Self-employed debtors typically face challenges when making use of for a traditional mortgage. We provide an answer designed particularly for enterprise homeowners and entrepreneurs: the P&L Only Mortgage Program. With this program, you possibly can qualify for a mortgage with out offering financial institution statements to assist your private and residing (P&L) revenue, only a tax preparer-prepared Revenue & Loss (P&L) assertion.
What Is a P&L Solely Mortgage?
A P&L-only mortgage is a mortgage that makes use of a Revenue & Loss assertion as the first methodology of revenue verification. This implies you don’t want to offer tax returns or different revenue documentation. As an alternative, a easy P&L ready by your tax skilled can get you accepted.
Program Highlights:
- As much as 85% LTV – Borrow as much as 85% of your property’s worth.
- Mortgage quantities as much as $3,500,000 – Good for high-value properties.
- No financial institution statements required – No must assist P&L revenue with financial institution statements.
- Lower than 2 years self-employed thought-about – Nice for brand spanking new enterprise homeowners.
Who Ought to Take into account a P&L Solely Mortgage?
This program is good for:
- Self-employed debtors with fluctuating revenue.
- Small enterprise homeowners who write off bills on taxes.
- Entrepreneurs who desire a simplified documentation course of.
For extra details about our non-QM loan programs, we recommend contacting our workplace or filling out a fast quote, and somebody will attain out to you.
