Question 1

Does my CPA have to be local to Mammoth Lakes?

Accepted Answer

No, location doesn't matter. The CPA must be licensed and have a verifiable PTIN number.

Question 2

Can I use a P&L loan for a vacation rental in Mammoth?

Accepted Answer

Yes. Non-QM lenders allow second homes and investment properties. DSCR loans may also be worth comparing for rentals.

Question 3

What if my business is only one year old?

Accepted Answer

Most lenders want two years of self-employment history. One year may still work with some non-QM lenders at stricter terms.

Question 4

How is income calculated from the P&L?

Accepted Answer

Lenders typically use net income shown on the P&L. Some apply an expense factor to gross revenue instead.

Question 5

Are P&L loan rates higher than conventional rates?

Accepted Answer

Yes, non-QM programs carry higher rates than conventional loans. Rates vary by borrower profile and market conditions.

Question 6

Can I refinance an existing Mammoth property using a P&L loan?

Accepted Answer

Yes. Both purchase and refinance transactions are eligible under most non-QM P&L programs.

P&L Statement Loans for Self-Employed Buyers in Mammoth Lakes