P&L Loan: Qualify Using a CPA‑Prepared Profit & Loss Statement Instead of Tax Returns
Quick Facts
- No tax returns required
- Qualify using a CPA‑prepared P&L
- Ideal for self‑employed borrowers
- Flexible credit and income guidelines
- Purchase or refinance options available
What Is a P&L Loan?
A P&L Loan allows self‑employed borrowers to qualify for a mortgage using a CPA‑prepared Profit & Loss statement instead of tax returns. This program is ideal for business owners whose tax filings don’t reflect their true cash flow.
P&L Loan Benefits
- No tax returns or W‑2s required
- Qualify using a CPA‑prepared P&L
- Ideal for self‑employed borrowers with strong business revenue
- Flexible credit and income guidelines
- Works for purchase or refinance
P&L Loan Eligibility Requirements
- Self‑employment income for at least 2 years
- CPA‑prepared Profit & Loss statement
- Acceptable credit profile
- Adequate reserves (varies by lender)
- Property must meet appraisal standards
- Full underwriting review required
How a P&L Loan Works
Lenders use a CPA‑prepared Profit & Loss statement to calculate qualifying income instead of tax returns. Borrowers complete credit, income, and asset verification, and lenders evaluate business performance and cash flow to determine eligibility.
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