Question 1

Does my CPA have to prepare the P&L, or can I do it myself?

Accepted Answer

It must be CPA-prepared and signed. Lenders reject self-prepared statements every time.

Question 2

How recent does the P&L statement need to be?

Accepted Answer

Most lenders want a P&L dated within 60 days of application. Year-to-date coverage is standard.

Question 3

Can I get a jumbo loan using just a P&L in Tiburon?

Accepted Answer

Yes. Several non-QM lenders go to $3M or higher with a strong P&L, credit score, and down payment.

Question 4

Will I pay a higher rate than a conventional borrower?

Accepted Answer

Yes. Non-QM pricing runs higher than conventional. Rates vary by borrower profile and market conditions.

Question 5

Do I need to show bank statements alongside the P&L?

Accepted Answer

It depends on the lender. Some require 3-6 months of business bank statements. Others accept the P&L alone.

Question 6

What credit score do I need for a P&L loan in Marin County?

Accepted Answer

Plan on 680 as a floor. Better pricing kicks in at 720 and above.

P&L Statement Loans for Tiburon's Self-Employed Buyers