What Is a P&L Only Loan
P&L-only loans are based on profit and loss statements.
How Do P&L Only Loans Work and Who Do they Benefit (AD Mortgage)
P&L-only loans are designed for self-employed borrowers who are having trouble qualifying for traditional mortgages. Borrowers qualify through their business's profit and loss statements.
What Are The Requirements and How to Qualify (AD Mortgage)
· FICO 580
· Profit and Loss (P&L) by licensed CPA, Enrolled Tax Agent, or Licensed Tax Preparer for 1 or 2 years
Benefits (AD Mortgage)
· Up to 85% Combined Loan to Value (CLTV) on 2Y and up to 80% CLTV on 1Y
· Max 90% LTV
· Max Debt to Income (DTI) 55%
· Loan amounts up to $4 million
· No bank statement required
· Cryptocurrencies accepted for reserves, down payments and closing costs