Question 1

Does my CPA need to provide a specific format for the P&L?

Accepted Answer

Lenders want a standard income statement format. Your CPA should cover gross revenue, expenses, and net profit for the period.

Question 2

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

Accepted Answer

Yes. P&L loans are available county-wide including Redlands. Loan limits and terms depend on your lender and profile.

Question 3

What credit score do I need for a P&L loan?

Accepted Answer

Most non-QM lenders require 680 or higher. Some will go lower with a larger down payment.

Question 4

How long does my business need to be operating?

Accepted Answer

Lenders typically require two full years in business. Your CPA-prepared P&L must cover an active operating period.

Question 5

How is P&L income different from tax return income?

Accepted Answer

Tax returns reflect write-offs that reduce your stated income. A P&L can show a higher, more accurate picture of cash flow.

Question 6

Can I refinance with a P&L loan in Redlands?

Accepted Answer

Yes, P&L loans cover purchase and refinance transactions. Rates vary by borrower profile and market conditions.

P&L Loans for Self-Employed Borrowers in Redlands