do lenders want?

Accepted Answer

Most lenders want 12 to 24 months. Longer history gives them more confidence in your average monthly income.

Question 6

Which loan closes faster in Tiburon?

Accepted Answer

P&L loans often have less paperwork to compile. But underwriting timelines depend on the lender, not just the document type.

Bank Statement vs P&L Loans in Tiburon