Question 1

Can I use my tax preparer instead of a CPA?

Accepted Answer

No. Lenders require a licensed CPA to prepare and certify the P&L. Enrolled agents and bookkeepers don't qualify.

Question 2

How far back do my P&L statements need to go?

Accepted Answer

Most lenders require 12-24 months. Two years is standard, but some accept one year with strong reserves and credit.

Question 3

What if my P&L shows a loss one year?

Accepted Answer

One loss year doesn't disqualify you, but lenders average the two years. You need enough profit in the other year to offset it.

Question 4

Do P&L loans work for investment properties in Exeter?

Accepted Answer

Yes, but DSCR Loans usually make more sense for rentals. They ignore your income entirely and only look at property cash flow.

Question 5

How long does P&L loan approval take?

Accepted Answer

30-45 days on average. The CPA certification adds time, especially if your accountant hasn't done mortgage P&Ls before.

Profit & Loss Statement Loans in Exeter — CPA Documentation for Self-Employed Borrowers