Question 1

Can I use a P&L I prepared myself?

Accepted Answer

No. Lenders require an independent licensed CPA to prepare and sign your P&L statements. Family members don't qualify.

Question 2

What if my business is only 18 months old?

Accepted Answer

Some lenders accept 12 months of statements with strong reserves and higher down payments. Two years opens more options at better rates.

Question 3

Do I need to provide tax returns too?

Accepted Answer

Most programs require business returns to verify the company exists, but they don't use them to calculate income. The P&L does that work.

Question 4

How long does P&L loan underwriting take?

Accepted Answer

Expect 3-4 weeks with clean documentation. Mismatches between P&L income and bank deposits add time while underwriters request explanations.

Question 5

Can seasonal income work with P&L loans?

Accepted Answer

Yes, if you show the pattern across 24 months. One strong summer followed by weak winter looks risky without historical proof.

Question 6

What down payment gets the best P&L loan rates?

Accepted Answer

20-25% down unlocks top-tier pricing. 15% works but costs more. Under 15% limits lender options significantly.

P&L Statement Loans in Windsor: Self-Employed Financing That Works