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Truckee attracts business owners, contractors, and seasonal earners. Tax returns rarely tell the full story of what these borrowers actually make.
A P&L loan uses a CPA-prepared profit and loss statement to verify income. No W-2s. No tax return write-off penalties.
680+
Min Credit Score
CPA-Prepared P&L
Income Doc
10–20%
Down Payment
12 or 24 Months
P&L Period
Your CPA prepares a 12- or 24-month P&L statement. The lender uses that income figure — not your Schedule C — to qualify you.
Most lenders want a 680+ credit score and 10-20% down. Rates vary by borrower profile and market conditions.
P&L loans are non-QM products. That means your local bank almost certainly won't offer one.
We work with 200+ wholesale lenders. Several specialize in non-QM products built for self-employed borrowers exactly like this.
The biggest mistake self-employed buyers make: they assume their write-offs won't hurt them here. They still matter.
Lenders scrutinize the P&L carefully. A statement showing thin margins gets a harder look — even without the tax return in the file.
Bank statement loans use 12-24 months of deposits to calculate income. P&L loans let your CPA present the number directly.
If your business has clean books and a CPA you trust, a P&L loan is often faster to document than pulling two years of statements.
Truckee has a heavy concentration of seasonal and tourism-driven businesses. Lenders see income volatility here — your P&L needs to show stability.
Nevada County home prices run high relative to state averages. A strong P&L income figure matters when loan amounts push into jumbo territory.
A licensed CPA must prepare and sign it. Lenders won't accept self-prepared statements.
Some lenders accept 12 months. Others require 24. The shorter window usually means a higher rate.
Less than on a conventional loan. But lenders may still apply an expense ratio to the income figure shown.
Most P&L lenders want 680 or higher. Some go lower with more down payment. Rates vary by borrower profile and market conditions.
A P&L loan uses your CPA's income summary. A bank statement loan calculates income from raw deposit history.
Yes. Non-QM lenders allow second homes and investment properties. Expect stricter terms than on a primary residence.
Profit & Loss Statement Loans in Truckee