Your accountant already wrote the document we need.
A P&L only loan, also known as a profit and loss loan, can help self-employed borrowers qualify for a mortgage using profit and loss statements to document their income, rather than a stack of tax returns. If your accountant already prepares clean financials for your business, you already have most of what this program needs.
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What a P&L only file needs
A prepared profit and loss statement
Covers the lender’s requested period and is signed by its preparer. It anchors the file.
A qualified preparer
Usually a CPA, enrolled agent, or licensed tax professional, depending on what your lender requires.
Evidence the business exists
Documents, like a business license or state registration, confirming your company is real and active.
A credit history the lender can price
As with any non-QM file, the documentation is flexible and the credit is not.
Sometimes a supporting statement
Some lenders want a short period of bank statements alongside. Some do not.
No rates or figures here on purpose. Yours depend on your credit, the county and the program. A licensed loan officer gives you real numbers on the call.
What to watch for, and we will not bury it
Your accountant has to be willing
Some preparers are cautious about signing statements that will be used for lending purposes. Ask them early rather than waiting until underwriting, when it is much harder to fix.
Fewer lenders offer this than bank statement
It is a narrower market than bank statement lending, which actually makes shopping it more valuable, not less, since pricing can vary quite a bit between the lenders who do offer it.
The statement has to be consistent with reality
It will be read alongside whatever else the lender sees on your file. Numbers that do not reconcile tend to cause problems late in the process, right when you can least afford a delay.
Nadeem Bhatti
Where we place P&L only loans
Maryland
Virginia
Washington DC
North Carolina
Texas
We are a mortgage company serving these areas. We do not keep a branch in each one. Every mortgage loan is worked from 8115 Maple Lawn Blvd, Suite 350, Fulton, Maryland.
What business owners ask about P&L loans
Who can prepare the profit and loss statement?
Usually a CPA, an enrolled agent, or a licensed tax preparer. Which one is acceptable varies by lender, so it is worth confirming this early if you are planning to apply for a p&l loan.
Do I still need bank statements?
Sometimes. Some lenders want a short supporting period of bank statements alongside your P&L, while others are comfortable working from the profit and loss program documentation alone.
Can I prepare it myself?
Generally no. Most lenders require the statement to come from a qualified preparer rather than the business owner, since the whole point of a p and l loan is having a third party confirm the numbers.
How is this different from a bank statement loan?
A bank statement loan looks at actual deposits hitting your account, while a p&l mortgage loan relies on a prepared financial statement instead. Both are built for self-employed borrowers, but they document income in very different ways.
Is it faster?
Often, yes. A profit and loss loan can move a bit faster than a bank statement file, mainly because there are fewer documents to gather and review, though this depends on how quickly your accountant can turn around the statement.
What if my accountant will not sign a P&L for lending purposes?
This happens sometimes, since not every preparer is comfortable signing statements tied to a mortgage application. If that is the case, a bank statement loan or another non-QM option may be a better fit than trying to force a p&l loan interest rate quote on a statement no one will sign.
See whether a P&L is enough on its own
Send us your latest statement. We will tell you which lenders would work from it, free.