Question 1

Does my CPA need special licensing for P&L statement loans?

Accepted Answer

Your CPA needs an active license in good standing. Lenders verify this directly. Unlicensed bookkeepers or tax preparers won't work for these loans.

Question 2

Can I use year-to-date P&L statements for current year income?

Accepted Answer

Yes, but most lenders want at least 12 months of history. YTD statements work best when combined with prior year full-year P&Ls to show stability.

Question 3

How do lenders calculate qualifying income from P&L statements?

Accepted Answer

They average net profit across 12-24 months. Some add back depreciation and one-time expenses. Each lender has different add-back policies.

Question 4

What if my business shows profit but I took losses on taxes?

Accepted Answer

That's exactly when P&L loans shine. Tax returns show losses from write-offs. P&L statements show actual business cash flow before tax strategies.

Question 5

Do I need business bank statements in addition to P&L statements?

Accepted Answer

Most lenders require 3-12 months of business bank statements to verify the P&L figures. They cross-check deposits against reported revenue.

Profit & Loss Statement Loans in Hillsborough: Financing Built for Business Owners