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Profit & Loss Statement Loans in Weed
Weed's economy draws heavily from small business owners, independent contractors, and self-employed professionals who write off expenses aggressively. Traditional lenders reject these borrowers because tax returns show minimal income even when cash flow is strong.
P&L statement loans solve this by using a CPA-prepared 12-month profit and loss statement instead of tax returns. This works well for Weed's entrepreneurial community where business deductions mask real earning power.
You need a CPA-prepared P&L covering the last 12 months, typically 10-20% down, and credit scores starting at 620. The CPA must be licensed and cannot be you or a family member.
Lenders verify the CPA's credentials and cross-check your P&L against bank deposits. Business must show 24 months operating history minimum. Self-employment income must represent your primary earnings source.
Roughly 30 non-QM lenders in our network offer P&L programs, but their overlays differ wildly. Some require business bank accounts, others accept commingled personal accounts if deposits match P&L figures.
Rates run 1.5-2.5% higher than conventional loans. Expect 7-9% in current conditions. Rates vary by borrower profile and market conditions. Lenders price based on credit score, down payment, and whether your CPA is well-known or brand new.
Most deals die because borrowers use a friend who's technically a CPA but doesn't prepare financials professionally. Lenders reject sloppy P&Ls instantly. Get a legitimate CPA with experience in mortgage qualification.
The other killer: business bank deposits fall short of stated P&L income by 20% or more. One client showed $15k monthly profit but deposits averaged $11k. Deal died. Match your deposits to your P&L before applying.
Bank statement loans are easier for most self-employed borrowers because you skip the CPA requirement entirely. We analyze 12-24 months of business deposits directly. P&L loans only make sense when your deposits look inconsistent but your CPA can smooth the numbers.
1099 loans work if you're an independent contractor receiving 1099 forms. Asset depletion loans use investment accounts to qualify. DSCR loans suit rental property buyers who don't want income verified at all.
Weed's housing stock skews older with prices well below California averages. Most borrowers here use P&L loans for primary residences under $400k, which keeps loan amounts manageable and approval rates higher.
Siskiyou County appraisers are scarce, which adds 2-3 weeks to closing timelines. Rural property challenges like well water, septic systems, and seasonal access roads can complicate appraisals. Factor extra time into your purchase timeline.
Needs to cover the most recent 12 months ending within 90 days of application. Last year's full-year statement won't work unless you're applying in Q1.
Most lenders accept out-of-state CPAs as long as they're actively licensed. A few require California licensure for California properties, but that's rare.
Not always required but helps strengthen your file. Lenders want proof you're legitimately self-employed, and business licenses provide that evidence quickly.
Yes. Your self-employed P&L income qualifies you while your spouse's W-2 adds to total qualifying income. Very common scenario we structure regularly.
Expect 3-4 weeks once submitted. Underwriters verify your CPA's license and cross-check P&L against bank statements, which takes longer than conventional files.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.