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Corona sits at the edge of Riverside County, close enough to Orange County jobs to attract business owners and independent contractors.
Self-employed borrowers here often can't use tax returns to qualify. A P&L loan solves that problem directly.
680 (typical)
Min Credit Score
CPA-Prepared P&L
Income Doc
10-20% typical
Down Payment
12 or 24 months
P&L History Needed
Non-QM
Loan Type
Your CPA prepares a 12- or 24-month P&L statement. Lenders use that to calculate your qualifying income.
Most lenders want a 680+ credit score and at least 10-20% down. Expect reserves requirements too.
Big retail banks don't offer P&L loans. This is a non-QM product — only wholesale and specialty lenders carry it.
At SRK CAPITAL, we work with 200+ wholesale lenders. That means we can shop P&L programs across dozens of options to find your best rate.
The biggest mistake I see: borrowers submit a P&L their bookkeeper prepared. Lenders reject it. It must come from a licensed CPA.
Also, your P&L income needs to be believable relative to your business type. A sole proprietor showing $300K net raises flags without strong bank statements to back it up.
Bank statement loans use 12-24 months of deposits to calculate income. P&L loans use your CPA's figures instead.
If your deposits are lumpy or hard to document, a P&L loan may be cleaner. If your net income looks low on paper, bank statements might show more.
Corona has a strong base of small business owners — contractors, truckers, medical professionals, and retail operators.
Many of these borrowers write off heavily and show low taxable income. A P&L loan lets them qualify on what the business actually earns.
A licensed CPA must prepare and sign it. A bookkeeper or self-prepared statement won't be accepted by lenders.
Some lenders accept 12 months. Others require 24. The longer history usually gets you better terms.
Yes. Non-QM loans carry higher rates than conventional. Rates vary by borrower profile and market conditions.
Most lenders want at least 2 years of self-employment. Some go down to 12 months with strong compensating factors.
Yes. We work with wholesale lenders who specialize in non-QM programs, including P&L loans throughout Riverside County.
Profit & Loss Statement Loans in Corona