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Profit & Loss Statement Loans in Loomis
Loomis attracts entrepreneurs who write off everything. CPA-prepared P&L statements show what you actually earn.
Most self-employed borrowers in Placer County show lower taxable income than they live on. P&L loans solve that gap.
This loan type works best for established businesses with consistent revenue patterns. Startups struggle to qualify.
Rates run 0.5-1.5% higher than conventional loans. You're paying for flexibility in income documentation.
You need two years in business or your profession. Lenders want proof you didn't just start last month.
Most programs require 15-20% down. Credit minimums sit at 680, though 720 gets better pricing.
Your CPA prepares a 12 or 24-month P&L. It must show positive net income after expenses.
Lenders verify the CPA license and may call to confirm they prepared the statement. Fraud checks are thorough.
About 30 lenders in our network offer P&L programs. Terms vary significantly by lender appetite.
Some cap loan amounts at $2M. Others go to $3.5M for borrowers with strong financials.
Rate spreads differ based on down payment size and business type. Real estate investors get better terms than consultants.
We've seen approval timelines from 25-40 days. Faster than stated income, slower than bank statement loans.
This loan shines for borrowers who max deductions but earn solid income. We see it most with real estate agents and contractors.
The P&L must match your lifestyle. If you show $80K net but bought a $900K Loomis home last year, underwriters ask questions.
Year-end P&Ls work better than interim statements. Lenders trust annual numbers more than partial-year projections.
Some borrowers think any CPA will do. Wrong. Lenders want someone who's prepared your books for months, not a one-time statement.
Bank statement loans pull from deposits. P&L loans pull from CPA-verified earnings. Different documentation paths.
If your business account shows erratic deposits, P&L works better. It smooths out the bumps through accounting.
1099 loans require 1099 forms from clients. P&L loans don't need client documentation, just your prepared statement.
DSCR loans ignore personal income entirely. P&L loans prove you earn enough to qualify based on debt ratios.
Loomis sits in Placer County where self-employment runs high. Orchardists, vineyard owners, and ag businesses use this program regularly.
Property values in Loomis support jumbo loan amounts. P&L programs scale well when you need $1M+ financing.
The Sacramento metro commute keeps Loomis popular with business owners. They qualify easier with P&L documentation than traditional employment.
Appraisals move smoothly in Placer County. The holdup is usually CPA turnaround time, not property valuation.
Your CPA must hold an active license in California or another state. Lenders verify credentials directly before accepting the statement.
Most lenders require two full years. A few niche programs accept 12-18 months if you worked in the same field before going independent.
Lenders typically average the two years. One loss year might work if the recent year shows strong profit and the trend is upward.
They use net profit after expenses. If your P&L shows $150K net income, that's your qualifying number for debt-to-income calculations.
Yes, but DSCR loans usually make more sense for rentals. P&L loans fit primary residences and second homes better.
No. Lenders require a licensed CPA to prepare the statement. Self-prepared documents get rejected immediately.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.