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Benicia sits at the edge of Solano County with a tight housing stock and buyers who often run their own businesses. Standard loan programs weren't built for that profile.
A P&L loan uses a CPA-prepared profit and loss statement instead of tax returns. That one shift opens doors for self-employed borrowers who write off most of their income.
CPA-Prepared P&L
Income Doc
12 or 24 Months
P&L Period
680 Typical
Min Credit Score
10–20%
Down Payment
2 Years
Self-Employed Min
Your CPA prepares a 12- or 24-month P&L statement. Lenders use that to calculate qualifying income — not your Schedule C or 1040.
Most lenders want at least 2 years of self-employment history. Credit requirements vary, but 680 or higher gives you the most options. Rates vary by borrower profile and market conditions.
Big banks don't offer P&L loans. This is a wholesale non-QM product. You need a broker with access to lenders who actually underwrite these deals.
SRK CAPITAL works with 200+ wholesale lenders. Several specialize in non-QM products for self-employed borrowers in Northern California markets like Benicia.
The most common mistake: borrowers hand over a P&L their bookkeeper threw together in QuickBooks. Lenders reject those. It has to come from a licensed CPA.
Get your CPA involved early. A clean, CPA-signed P&L showing consistent revenue makes a real difference at underwriting. Gaps or inconsistencies kill deals.
Bank Statement Loans use 12–24 months of deposits to calculate income. P&L loans use your CPA's numbers. If your deposits are messy, the P&L route is cleaner.
1099 loans work if you're a contractor getting 1099s. Asset Depletion loans fit high-net-worth borrowers with large portfolios. P&L loans sit in between — good for true business owners.
Benicia has a strong base of small business owners — contractors, consultants, and trades. Many earn well but look income-poor on tax returns. P&L loans were built for this exact borrower.
Solano County sits between the Bay Area and Sacramento. Buyers here get more home per dollar than Contra Costa or Marin. A P&L loan lets self-employed borrowers compete at that price point.
Yes. Lenders won't accept bookkeeper or self-prepared statements. A licensed CPA must sign off on the document.
Some lenders accept 12 months. Rates and terms are usually better with a 24-month statement showing consistent income.
Most P&L programs want 680 or higher. Some lenders go lower, but expect tighter terms and higher rates. Rates vary by borrower profile and market conditions.
Typical down payments run 10–20%. Lower down payments are possible but usually come with stricter income documentation requirements.
Yes. Some non-QM lenders allow P&L loans on investment properties. A DSCR loan may also be worth comparing depending on rental income.
Non-QM underwriting typically runs 3–4 weeks. Having your CPA-prepared P&L ready before you apply speeds the process.
Profit & Loss Statement Loans in Benicia