Qualify on Your P&L, Not Your Tax Return
A 12-month P&L from your CPA or tax preparer can be your income. Here is everything it needs.
A P&L loan uses a 12-month profit and loss statement prepared by your tax professional as your income.
This P&L loan checklist is for business owners who own at least half the business. The JD.Mortgage Team at PRMG is a direct lender, and a real underwriter reads every file. 25+ years, 3,100+ closed loans, Scotsman Guide Top Originator 2026. Lending in 49 states. New York excluded.
What Documents Do You Need for a P&L Loan? The Short Answer
You need a 12-month P&L prepared by a CPA, enrolled agent or registered tax preparer and dated within 90 days of closing, proof you own at least 50% of the business, a short business narrative and 30 days of asset statements. With 2 months of business bank statements, scores start at 660. Without them, 720.
Who Needs What, at a Glance
| Item | With 2 months of bank statements | P&L only |
|---|---|---|
| Minimum score | 660 | 720 |
| Max LTV, purchase | 80% | 70% |
| Max loan | $3,500,000 | $2,000,000 |
| First-time buyers | Yes | No |
Your P&L Loan Checklist
Everyone
- ☐ Photo ID
- ☐ A 12-month P&L prepared by a CPA, enrolled agent or registered tax preparer, dated within 90 days of closing
- ☐ Proof you own at least 50% of the business
- ☐ A short Business Narrative (we send you the template)
- ☐ Asset statements for your down payment and reserves: last 30 days, all pages
Bank statements
- ☐ Your 2 most recent business bank statements. Required if your tax pro did not file your latest business return, and they open the 660 option.
If it applies to you
- ☐ Divorce decree
- ☐ Child support or alimony orders
- ☐ Bankruptcy papers
Not sure whether a P&L or bank statement loan qualifies you for more? Start the application and we will run both.
Run My NumbersP&L Loan Rules
- 2 years: you and the business must both be at least 2 years in.
- Who prepares it: a CPA, enrolled agent or registered tax preparer. You cannot prepare your own.
- Deposits check: when you send bank statements, deposits must be within 35% of the P&L’s gross revenue.
See the P&L loans page for worked examples.
How to Apply, Step by Step
Start the application
It takes about 2 minutes. No SSN and no credit pull on the first step.
Send your P&L
We check it against your deposits and show you which option fits.
Upload the checklist
Ownership, narrative, bank statements and assets.
Get your pre-approval
A real underwriter reads your file. No automated denial.
P&L Loan Application FAQ
What documents do I need for a P&L loan?
You need a 12-month P&L prepared by a CPA, enrolled agent or registered tax preparer and dated within 90 days of closing, proof you own at least 50% of the business, a short business narrative and 30 days of asset statements. Many files also send 2 months of business bank statements.
Who can prepare the P&L?
A CPA, an enrolled agent or a registered tax preparer. You cannot prepare it yourself, and borrowers who prepare their own taxes are not eligible for this loan.
What credit score do I need for a P&L loan?
With 2 months of business bank statements, scores start at 660, with up to 80% LTV on a purchase and loans to $3,500,000. With the P&L only, scores start at 720, with up to 70% LTV and loans to $2,000,000.
How much of the business do I need to own?
At least 50%. Both you and the business need at least 2 years of history. We confirm the business with a quick online search and your business narrative.
Do I need tax returns for a P&L loan?
No. The P&L from your tax professional takes the place of tax returns. If your tax pro did not file your most recent business return, we also need 2 months of business bank statements.
How long does the first step take?
About 2 minutes. There is no SSN and no credit pull on the first step. After that, we review your P&L and send you the exact documents your file needs.
Related Pages
About the Author
J.D. Peck is an Area Manager and Mortgage Loan Originator (NMLS #314883) with the JD.Mortgage Team at Paramount Residential Mortgage Group, Inc. (NMLS #75243), based in Colorado Springs. 25+ years, 3,100+ closed loans, Scotsman Guide Top Originator 2026. Lending in 49 states. New York excluded.
Last updated: September 25, 2026. Program facts sourced from the PRMG Income Qualifying Product Profile (09/17/2026).
Start Your P&L Loan
It takes about 2 minutes. Send your P&L and we show you which option qualifies you for more.
What are you looking to do?
No SSN required. No credit pull. Takes about 2 minutes.