Question 1

Can I use both a P&L and bank statements?

Accepted Answer

Some lenders accept both to build the strongest income case. We shop across 200+ wholesale lenders to find who allows that.

Question 2

Does the CPA need to be licensed in California?

Accepted Answer

Yes. Most lenders require a California-licensed CPA or tax professional to prepare and sign the P&L statement.

Question 3

How many months of bank statements do I need?

Accepted Answer

Most lenders want 12 months minimum. Some require 24 months to get better pricing or qualify for a higher loan amount.

Question 4

Which loan closes faster?

Accepted Answer

Bank statement loans typically move faster. P&L loans depend on how quickly your CPA can prepare the documentation.

Question 5

Do these loans have higher rates than conventional?

Accepted Answer

Yes. Both are non-QM products. Rates vary by borrower profile and market conditions — expect a premium over conventional pricing.

Question 6

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620 score. Better pricing typically starts at 680 or higher.

Bank Statement vs P&L Loans: Which Fits Your Business?