Question 1

Who prepares the P&L statement?

Accepted Answer

It must be prepared and signed by a licensed CPA. A self-prepared P&L won't be accepted by any lender.

Question 2

Do I need tax returns for this loan?

Accepted Answer

No. That's the point of this program. Your CPA-prepared P&L replaces tax returns entirely.

Question 3

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

Accepted Answer

Most lenders want 12 months. Some require 24. We'll match you with a lender based on what you have.

Question 4

Will my write-offs hurt my qualifying income?

Accepted Answer

A P&L reflects gross profit, not taxable income. Heavy write-offs that hurt you on taxes may not hurt you here.

Question 5

Are P&L loan rates higher than conventional?

Accepted Answer

Yes. Non-QM loans carry higher rates than conventional loans. Rates vary by borrower profile and market conditions.

Question 6

Can I use a P&L loan to buy in Menifee specifically?

Accepted Answer

Yes. P&L loans work for purchases and refinances statewide. Menifee properties qualify without restriction.

P&L Statement Loans for Self-Employed Buyers in Menifee