Question 1

Can I use a P&L I prepare myself?

Accepted Answer

No. Lenders require CPA or licensed accountant preparation and signature. Self-prepared statements don't meet non-QM underwriting standards.

Question 2

What if my business shows a loss some months?

Accepted Answer

Lenders average the 12-month period. Occasional loss months work if your annual net income supports the mortgage payment.

Question 3

Do P&L loans work for brand new businesses?

Accepted Answer

Rarely. Most lenders want two years of self-employment history in the same field or similar business type.

Question 4

How long does P&L loan approval take in Point Arena?

Accepted Answer

Figure 30-45 days. Limited appraisers in coastal Mendocino add 7-10 days compared to urban markets.

Question 5

Can I refinance with a P&L loan?

Accepted Answer

Yes. Rate-term refinances work the same as purchases. Cash-out refinances typically cap at 75% LTV and require six months seasoning.

P&L Statement Loans for Point Arena Self-Employed Borrowers