Question 1

Can I use my personal CPA or does the lender assign one?

Accepted Answer

You use your own CPA. The lender verifies their license and reviews the P&L format but does not assign accountants.

Question 2

What if my business shows a loss in some months?

Accepted Answer

Lenders average the full 12-month period. Occasional monthly losses work if the annual total shows profitability.

Question 3

Do I need two years in business to qualify?

Accepted Answer

Most programs require 12 months minimum. Stronger pricing appears at two years of business history.

Question 4

Can I refinance with a P&L statement loan?

Accepted Answer

Yes. Rate-and-term and cash-out refinances both qualify using P&L documentation with most lenders.

Question 5

What interest rate should I expect compared to conventional loans?

Accepted Answer

Rates run 1-3% higher than conventional programs. Exact pricing depends on credit, down payment, and profit margins shown. Rates vary by borrower profile and market conditions.

P&L Statement Loans in Santa Maria — Finance Without Tax Returns