Question 1

Who prepares the P&L statement for this loan?

Accepted Answer

A licensed CPA must prepare and sign it. Self-prepared statements are rejected by virtually every non-QM lender.

Question 2

Can I use a P&L loan on rural land in Siskiyou County?

Accepted Answer

Some lenders restrict non-QM on large acreage parcels. We check property eligibility before you get too far into the process.

Question 3

How is my income calculated from the P&L?

Accepted Answer

Lenders typically use your net income or a percentage of gross revenue shown on the statement. Each lender has its own method.

Question 4

Do I need two years of P&L history?

Accepted Answer

Some lenders accept 12 months. Others require 24. Your credit profile and down payment often influence which option you qualify for.

Question 5

How do P&L loan rates compare to conventional rates?

Accepted Answer

P&L loans carry higher rates than conventional loans. Rates vary by borrower profile and market conditions — we shop across lenders to narrow that gap.

Question 6

What if my tax returns show a loss but my P&L shows profit?

Accepted Answer

That's exactly what this loan is designed for. The P&L replaces tax returns as the income document — write-offs no longer work against you.

P&L Statement Loans for Self-Employed Buyers in Etna, CA