Loading
Upland sits in the Inland Empire, a region packed with small business owners, contractors, and independent operators. Traditional loans punish these borrowers for writing off expenses.
A P&L loan skips tax returns entirely. Your CPA prepares a 12- or 24-month profit and loss statement, and that document becomes your income verification.
Typically 660+
Min Credit Score
CPA-Signed P&L
Income Doc
10–20% typical
Down Payment
2+ years
Self-Employed History
Non-QM
Loan Type
Lenders typically want a CPA-signed P&L covering 12 to 24 months. Your CPA must be licensed — most lenders verify this through a PTIN or CPA license number.
Credit requirements are stricter than conventional loans. Most P&L programs start at 660, with better pricing above 700. Down payments typically run 10–20%.
Most retail banks don't offer P&L loans. This is wholesale and non-QM territory. HousingWire noted Pennymac TPO expanding its non-QM suite — that kind of wholesale growth means more P&L options for brokers to shop.
Rates vary widely across non-QM lenders. A broker with access to multiple wholesale sources can find meaningfully better terms than going directly to one lender. Rates vary by borrower profile and market conditions.
The biggest deal-killer I see: a P&L that doesn't match business bank statements. Lenders cross-check deposits against reported income. Gross inconsistencies kill approvals fast.
Get your CPA involved early. A well-prepared P&L with clean presentation moves through underwriting faster. Don't hand in a one-page summary — lenders want line-item detail.
Bank statement loans use 12–24 months of deposits to calculate income. P&L loans use a CPA's stated net income. If your deposits are high but expenses are messy, P&L can show higher qualifying income.
1099 loans work well for gig workers with clean 1099 records. Asset depletion loans suit borrowers with large reserves but minimal income. P&L fits business owners with profitable operations and a solid CPA.
San Bernardino County has a large base of trade contractors, trucking operators, and small retail owners — exactly who P&L loans serve. Upland's proximity to the 10 and 210 freeways draws logistics and service businesses.
Loan limits in San Bernardino County for conforming loans are set below many coastal counties. If your purchase price pushes above conforming limits, a non-QM P&L loan may also solve a jumbo income documentation problem.
No, your CPA just needs to be licensed. Lenders verify the CPA's PTIN or state license number, not their location.
Some lenders allow 10% down on P&L loans, but 20% is more common. Credit score and loan amount affect the minimum required.
Lenders typically use net income from the P&L. Some allow gross revenue with an expense factor applied — this varies by lender.
Lenders average income across the full 12 or 24 months. One slow month won't tank the deal if the overall trend is profitable.
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.
Yes. Both purchase and rate-and-term or cash-out refinances are available through P&L programs, subject to lender guidelines.
Profit & Loss Statement Loans in Upland