Who it is for
- Business owners with a CPA-prepared P&L
- Commingled accounts that make bank statement analysis messy
Typical P&L-Only Loans requirements
| Document | 12 or 24-month CPA/EA-prepared P&L |
|---|---|
| Minimum credit | Typically 640–680 |
| Max LTV | Typically 80–85% |
| History | 2 years self-employed |
Figures are typical market ranges as of October 2026. Actual terms depend on the lender, your credit, the property and the program, and are confirmed on your Loan Estimate or term sheet.
How it works
- Your CPA prepares and signs the P&L.
- Lender uses net income from the P&L.
- Some programs also ask for 2–3 months of bank statements to confirm activity.
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Pros and cons
Advantages
- Simple documentation
- Uses net business income
Trade-offs
- Fewer lenders
- Lower max LTV than bank statement programs
Documents you’ll need
- CPA-prepared P&L
- CPA license verification
- Recent bank statements
P&L-Only Loans FAQ
Do I need tax returns for a P&L loan?
No. The CPA-prepared P&L replaces tax returns.
Who prepares the P&L?
A CPA, enrolled agent or licensed tax preparer must prepare and sign it. A P&L you wrote yourself will not work.
How far back does the P&L need to cover?
12 or 24 months, depending on the program. Longer coverage usually means better pricing.
What credit score do I need for a P&L loan?
Typically 640 to 680. Stronger credit helps offset the limited documentation.
How much can I put down?
Most P&L programs max out around 80 to 85% LTV, so plan on 15 to 20% down.
P&L loan vs bank statement loan: which is better?
A P&L loan is simpler if your CPA already keeps clean books. A bank statement loan can work better if your deposits are strong but your books are messy. We can run both and see which qualifies you for more.
Do lenders verify the P&L?
Yes. They verify the preparer’s license and often ask for 2 to 3 months of bank statements to confirm the business is active.
Can I use a P&L loan for an investment property?
Usually yes, though for rentals a DSCR loan is often simpler since it skips business income docs entirely.
How fast do P&L loans close?
Typically 3 to 4 weeks. The P&L review is straightforward, so the appraisal is usually the longest step.
How P&L-Only Loans compare
| P&L-Only Loans | Bank Statement Loans | 1099 Loans | |
|---|---|---|---|
| Best for | Business owners with a CPA-prepared P&L | Business owners and self-employed borrowers with heavy write-offs | Sales reps, realtors, nurses, drivers and other 1099 earners |
| Down payment | , | , | , |
| Credit | Typically 640–680 | Typically 620–660 | Typically 620–660 |
| Income docs | , | , | , |
Typical ranges, your Loan Estimate or term sheet confirms actual terms.
Coming soon: a 2-minute walkthrough from our loan team.
Related programs
Bank Statement Loans
A bank statement loan is a non-QM mortgage that calculates self-employed income from 12 or 24 months of personal or business bank deposits instead of tax returns.
1099 Loans
A 1099 loan qualifies independent contractors using their 1099 forms (and sometimes a small expense factor) instead of full tax returns, so write-offs on Schedule C do not shrink your qualifying income..