Question 1

Can I use a single-year P&L for a Marina purchase?

Accepted Answer

Some lenders accept 12-month P&Ls but charge higher rates. Most Marina deals use 24-month statements to get better pricing and higher approval odds.

Question 2

What if my business operates at a loss on paper for tax reasons?

Accepted Answer

P&L loans won't work with reported losses. You'd need bank statement loans that use gross deposits instead of net profit to qualify.

Question 3

Do lenders verify my P&L with the IRS?

Accepted Answer

No. They verify your CPA's license and may call to confirm they prepared the statement. Your tax returns aren't part of this loan type.

Question 4

How do seasonal businesses qualify with P&L loans?

Accepted Answer

Lenders average your P&L over 12 or 24 months to smooth seasonal swings. Strong seasonal businesses often qualify better than steady thin-margin operations.

Question 5

Can I buy investment property in Marina with a P&L loan?

Accepted Answer

Most P&L lenders focus on primary residence purchases. For Marina rentals, DSCR loans work better because they ignore personal income entirely.

P&L Statement Loans in Marina: Income Verification for Self-Employed Borrowers