Question 1

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

Accepted Answer

No, lenders pick one method per loan. You can't blend them. Choose whichever shows your income more accurately.

Question 2

Do I need two years of self-employment history?

Accepted Answer

Most lenders want at least 12 months in your current business. Some accept less if you worked in the same industry before going solo.

Question 3

Which method gets me a higher loan amount in Marina?

Accepted Answer

P&L loans usually qualify you for more because they reflect net business income. Bank statement loans apply a percentage haircut to deposits.

Question 4

Can I switch methods if one doesn't work?

Accepted Answer

Yes, if bank statements don't show enough income, we can resubmit using a P&L. It just adds time for the CPA to prepare financials.

Question 5

What if my bank statements show a lot of transfers between accounts?

Accepted Answer

Lenders will ignore transfers and focus on actual income deposits. If it gets too messy, a P&L is cleaner.

Bank Statement vs P&L Statement Loans in Marina: Which Documentation Works for You?