Question 1

Who prepares the P&L statement for this loan?

Accepted Answer

A licensed CPA or enrolled agent must prepare and sign it. Most lenders won't accept statements from bookkeepers or self-prepared documents.

Question 2

Can I use just one year of P&L history?

Accepted Answer

Some lenders accept 12 months. Others require 24. A 24-month P&L typically gets you better rates and more lender options.

Question 3

How does my tax write-off strategy affect this loan?

Accepted Answer

Heavy deductions that lower your taxable income don't hurt here. The P&L shows business income before those write-offs.

Question 4

Is a P&L loan harder to get than a bank statement loan?

Accepted Answer

Not necessarily — it depends on your business. If your deposits are irregular but your P&L looks strong, P&L may actually be easier.

Question 5

What credit score do I need in Oxnard for this loan?

Accepted Answer

Most P&L lenders want at least a 620. Stronger scores get better rates. Rates vary by borrower profile and market conditions.

Question 6

Are P&L loan rates higher than conventional rates?

Accepted Answer

Yes, typically. Non-QM products carry a rate premium for the added flexibility. Rates vary by borrower profile and market conditions.

P&L Statement Loans for Oxnard's Self-Employed Buyers