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Mammoth Lakes attracts business owners, contractors, and seasonal entrepreneurs. Many earn strong income that looks weak on a tax return.
A P&L loan skips the tax return entirely. Your CPA prepares a profit and loss statement, and lenders use that to qualify you.
620–660 typical
Min Credit Score
CPA-prepared P&L
Income Doc
12–24 months
P&L Period
10–20% typical
Down Payment
Non-QM
Loan Category
Profit & Loss Statement Loans in Mammoth Lakes
Most P&L lenders want 12 to 24 months of statements. Your CPA must be licensed — lenders verify credentials.
Expect a minimum credit score around 620 to 660 depending on the lender. Down payments typically start at 10 to 20 percent.
Local decision guide
Use this guide to connect profit & loss statement loans eligibility, lender expectations, and local market factors before comparing payment options in Mammoth Lakes.
Mammoth Lakes attracts business owners, contractors, and seasonal entrepreneurs. Many earn strong income that looks weak on a tax return.
A P&L loan skips the tax return entirely. Your CPA prepares a profit and loss statement, and lenders use that to qualify you.
Most P&L lenders want 12 to 24 months of statements. Your CPA must be licensed — lenders verify credentials.
Conventional lenders won't touch this program. It lives entirely in the non-QM space.
We work with 200+ wholesale lenders. Several specialize in P&L loans for mountain resort markets like Mammoth.
The biggest mistake I see: borrowers bring a P&L their bookkeeper threw together. Lenders reject those fast.
Your P&L needs to be signed by a licensed CPA with their PTIN. Some lenders also want a letter confirming your business has been active for two or more years.
Bank statement loans use 12 to 24 months of deposits to calculate income. P&L loans use a single document from your CPA.
P&L loans are faster to document but harder to qualify for. Bank statement loans give lenders more to verify — which can actually help borderline borrowers.
Mammoth Lakes runs on tourism, hospitality, and outdoor recreation. Income for many locals spikes in ski season and drops in shoulder months.
Lenders using P&L statements see the annual picture — not the monthly swings. That makes P&L loans a stronger fit here than most income-averaging approaches.
No, location doesn't matter. The CPA must be licensed and have a verifiable PTIN number.
Yes. Non-QM lenders allow second homes and investment properties. DSCR loans may also be worth comparing for rentals.
Most lenders want two years of self-employment history. One year may still work with some non-QM lenders at stricter terms.
Lenders typically use net income shown on the P&L. Some apply an expense factor to gross revenue instead.
Yes, non-QM programs carry higher rates than conventional loans. Rates vary by borrower profile and market conditions.
Yes. Both purchase and refinance transactions are eligible under most non-QM P&L programs.