Your CPA already knows what your business nets. A P&L loan uses that number. A 12-month profit and loss statement, prepared by a licensed tax pro, becomes your qualifying income. No tax returns. Lightest paperwork of any self-employed loan. Colorado Springs based, 25+ years.
No SSN required. No credit pull. Takes about 2 minutes.
How a P&L Loan Works
Your CPA, Enrolled Agent, or CTEC-registered preparer writes a 12-month profit and loss statement for your business. The net income on that statement is your monthly income. Tax returns stay out of the file. The P&L must be dated within 90 days of closing, and you must own at least 50% of the business.
P&L with two months of bank statements
660 minimum score. Up to 80% of the home’s value on a purchase. Loans to $3,500,000. Your deposits must land within 35% of the gross revenue on the P&L. This is the path most Colorado Springs owners use.
P&L only, no bank statements
720 minimum score. Up to 70% of the value on a purchase. Loans to $2,000,000. No rentals and no first-time buyers on this track. Your preparer must have filed your most recent returns.
Who Can Prepare the P&L
- A CPA.
- An Enrolled Agent.
- A California Tax Education Council registered preparer.
- Not a PTIN-only preparer. Not you. Not a family member or anyone with a stake in your business.
The preparer signs the P&L. They attest that they are independent. That they analyzed your financials. And that they filed your most recent business and personal returns. If they did not file your last business return, two months of business bank statements are required and the 35% deposit test applies.
What You Need to Qualify
Source: PRMG Non-QM Income Qualifying product profile dated June 4, 2026. Terms change. Confirm on your file.
When a P&L Loan Beats a Bank Statement Loan
A bank statement loan cuts business deposits by an expense factor. Fixed 50% unless your CPA states a lower number. A P&L loan skips the factor. The CPA’s net is the income. So if your real expenses are low, a P&L often produces a higher number. If your expenses are high, the bank statement loan with the 50% factor may win. We run both from the same paperwork.
The P&L also works when your deposits are messy. Cash-heavy businesses. Owners who run money through several accounts. Businesses with big pass-through deposits. All of them often calculate better on a P&L than on statements.
Colorado Springs Businesses This Fits
Medical and dental practice owners in Briargate and along Powers. Law firms and CPA firms downtown. Restaurant owners with a bookkeeper. Contractors whose CPA already builds a monthly P&L for bonding. Any owner who has a real accountant and would rather send one statement than 24 months of bank records.
Why Colorado Springs Has So Many Self-Employed Buyers
This is a military town. Military towns run on small business. Contractors who serve Fort Carson, Peterson, Schriever, and the Academy. Spouses who built a business that moves with each PCS. Veterans who got out and started a company. Real estate agents. Home builders. HVAC and plumbing shops. Cleaning companies, gyms, salons, and food trucks. And a growing number of remote 1099 workers who picked the Pikes Peak region on purpose.
The problem is the same for all of them. A good accountant lowers your taxable income. A bank reads that lower number as your pay. So the owner who keeps the most money is often the one who gets told no. We fix the document, not the business.
Myths
Myth: A P&L loan is a stated-income loan. No. A licensed preparer signs it under their own credentials. On the 660 track your deposits have to back it up within 35%.
Myth: My bookkeeper can write it. Only if the bookkeeper is a CPA, an Enrolled Agent, or CTEC registered. A PTIN alone is not enough.
Myth: I need two years of P&Ls. No. One 12-month statement, dated within 90 days of closing.
Every Colorado Springs Self-Employed Page We Have
Sorted by how you get paid and what you are trying to do.
Colorado Springs self-employed mortgage hub
Every self-employed and business-owner loan path we run in Colorado Springs, sorted by how you get paid.
Bank statement loans in Colorado Springs
Qualify on 12 or 24 months of deposits. No tax returns.
1099 loans in Colorado Springs
100% of your 1099 income counts. No expense haircut.
Asset depletion loans in Colorado Springs
Qualify on savings and investments instead of a paycheck.
Alt-AUS jumbo in Colorado Springs
Above $832,750 with clean tax returns and a DTI up to 49.99%.
Self-employed refinance in Colorado Springs
Rate-and-term to 89.99%. Cash-out to $1,500,000. No tax returns.
DSCR loans in Colorado Springs
Rentals qualify on rent, not your income.
Jumbo loans in Colorado Springs
Broadmoor, Flying Horse, Black Forest. Eight jumbo paths.
Contractor and trades mortgages
Built for builders, HVAC, plumbing, electrical, and every trade in El Paso County.
Realtor and commission-income mortgages
1099 agents and commission earners. Variable income, handled.
Rental property investor loans
House-hack, BRRRR, and out-of-state buyers. DSCR, bank statement, and HELOC paths.
Colorado Springs P&L Loan FAQ
What is a P&L loan?
A home loan that uses the net income on a 12-month profit and loss statement as your qualifying income. The P&L must be prepared by a CPA, Enrolled Agent, or CTEC-registered preparer. Tax returns are not used.
What credit score do I need for a P&L loan in Colorado Springs?
660 with two months of bank statements. 720 on the P&L-only track with no bank statements.
Can my own bookkeeper prepare the P&L?
Only if they are a CPA, an Enrolled Agent, or CTEC registered, and they are independent of you and your business. A PTIN-only preparer does not qualify. You cannot prepare it yourself.
Do my bank deposits have to match the P&L?
On the 660 track, yes. Your two months of deposits must land within 35% of the average monthly gross revenue on the P&L. On the 720 track there are no bank statements, but your preparer must have filed your most recent returns.
How much can I borrow on a P&L loan?
Up to $3,500,000 with two months of bank statements. Up to $2,000,000 on the P&L-only track. Above $832,750 in El Paso County the loan is a jumbo, and credit and reserve requirements step up.
Can I buy a rental with a P&L loan?
Yes on the track with bank statements. No on the P&L-only track.
Can a first-time buyer use a P&L loan?
Yes on the 660 track with two months of bank statements. The P&L-only 720 track does not allow first-time buyers.
How old can the P&L be?
It must be dated within 90 days of closing. If it ages out, your preparer updates it with a year-to-date statement.
Full program details are on the national P&L loan guide. Compare it to the Colorado Springs bank statement loan and the 1099 loan.
Written by
J.D. Peck
Area Manager and Mortgage Loan Originator at Paramount Residential Mortgage Group, Inc. NMLS #314883. 25+ years of mortgage experience, 3,100+ closed loans, Scotsman Guide Top Originator 2026.
Last updated: September 9, 2026. Loan program parameters subject to change — confirm current eligibility on your specific scenario before relying on any figure shown.
Send the P&L. We Do the Rest.
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