Question 1

Who prepares the P&L statement for this loan?

Accepted Answer

A licensed CPA or enrolled agent must prepare and sign it. Self-prepared statements are not accepted by any reputable non-QM lender.

Question 2

Can I use just one year of P&L?

Accepted Answer

Some lenders accept 12 months. Others require 24. The more income documentation you provide, the more lender options you have.

Question 3

How does this differ from a bank statement loan?

Accepted Answer

Bank statement loans average your actual deposits. P&L loans use your CPA's reported net income. Both are non-QM — the best fit depends on your business structure.

Question 4

Will lenders verify my P&L against bank statements?

Accepted Answer

Many do. Lenders often pull 2-3 months of business bank statements to confirm the P&L is consistent with actual cash flow.

Question 5

Are P&L loan rates higher than conventional rates?

Accepted Answer

Yes. Non-QM products carry a rate premium over conventional loans. Rates vary by borrower profile and market conditions.

Question 6

Can I buy in Irvine with a P&L loan if my loan amount is jumbo?

Accepted Answer

Yes, but fewer lenders offer jumbo P&L products. We work with wholesale lenders who go above conforming limits for qualified borrowers.

P&L Statement Loans for Irvine's Self-Employed Buyers