Question 1

Do I need a CPA for a Bank Statement Loan?

Accepted Answer

No CPA required. You provide bank statements and the lender calculates income from your deposits directly.

Question 2

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

Accepted Answer

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

Question 3

Which loan has the lower interest rate?

Accepted Answer

Bank Statement Loans generally come in at lower rates than P&L Loans. Rates vary by borrower profile and market conditions.

Question 4

Can I use personal bank statements instead of business?

Accepted Answer

Yes, on Bank Statement Loans many lenders accept personal accounts. The expense factor applied may differ from business accounts.

Question 5

Are both loans available in Adelanto?

Accepted Answer

Yes. SRK CAPITAL works with 200+ wholesale lenders and can source both products for San Bernardino County borrowers.

Question 6

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620 score. Some P&L programs require 640 or higher depending on the lender.

Bank Statement vs P&L Loans in Adelanto