Question 1

Does my CPA need special licensing?

Accepted Answer

Your CPA must hold an active California license and sign the P&L statement. Unlicensed bookkeepers or accountants won't satisfy lender requirements.

Question 2

Can I use a P&L for investment property?

Accepted Answer

Yes, though lenders often require larger down payments for non-owner-occupied purchases. DSCR loans sometimes work better for pure investment deals.

Question 3

What if my business is only 18 months old?

Accepted Answer

Most P&L programs require 24 months. Some lenders allow shorter history if you worked in the same industry before starting your business.

Question 4

How long does underwriting take?

Accepted Answer

Expect 3-4 weeks from application to clear-to-close. P&L loans require manual review since they don't fit automated systems.

Question 5

Can I add back depreciation and mileage?

Accepted Answer

Most lenders add back depreciation, vehicle expenses, and home office deductions. Each lender treats write-offs differently, so pre-qualifying matters.

Profit & Loss Statement Loans in Millbrae — Self-Employed Financing That Works