P&L Only Loan

Overview

A P&L Only loan is the simplest Non-QM income documentation type for established business owners. A licensed CPA, EA, or other qualifying tax preparer signs off on a profit & loss statement covering the most recent 12-24 months, and that document — combined with verification of business existence — is what the lender uses to qualify you.

It's faster and lighter on documentation than a bank statement loan, but lender requirements around the preparer, the business vintage, and supporting documents vary. Rates and terms are Non-QM in nature.

Who it's for

Established self-employed borrowers (typically 2+ years in business)
Owners with a long-standing CPA relationship
Borrowers whose deposits and taxes both understate cash flow
Owners wanting lighter documentation than a bank statement program

What's typically reviewed

CPA-prepared P&L for 12-24 months
Verification of business (license, web presence, tax ID)
Credit profile
Down payment and reserves
Sometimes a business bank statement to corroborate

This is a general description, not a guarantee of approval. Specific requirements vary by lender and program. Final qualification is determined during underwriting.

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