Question 1

Do both loans require a CPA?

Accepted Answer

P&L loans always require a CPA-prepared statement. Bank statement loans do not — lenders calculate income from your deposits directly.

Question 2

Which loan has stricter credit requirements?

Accepted Answer

Requirements vary by lender. P&L loans often carry slightly tighter credit standards since income documentation is thinner. Rates vary by borrower profile and market conditions.

Question 3

Can I use both personal and business bank statements?

Accepted Answer

Yes. Most bank statement lenders accept either. Business accounts usually require an expense factor, which reduces qualifying income.

Question 4

How long does a P&L loan take to close?

Accepted Answer

Once your CPA delivers the P&L, lender review is often faster than a full bank statement review. Your CPA's turnaround time is usually the bottleneck.

Question 5

Are these loans available in San Bernardino County?

Accepted Answer

Yes. Both bank statement and P&L loans are available in Montclair and throughout San Bernardino County through wholesale non-QM lenders.

Question 6

Which loan type typically offers better rates?

Accepted Answer

Bank statement loans often price slightly better due to more documentation. Rates vary by borrower profile and market conditions.

Bank Statement vs P&L Loans in Montclair, CA