Question 1

Who prepares the P&L statement?

Accepted Answer

Your licensed CPA prepares and signs it. Lenders won't accept self-prepared statements — it must come from a credentialed accountant.

Question 2

Can I use 12 months instead of 24?

Accepted Answer

Some lenders accept 12 months. Rates and terms are usually better with 24 months of history showing consistent income.

Question 3

Do my tax returns matter at all?

Accepted Answer

Most P&L lenders don't require them. Some review them to check for major red flags, but your P&L income drives qualification.

Question 4

What credit score do I need in Solano County?

Accepted Answer

Plan for 680 minimum. A stronger score opens more lenders and better pricing. Rates vary by borrower profile and market conditions.

Question 5

How is this different from a bank statement loan?

Accepted Answer

Bank statement loans average your actual deposits. P&L loans use CPA-reported net income. Each fits a different business structure.

Question 6

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

Accepted Answer

Typically 21–30 days once your CPA delivers a complete statement. Delays usually come from incomplete documentation, not the lender.

P&L Loans for Self-Employed Buyers in Suisun City