Question 1

Can I use personal bank statements instead of business?

Accepted Answer

Yes. Many lenders accept personal accounts. Business accounts may require an expense factor to calculate qualifying income.

Question 2

Does my CPA need to be licensed for a P&L loan?

Accepted Answer

Most lenders require a CPA or licensed tax professional to prepare and sign the P&L. An unsigned or self-prepared statement won't qualify.

Question 3

Which loan has higher credit score requirements?

Accepted Answer

Requirements vary by lender. Both programs typically start around 620 to 660. SRK CAPITAL shops across 200+ wholesale lenders to find the best fit.

Question 4

How far back does the P&L statement need to go?

Accepted Answer

Most lenders want a 12 to 24 month P&L. Some accept a year-to-date statement paired with the prior year. Your CPA should confirm the format required.

Question 5

Are these loans available for Newport Beach investment properties?

Accepted Answer

Yes. Both loan types can apply to investment purchases. Lenders may adjust rate and down payment requirements for non-owner-occupied properties.

Question 6

Which loan closes faster?

Accepted Answer

P&L Loans can move quicker if your CPA is ready. Bank Statement Loans take longer to underwrite due to the volume of documents reviewed.

Bank Statement vs P&L Loans in Newport Beach