Question 1

Can I use both methods to qualify?

Accepted Answer

No — lenders pick one method per loan. We run both calculations upfront to see which gives you the stronger qualifying income.

Question 2

How recent does the P&L statement need to be?

Accepted Answer

Most lenders want a P&L covering the most recent 12 months. It must be prepared and signed by a licensed CPA.

Question 3

Do bank statement loans look at all my deposits?

Accepted Answer

Lenders review all deposits but exclude transfers and non-business income. Then they apply an expense factor to the remaining total.

Question 4

Which loan has a higher credit score requirement?

Accepted Answer

Requirements vary by lender. Both loan types typically require at least a 620 score, but stronger scores improve your rate.

Question 5

Are P&L loans available in Calimesa?

Accepted Answer

Yes. SRK CAPITAL works with lenders across Riverside County who offer P&L loans for self-employed borrowers in Calimesa.

Question 6

Which loan type closes faster?

Accepted Answer

Bank statement loans often close faster — no CPA coordination required. P&L loans add a step if your accountant is slow to respond.

Bank Statement vs P&L Loans in Calimesa