Question 1

Who prepares the P&L statement for this loan?

Accepted Answer

Your CPA prepares and signs it. Lenders won't accept a self-prepared P&L — it must come from a licensed tax professional.

Question 2

Can I use a P&L loan to buy in Hollister with 10% down?

Accepted Answer

Some lenders allow 10% down on P&L loans. Expect stricter rate pricing at lower down payments.

Question 3

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

Accepted Answer

Most lenders require the P&L to be dated within 60 days of closing. Your CPA should prepare it close to your application date.

Question 4

Do P&L loans have higher rates than conventional loans?

Accepted Answer

Yes. Non-QM loans carry higher rates due to flexible income documentation. Rates vary by borrower profile and market conditions.

Question 5

What if my tax returns show a loss but my business is profitable?

Accepted Answer

That's exactly what P&L loans are designed for. The P&L captures actual business income, not the tax-optimized number on your return.

Question 6

Is a P&L loan harder to get than a bank statement loan?

Accepted Answer

Not necessarily harder — just different. P&L loans work best when your business income is well-documented and your CPA is engaged early.

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