Question 1

Who prepares the P&L statement?

Accepted Answer

A licensed CPA must prepare and sign it. Borrower-prepared statements are not accepted by lenders.

Question 2

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

Accepted Answer

Some lenders restrict acreage or rural property types. We check those guidelines before you apply.

Question 3

Do I need tax returns for this loan?

Accepted Answer

No. That's the point of a P&L loan. Your CPA's statement replaces tax returns entirely.

Question 4

How is this different from a bank statement loan?

Accepted Answer

Bank statement loans analyze your deposits. P&L loans use a CPA statement to show net income directly.

Question 5

What credit score do I need?

Accepted Answer

Most P&L programs start at 620. Higher scores typically bring better rates and terms.

Question 6

How long does it take to close a P&L loan?

Accepted Answer

Non-QM loans typically close in 21-30 days. Having a clean, ready P&L from your CPA speeds things up.

P&L Statement Loans for Self-Employed Buyers in Fort Jones