Question 1

Do I need a CPA or can my bookkeeper prepare the P&L?

Accepted Answer

Most lenders require a licensed CPA signature. Some accept Enrolled Agents, but bookkeepers don't qualify.

Question 2

How recent does my P&L statement need to be?

Accepted Answer

Most lenders want statements dated within 60-90 days of loan application. Year-to-date P&L must include current month data.

Question 3

Can I use P&L loans for investment properties in Los Altos?

Accepted Answer

Yes, but DSCR loans often work better for rentals. P&L loans shine for primary residences and second homes.

Question 4

What if my business is less than two years old?

Accepted Answer

A few lenders accept one year with large down payments. Most require 24 months of business history minimum.

Question 5

How much higher are P&L loan rates versus conventional?

Accepted Answer

Expect 0.5-1% higher rates as of February 2026. Rates vary by borrower profile and market conditions.

P&L Statement Loans for Los Altos Self-Employed Borrowers