2- and 3-Month P&L-Only Loans for Self-Employed Borrowers

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Your business may be profitable even when a standard income review leaves questions. REDWHITE&LOAN helps self-employed borrowers compare available financing through 40+ wholesale lenders, including specialty non-QM income-documentation options.

Two- and three-month P&L-only programs are available through select wholesale lenders for qualifying borrowers, subject to program guidelines. The appropriate documentation period and supporting records depend on the specific lender and your file. We serve San Antonio and borrowers across Texas, Florida and Colorado.

A profit-and-loss statement summarizes business revenue and expenses over a defined period. A P&L-only mortgage program uses an eligible profit-and-loss statement as its income-documentation approach under the lender’s rules. The label does not mean that income is accepted without review or that other application documents are unnecessary.

These specialty non-QM options differ from traditional agency financing. Ask Hugh to compare an available P&L option with conventional or other appropriate financing rather than assuming a shorter documentation period is the best fit.

• Which reporting period is acceptable, and who must prepare or verify the statement?
• What business operating history and ownership information are required?
• How will revenue, expenses, unusual items and ownership share affect qualifying income?
• Are supporting business records or additional verification required?
• What credit, down-payment, reserve, occupancy and property conditions apply?

Tell us how long your business has operated, what it does, how you are paid and whether its revenue is seasonal. Discuss changes such as a new contract, a business acquisition or a recent decline in receipts. A short profitable period does not necessarily represent sustainable income.

Keep your bookkeeping consistent and explain the basis for the statement. Do not omit expenses or alter records to fit a program. We will explain the lender’s requested documentation and how to send it securely.

Review the proposed rate, fees, monthly payment, cash needed at closing and reserves. Ask whether the loan has a prepayment penalty or other features that matter to your plans. Compare the written terms of available options, including a traditional documentation path when appropriate.

For general comparison guidance, see the CFPB Loan Estimate guide. Whether a particular disclosure applies depends on the transaction; ask for the documents and terms relevant to your loan.

No. It describes the program’s income-documentation approach. The lender still determines the records needed to review you, the business and the property.

No. Those options are available through select lenders, and qualification requirements apply. A lender may need a different period, additional records or another program.

No. They use different income-documentation approaches. Compare the bank-statement mortgage guide and our self-employed mortgage guide.

Start with the reason for the denial. A P&L option may be relevant to an income-documentation issue, but it cannot resolve every qualification problem. Read our mortgage-denial guide.

Call Hugh Blevins at 210-264-7693 or start your secure mortgage application. Use the secure application process for financial documents, account statements and personal identifiers.

REDWHITE&LOAN · America’s Wholesale Mortgage Broker® · 16620 San Pedro Ave Ste 255, San Antonio, TX 78232. Hugh Blevins, Broker Owner, Individual NMLS 1469474. Company NMLS 2658593. Serving Texas, Florida and Colorado. California licensing is pending; California mortgage services are not offered at this time. Equal Housing Opportunity. Qualification requirements apply. All loans are subject to lender, program, borrower and property approval; terms and availability may change.