Who Should Apply?
Second to our popular Bank Statement program, the P&L Loan Program is the next offering in our AMP Suite. Rather than using tax returns, we allow the business owner to have their accountant or licensed tax preparer provide a 12-month Profit and Loss (P&L) Statement as income, which often provides a more accurate portrait of the applicant’s true income profile. This loan program is similar to our Bank Statement Program, but the documentation requirements are much easier than providing 12 - 24 months of bank statements.
Advantages of Profit & Loss Statement Loans
Criteria for Profit & Loss Statement Loans
Must be a business owner or self-employed for at least two years.
Must have a credit score of 660 or above.
Loan amount between $150,000 and $3,000,000. *(1)
Must have 12 months of P&L Statements.
CPA/CTEC/EA signed / prepared P&L statement (s) required.
A letter from the CPA, CTEC, (CA Tax Education Council), or EA (Enrolled Agent) stating that the applicant has been self-employed for a minimum of two years.
(1) Maximum loan amount exceptions on a case-by-case basis. Additional criteria may apply.
There are typical borrowers who qualify for typical home loans, and then there are specialty borrowers with situations that are just different enough to require a little extra analysis. We are proud to offer a range of products designed for many different kinds of above-average borrowers - enter Arcstone Financial's Accessible Mortgage Programs or AMP.
AMP is a Non-QM or Non-Qualified Mortgage product, to learn more about these programs, please reach out to your Arcstone Financial Mortgage specialist.
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