Self-Employed Mortgage Specialists — CA • FL • TX
Profit & Loss Statement Loans — Qualify With One Year of Business Records
CPA-prepared P&L statement replaces tax returns entirely. The simplest documentation path for established business owners — one document, one year, no bank statements required.
1-year P&L
is all you need
No bank statements
required
No tax returns
required
640+
minimum credit score
The Simplest Documentation Path for Business Owners
Bank statement loans require 12–24 months of statements. Tax returns are often useless for self-employed borrowers with write-offs. P&L loans offer a cleaner third option: a single CPA-prepared Profit & Loss statement that documents your business income clearly, professionally, and without the complications of bank statement analysis.
Who P&L Loans Are Best For
- Business owners with clean financials that a CPA can clearly document
- Self-employed borrowers who find bank statement analysis complicated
- Business owners who want faster documentation turnaround
- Those with large numbers of transactions that make bank statement analysis complex
- Borrowers who prefer a CPA-certified income document over raw bank data
- Any self-employed borrower where the P&L shows strong net income
P&L vs. Bank Statement: Which Is Better?
- P&L Loan: One document from your CPA — shows revenue and net profit clearly
- Bank Statement Loan: 12–24 months of raw statements with deposit analysis
- P&L is simpler if your CPA can document strong income
- Bank statements are better if your net income appears low but deposits are strong
- Some programs allow combining P&L + bank statements for highest income
- We’ll run both scenarios and use whichever qualifies you for more
How P&L Statement Loans Work
The loan process uses your P&L to establish qualifying income, then proceeds through standard Non-QM underwriting for credit, property, and LTV.
Documentation Requirements
- CPA or licensed tax professional must prepare and sign the P&L
- 12-month P&L is the minimum; some programs accept year-to-date
- P&L must include revenue, expenses, and net income
- CPA letter confirming self-employment status is typically required
- Business license or proof of business operation
- No personal bank statements required on most P&L programs
Loan Parameters
- Minimum 640 credit score
- Self-employed 2+ years preferred (1 year case-by-case)
- Loan amounts up to $3M+
- Primary residence, second home, or investment property
- Down payment from 10–20% depending on loan size
- Cash-out refinance available
P&L Loan FAQ
Does my CPA need to be certified or licensed?
Yes. The P&L must be prepared and signed by a licensed CPA, enrolled agent, or other credentialed tax professional. A P&L you prepare yourself does not qualify.
Can I use a P&L for a rental property purchase?
Yes. If you’re self-employed and want to purchase an investment property, your P&L documents your personal income, and the property is then underwritten on its own merits (LTV, rental income, etc.).
What if my net income on the P&L is lower than I need?
If net income on the P&L doesn’t get you to the qualifying amount, we have two options: (1) combine P&L with bank statements, or (2) switch entirely to bank statement qualification, which often produces a higher income figure for borrowers with significant write-offs.
Is year-to-date P&L acceptable?
Some programs accept YTD P&L when combined with a prior full-year P&L. The current year performance vs. prior year is reviewed for consistency. A strong YTD showing can support a solid qualification.
How recent does the P&L need to be?
Most programs require the P&L to cover the most recent 12-month period and be dated within 60 days of the loan application. Your CPA should prepare it fresh for the loan transaction.
Can I combine P&L income with rental income?
Yes. P&L-documented self-employment income can be combined with documented rental income, dividend income, or other verifiable income sources to reach your qualifying amount.
Related Programs
One Document. One Year. Let’s Get You Approved.
If your CPA can document your income cleanly, a P&L loan may be the fastest path to approval. Call us and we’ll tell you in 10 minutes if it works.