Question 1

Do I need a CPA to get a P&L loan in Tulare?

Accepted Answer

Yes. Lenders require a licensed CPA to prepare and sign the P&L. A bookkeeper or self-prepared statement won't qualify.

Question 2

Can I use this loan if I write off a lot on my taxes?

Accepted Answer

That's exactly who this loan is for. Your P&L reflects business income before tax deductions reduce it.

Question 3

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

Accepted Answer

Most lenders start at 620-660. Stronger credit gets you better pricing — rates vary by borrower profile and market conditions.

Question 4

How is a P&L loan different from a bank statement loan?

Accepted Answer

Bank statement loans calculate income from deposits. P&L loans use your CPA's income figures directly.

Question 5

How long does my business need to be operating?

Accepted Answer

Most lenders want 2 years of self-employment history. Some will consider 1 year with strong compensating factors.

Question 6

Are P&L loan rates higher than conventional rates?

Accepted Answer

Yes, non-QM loans carry higher rates than conventional. Rates vary by borrower profile and market conditions.

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