Question 1

Who prepares the P&L for this loan?

Accepted Answer

A licensed CPA must prepare it. Lenders won't accept self-prepared statements — the CPA's signature and license number are required.

Question 2

Do I need tax returns for a P&L loan?

Accepted Answer

No. That's the point. The CPA-prepared P&L replaces tax returns as the income document for these non-QM loans.

Question 3

Are P&L loan rates higher than conventional?

Accepted Answer

Yes, typically. Non-QM loans carry more lender risk. Rates vary by borrower profile and market conditions, but expect a premium over conventional rates.

Question 4

Can farm operators in Soledad use P&L loans?

Accepted Answer

Yes. Agricultural business owners are a strong fit, as long as a CPA documents income accurately and the net income supports the loan payment.

Question 5

How long does the P&L loan process take?

Accepted Answer

Close timelines are similar to conventional loans — typically 21-30 days. Having your CPA-prepared statement ready before applying speeds things up.

Question 6

What's the minimum down payment for a P&L loan?

Accepted Answer

Most lenders require 10-20% down. Putting more down can improve your rate and help offset the non-QM premium.

P&L Loans for Self-Employed Buyers in Soledad