Question 1

Does my CPA have to be local to Upland?

Accepted Answer

No, your CPA just needs to be licensed. Lenders verify the CPA's PTIN or state license number, not their location.

Question 2

Can I use a P&L loan to buy in Upland with 10% down?

Accepted Answer

Some lenders allow 10% down on P&L loans, but 20% is more common. Credit score and loan amount affect the minimum required.

Question 3

How is income calculated from a P&L?

Accepted Answer

Lenders typically use net income from the P&L. Some allow gross revenue with an expense factor applied — this varies by lender.

Question 4

What if my P&L shows a loss in one month?

Accepted Answer

Lenders average income across the full 12 or 24 months. One slow month won't tank the deal if the overall trend is profitable.

Question 5

Are P&L loan rates higher than conventional rates?

Accepted Answer

Yes, non-QM programs carry higher rates than conventional loans. The tradeoff is qualifying without tax returns. Rates vary by borrower profile and market conditions.

Question 6

Can I refinance an existing Upland home using a P&L loan?

Accepted Answer

Yes. Both purchase and rate-and-term or cash-out refinances are available through P&L programs, subject to lender guidelines.

P&L Statement Loans for Upland's Self-Employed