Question 1

Who prepares the P&L statement?

Accepted Answer

A licensed CPA must prepare it. Self-prepared statements are not accepted by lenders.

Question 2

Do I need two years of P&L statements?

Accepted Answer

Some lenders accept 12 months. Others require 24. We match you to the lender whose terms fit your situation.

Question 3

Can I use a P&L loan to buy in Woodlake with 10% down?

Accepted Answer

Yes, some lenders go down to 10%. Credit score and income strength affect how much down you'll need.

Question 4

Are P&L loan rates higher than conventional rates?

Accepted Answer

Yes. Non-QM loans carry more risk for lenders. Rates vary by borrower profile and market conditions.

Question 5

What if my tax returns show a loss but my business is profitable?

Accepted Answer

That's exactly who P&L loans are designed for. Your CPA-prepared statement shows actual business performance.

Question 6

How long does it take to close a P&L loan?

Accepted Answer

Typically 21-30 days once your CPA delivers the statement. Having docs ready speeds things up considerably.

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