Question 1

How far back do P&L statements need to go?

Accepted Answer

Most lenders require 12 months minimum, though 24 months strengthens approval odds. The CPA must prepare statements specifically for mortgage qualification, not just tax filings.

Question 2

Can I use my bookkeeper instead of a CPA?

Accepted Answer

No. Lenders require licensed CPAs to verify income accuracy. Bookkeeper-prepared statements won't satisfy underwriting requirements for institutional mortgage approval.

Question 3

What if my profit fluctuates month to month?

Accepted Answer

Lenders average the period or use a trailing calculation. We position seasonal businesses by choosing statement periods that show sustainable income patterns without misrepresentation.

Question 4

Do P&L loans have higher rates than conventional?

Accepted Answer

Yes, typically 1.5-3% higher than conventional rates as of February 2026. Rates vary by borrower profile and market conditions based on credit, down payment, and business stability.

Question 5

Can I qualify with cryptocurrency business income?

Accepted Answer

Some non-QM lenders now accept verified crypto holdings as reserves or additional income. This applies to traditional businesses and crypto-focused operations with proper documentation.

Question 6

How long does P&L loan approval take in Scotts Valley?

Accepted Answer

Typically 30-45 days from application to closing. Timeline depends on how quickly your CPA provides properly formatted statements and how responsive you are to underwriting requests.

Profit & Loss Statement Loans in Scotts Valley: Income Verification Built for Business Owners