Question 1

Who prepares the P&L statement?

Accepted Answer

A licensed CPA or tax professional must prepare it. A self-prepared P&L won't be accepted by lenders.

Question 2

Do I need to file my taxes first?

Accepted Answer

No. The P&L is a separate document. You don't need a filed return to apply for this loan.

Question 3

How long does the P&L need to cover?

Accepted Answer

Most lenders want 12 or 24 months. Longer periods give lenders more confidence in your income stability.

Question 4

Can I use a P&L loan for investment property in Sand City?

Accepted Answer

Possibly, but DSCR loans are usually a better fit for investment properties. P&L loans are designed for primary or second home purchases.

Question 5

What credit score do I need for a P&L loan?

Accepted Answer

Most lenders require 680 or higher. Some go lower, but rates increase significantly below that threshold.

Question 6

Is a P&L loan available at local banks or credit unions?

Accepted Answer

No. This is a non-QM wholesale product. You need a broker who works with non-QM lenders directly.

P&L Statement Loans for Self-Employed Buyers in Sand City