Question 1

Who prepares the P&L for this loan?

Accepted Answer

A licensed CPA must prepare and sign it. Lenders won't accept self-prepared statements.

Question 2

Can I use a P&L if I just started my business?

Accepted Answer

Most lenders require at least 2 years of self-employment history. A 12-month P&L alone won't override that.

Question 3

How does the lender verify P&L income?

Accepted Answer

They cross-check it against business bank statements and may verify your CPA's license. Inconsistencies cause delays.

Question 4

Are P&L loan rates higher than conventional?

Accepted Answer

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

Question 5

Can I buy in Camarillo with a P&L loan?

Accepted Answer

Yes. P&L loans work for purchases and refinances in Ventura County with no geographic restrictions.

Question 6

What if my P&L shows a loss in one period?

Accepted Answer

Lenders want consistent or growing income. A loss period will hurt qualification — sometimes fatally.

P&L Statement Loans for Camarillo's Self-Employed