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Goleta sits in one of California's most expensive coastal markets. Self-employed buyers here can't afford to get knocked out on income documentation.
P&L loans use a CPA-prepared profit and loss statement to verify income. No tax returns. No W-2s. Just your actual business performance.
CPA-Prepared P&L
Income Doc Used
12 or 24 Months
P&L Period
620–660 Typical
Min Credit Score
10–20% Typical
Down Payment
Non-QM
Loan Type
Profit & Loss Statement Loans in Goleta
Your CPA prepares a 12- or 24-month P&L statement. Lenders use that income figure — not your taxed-down Schedule C number.
Expect a minimum credit score around 620-660 depending on the lender. Down payments typically start at 10-20%. Rates vary by borrower profile and market conditions.
Most retail banks won't touch P&L loans. This is a wholesale and non-QM lender product. You need a broker with access to those channels.
SRK CAPITAL works with 200+ wholesale lenders. We shop P&L programs across multiple non-QM investors to find the tightest rate for your file.
The most common mistake I see: borrowers show up with a P&L their bookkeeper drafted. Lenders reject those. It must come from a licensed CPA.
Lenders also check that your P&L matches your bank deposits. Big gaps between the two raise red flags fast. Get your documentation aligned before applying.
Bank statement loans average your deposits over 12-24 months. P&L loans let your CPA present a cleaner income picture. Both are valid — which wins depends on your numbers.
1099 loans work if most of your income is contractor-based. Asset depletion loans work if you have significant reserves but low income. P&L loans work when your business profits are real but tax returns don't show it.
Goleta's real estate is tied closely to UCSB, biotech, and aerospace — sectors with heavy contractor and founder-level income. P&L loans were practically designed for buyers in this zip code.
Santa Barbara County prices push many buyers into jumbo territory. Some non-QM lenders offer P&L programs above conforming limits. Ask specifically about jumbo P&L options.
A licensed CPA must prepare and sign it. Bookkeeper-prepared or self-prepared statements are not accepted by lenders.
Some non-QM lenders offer P&L programs above conforming limits. Terms depend on your credit, down payment, and lender guidelines.
A bank statement loan averages your deposits. A P&L loan uses your CPA's income summary. Both qualify self-employed borrowers — the better option depends on your numbers.
Most lenders require 2 years of self-employment history. Some allow 1 year with strong compensating factors.
Less than they would on a conventional loan. The P&L reflects business income before personal deductions — that's the key advantage of this program.
Most P&L lenders start at 620-660. Higher scores open up better rates and lower down payment options.