Profit and Loss Mortgage Loans

Rather than using tax returns, we allow the business owner to have their licensed tax preparer provide a 1-2 Year Profit and Loss (P&L) Statement as income, which often provides a more accurate portrait of the applicant's true income profile.

There are no prepayment penalties for owner occupied and second homes, so the loan can be refinanced if desired when the applicant qualifies for a traditional home loan.  

Many of our clients use this program to buy their dream home and later decide to refinance it into a traditional loan once they and their tax advisers determine the optimal time.  

This allows the business owner to take control and buy a home on their terms, rather than the bank's terms.

This loan program is similar to our Bank Statement Program, but the documentation requirements are much easier than providing 12-24 months of bank statements.  

 WHO IS THE IDEAL CANDIDATE FOR OUR P&L LOAN?

1.    Cash businesses and businesses that do not keep perfect bank records.

2.    Businesses with seasonal income, and/or make intermittent deposits that do not follow a regular predictable pattern on a week-to-week, or month-to-month basis.

3.    Businesses that have been in business over 2 years.

4.    Businesses that have been in business for less than 2 years (but over 1 year) We can approve this type of scenario, with a supporting P&L and proof that you have worked in the same industry for at least 2 years.

There are some lenders that offer this type of program, but few of them can match our experience and success rate, making us the trusted professionals you need to make this program work for you.