Question 1

Can I use personal bank statements for a business loan?

Accepted Answer

Yes, most lenders accept personal statements if business income flows through your account. They apply a higher expense ratio to personal accounts, usually 40% to 50%.

Question 2

Does the CPA need to be licensed in California?

Accepted Answer

The CPA must hold a valid license, but it doesn't have to be California-specific. Most lenders verify the license through state boards or national databases.

Question 3

Which loan type closes faster?

Accepted Answer

Bank statement loans typically close in 21 to 30 days. P&L loans take similar time if your financials are ready, but longer if you need a CPA to prepare them first.

Question 4

Can I switch from one program to the other mid-process?

Accepted Answer

Yes, you can pivot if one doc type isn't working. We see this when deposits don't support the needed income or when a P&L reveals lower earnings than expected.

Question 5

Do both programs allow investment properties?

Accepted Answer

Yes, both bank statement and P&L loans work for investment properties in Ceres. Down payments increase to 20% to 25% for non-owner-occupied purchases.

Bank Statement Loans vs P&L Statement Loans in Ceres: Which Docs Work Best for You?