Question 1

Who prepares the P&L statement for this loan?

Accepted Answer

A licensed CPA must prepare it. Most lenders won't accept a borrower-prepared P&L.

Question 2

Can I use one year of P&L instead of two?

Accepted Answer

Some lenders allow 12 months. Expect a higher rate or stricter terms with a shorter history.

Question 3

Do I still need tax returns for a P&L loan?

Accepted Answer

Most P&L programs do not require tax returns. That's the whole point of this loan type.

Question 4

How is my income calculated from the P&L?

Accepted Answer

Lenders typically use net profit shown on the P&L. Some allow add-backs for depreciation.

Question 5

Are P&L loans available in Lindsay, CA?

Accepted Answer

Yes. Lindsay falls within Tulare County, which wholesale non-QM lenders lend in regularly.

Question 6

What credit score do I need for a P&L loan?

Accepted Answer

Most lenders start at 620. A score above 680 gets you meaningfully better rate options. Rates vary by borrower profile and market conditions.

P&L Statement Loans for Self-Employed Buyers in Lindsay