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Profit and Loss Statement Loans

For self-employed borrowers, business-owners, and entrepreneurs with Profit and Loss Statements. 

  • Up to 90% LTV Purchase & R/T Refi 
  • Up to $6M Max Loan Amount
  • Single Family, Condo, Co-ops and Condotels
  • Min FICO as low as 640 
Enough said, let's go!
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Get the DL on P&L (loans)

Defy Mortgage P&L Statement Loans

  • Max Loan Amount: Up to $6,000,000
  • Min Loan Amount: $150,000
  • Max LTV (Purchase & R/T Refi): Up to 90% | Up to 80% LTV C/O refinance
  • Min FICO: As low as 640 (most lenders will make you have a 680+)
  • Interest-Only Options: Yes and YES! PLUS 30-year-fixed and ARMs
  • Property Types: Single Family (SFR, PUD, Town Home, Row Home, Site Built Condo, Modular Home), Condominium (Warrantable Condo, Non-Warrantable), Co-ops and Condotels, 2-4 Units
  • State Licensing: Defy Mortgage is licensed and able to process Profit and Loss Statement loans options in the following states: Alabama (AL), California (CA), Colorado (CO), Florida (FL), Georgia (GA), Tennessee (TN), and Texas (TX)
  • Loan Types: Purchase, Rate/Term Refinance and Cash-out Refinances available (see our Refinance Page to learn more about Refinances on a general sense)
  • History: Must be self-employed for at least 2 years or your business must be in existence for at least 2 years
  • 1-Year & 2-Year P&L Options: For a 2-year P&L statement, you’d typically fall under our Full-Doc income documentation option within the Slate Non-Agency program. This would require: 2 Years Personal with 2 Years Business Tax Returns
  • Validation & Income Documentation: May require 2 months of bank statements, depending on your credit score.
      • IF FICO is less than 700, it will require 2 months of bank statements to support the gross revenue shown on the P&L.
      • IF FICO is more that 700, no bank statements are needed just CPA prepared 12-month P&L Only.
          • IF the P&L is greater than 120 days old at closing, a YTD P&L is required, and the monthly gross revenue must be supported by business bank statements (within 20% of P&L gross revenue).
          • IF the tax professional didn’t file the most recent business tax return, the P&L’s average monthly gross revenue must be supported by 2 months of business bank statements (within 35% of P&L gross revenue).

Important Note: The specific max LTV, loan amount, and DTI will vary based on your credit score and occupancy type. For example, a 90% LTV is available for primary occupancy with a 740+ FICO and loan amounts up to $2,000,000 (purchase or R/T refinance).

Okay, get me that quote!

CASH-OUT: Up to 80% LTV P&L to tap that equity!

Click me to get cash-out NOW

Need Cash? Our P&L Cash-Out speaks for itself:

  • Up to 80% LTV on P&L Cash-out Refinance
  • 640 min FICO
  • Loan amounts from $150K – $3.5M (pending meeting loan criteria)
  • No obligation. No application fee.

Looking for a Cash-out Refi you say? (click the blue button to the left)

Loans for Self-Employed & Business-Owners

You’re building an empire, and your loan should work as hard as you do. Our P&L statement program is built for speed and power. Forget the red tape. We’ve got the flexibility, intel, the strategies, and the direct path to get you funded. And if you need resources, we have them!

Profit and Loss Statement Loan FAQs

A Profit and Loss Statement Loan is a type of non-QM loan that requires business profit & loss statements rather than traditional income verification such as tax returns or W2s. By analyzing your business's profit & loss statements, lenders assess your average income over a specific period to determine your ability to repay the loan. P&L statements are great for business owners and can be used to verify income from a business, which can be used toward loan qualification purposes.

Check out more on P&L loans in our Complete P&L Loan Guide!

A profit and loss statement provides a comprehensive view of a company’s financial health by detailing revenue and expenses over a certified period. Unlike tax returns, it offers a more accurate picture of a business owner’s or self-employed individual’s true earnings. This statement balances income with deductible expenses, revealing both the actual financial situation and the strategic use of tax benefits. As a result, it presents a clearer representation of an entrepreneur’s earning potential than other financial documents. Borrowers need to have a business that produces P&L statements and have them prepared for and signed by a Certified Public Accountant (CPA).

You do have the opportunity as a business owner to qualify for a P&L loan if you need the required lending criteria and loan requirements set by the lender. Loan requirements vary by lender but typically include: CPA prepared and signed P&L, borrowers must be self-employed for at least two (2), business must be in existence for at least two (2) years, down to 640 FICO, up to 90% max LTV, etc. 

Please note that these numbers for us at Defy Mortgage and are meant to provide you with a better idea of what you can expect from lenders.

No. However, P&L loans and bank statement loans are fairly similar in several ways. They’re both non-QM loans, geared toward business owners and self-employed individuals, and don’t need any traditional income documents to qualify. However, they differ in terms of what type of documents are required for income verification. As their names suggest, P&L loans require P&L statements and bank statement loans require bank statements where as P&L loans don’t require bank statements and vise-versa (unless you have a credit score of less than 700 for P&L loans)

Due to their requirements, bank statement loans are available for a wider range of borrowers since most people have a bank account. 

Valid question. If you are looking to purchase or are a current homeowner looking for a rate-and-term refinance or to get cash-out AND you are either a business owner, self-employed or entrepreneur in search of an easy, streamlined and flexible loan process, a Profit and Loss Statement loan might be for you! 

Have more questions on P&L loans? We are here to help. Hit us up!

100%. Keep in mind that the maximum LTVs for cash-out will depend on your FICO score and the loan amount. At Defy Mortgage, we offer up to 80% LTV, 640 min FICO and loan amounts from $150K - $3.5M (pending meeting loan criteria). For a $3.5M loan, the max LTV for cash-out would be 70% with a 740+ FICO.

No explaining why your business write-offs make you look broke on paper. (we know you aren't)

Fast. Flexible. Dependable. Easy. That’s the name of the game when it comes to how your home loan solutiions should be. You’re a business owner, self-employed, or building an empire, we have lending options just for you. 

 

Still unsure of exactly what you need? No worries. JUST ASK US!

Traditional lenders don't get entrepreneurs like you,
but we DO.

Get a P&L quick quote

State Licensing

Defy Mortgage is licensed and able to process Profit and Loss Statement loans in the following states: Alabama (AL), California (CA), Colorado (CO), Florida (FL), Georgia (GA), Tennessee (TN), and Texas (TX)