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Loma Linda has a strong base of self-employed professionals — physicians, contractors, and business owners near the medical university.
Many earn well but write off heavily. A P&L loan lets a CPA-prepared statement do the income work instead of a tax return.
620-680
Min Credit Score
CPA-Prepared P&L
Income Doc
12 or 24 Months
P&L History
10-20%
Min Down Payment
Non-QM
Loan Category
You need a CPA or licensed tax professional to prepare the P&L statement. Most lenders want 12 or 24 months covered.
Expect a minimum credit score around 620-680. Down payments typically start at 10-20% depending on the lender.
Big banks don't offer P&L loans. This product lives in the wholesale non-QM space — specialty lenders who price risk differently.
We work with 200+ wholesale lenders. Several compete hard on P&L programs, which keeps your rate options real.
CNBC flagged that 30-year conforming rates hit 6.30% recently. P&L loans price higher than conforming — factor that into your payment math.
The best move is getting your CPA to prepare a clean, detailed P&L before you apply. Sloppy statements kill deals fast.
Bank Statement Loans use 12-24 months of deposits to calculate income. P&L loans use your CPA's summary instead.
If your bank deposits look inconsistent, a P&L loan can smooth that out. If your deposits are clean, bank statements may get you a better rate.
Loma Linda University Medical Center drives a large local economy of independent physicians and practice owners.
Many of these borrowers have strong net income but aggressive tax deductions. P&L loans are a natural fit here.
A licensed CPA or tax professional must prepare it. Lenders won't accept self-prepared statements.
No tax returns are required. That's the entire point — the P&L replaces them as your income document.
Most lenders require at least 2 years of self-employment history. Some accept 1 year with strong compensating factors.
Yes. Non-QM loans carry higher rates than conforming loans. Rates vary by borrower profile and market conditions.
Yes. P&L loans work for purchase and refinance in Loma Linda and throughout San Bernardino County.
Profit & Loss Statement Loans in Loma Linda