Who this is for
Who it's for
Established business owners
With a preparer who knows your books.
Privacy-minded borrowers
You'd rather not hand over two years of statements.
Fast-growing businesses
Recent profits that tax returns don't show yet.
Investors with businesses
Pair with DSCR for rentals.
Program highlights
Highlights
Simple documentation
The P&L carries the income calculation.
Preparer verification
Lenders confirm the preparer's license.
Some statements
A few months of statements may be needed to support the P&L.
Flexible use
Purchase, rate/term, cash-out.
Qualification guidelines
What lenders look at
Typical guidelines across my lender network. Every file is different, and I will tell you exactly where you stand after a quick review.
| Factor | Typical requirement | Required? |
|---|---|---|
| Licensed preparer | CPA, EA or tax preparer | ✓ YES |
| Self-employment | Usually 2 years | ✓ YES |
| Down payment | Often 15–20% | ✓ YES |
| Tax returns | Not needed | ✗ NOT REQUIRED |
In Hawaii
Is P&L or bank statement better?
- P&L is simpler if your preparer is already producing one.
- Bank statement often allows lower down payment.
- I'll price both. Bank statement loans →
How it works
From first call to closing
- CallBusiness type and structure.
- P&LYour preparer completes or signs the P&L.
- ShopNon-QM lenders compared.
- CloseClose on schedule.
Common questions
P&L Only FAQ
Who can prepare the P&L?
Usually a CPA, enrolled agent or licensed tax preparer, depending on the lender.
Do I need bank statements at all?
Some lenders ask for 2–3 months to support the P&L.
Is it more expensive?
Usually priced above conventional, and down payments are higher.
Can I use it for a rental?
Yes, or consider DSCR.
Sources: 12 CFR 1026.43 (ability-to-repay); lender non-QM guidelines vary.
Bank statement, P&L, DSCR, ITIN, foreign national, condotel and fix-and-flip programs are non-QM or business-purpose products. They are not conventional, FHA, VA or USDA loans, and rates and down payments are typically higher.
