Question 1

Who prepares the P&L statement?

Accepted Answer

A licensed CPA or tax professional must prepare it. Lenders won't accept self-prepared statements.

Question 2

Do I still need tax returns for a P&L loan?

Accepted Answer

No tax returns are required. That's the entire point — the P&L replaces them as your income document.

Question 3

How long does my business need to be open?

Accepted Answer

Most lenders require at least 2 years of self-employment history. Some accept 1 year with strong compensating factors.

Question 4

Are P&L loan rates higher than conventional rates?

Accepted Answer

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

Question 5

Can I use a P&L loan to buy in San Bernardino County?

Accepted Answer

Yes. P&L loans work for purchase and refinance in Loma Linda and throughout San Bernardino County.

P&L Loans for Self-Employed Borrowers in Loma Linda