A P&L loan, or Profit and Loss Statement mortgage, is a loan for self-employed borrowers who may be unable to qualify under GSE mortgage guidelines. AD Mortgage's P&L program can determine monthly qualifying income based on 1-year or 2-year P&L statements prepared by a CPA or licensed tax preparer. No tax returns or transcripts are required, but AD Mortgage still needs two months of bank statements to verify income.

Who can get a P&L loan?

A P&L loan is available for businesses and self-employed workers who receive income exclusively from cash and may not keep perfect transaction records, businesses and self-employed workers with seasonal income or intermittent deposits, and businesses or self-employed workers that have been in business for more than 2 years.

Programs Non-QM Loans

1Y + 2Y P&L

Min. FICO 660 Up to 80% CLTV

Available on Prime and Super Prime

A P&L loan is a Non-QM mortgage that lets self-employed borrowers qualify using a profit and loss statement instead of tax returns, W-2s, or pay stubs. AD Mortgage's 1-year and 2-year P&L programs accept statements prepared by a Licensed CPA, CTEC-registered preparer, or IRS Enrolled Agent, with no bank statements required up to 70% CLTV. With a minimum FICO of 660, loan amounts up to $2.5 million, and up to 80% CLTV, this profit and loss mortgage gives brokers a fast, low-documentation path to approval for business owners, freelancers, and contractors.

Program features

P&L reviewed by Licensed CPA, CTEC registered Preparer or IRS Enrolled Tax Agent
Loan amounts up to $2.5 million
DTI up to 55%
Temporary rate buydowns available

Why choose our 1Y & 2Y P&L?

Bank statements not required up to 70% LTV
Income support tolerance 25%
1-year business existence may be considered

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Program details

P&L reviewed by Licensed CPA, CTEC registered Preparer or IRS Enrolled Tax Agent

Bank statements not required up to 70% LTV

Loan amounts up to $2.5 million

Min FICO 660; for I/O Min. FICO 680 & FTHB no allowed

Up to 80% СLTV purchase / cash-out

Cash-in-hand: No limitation for CLTV <55% & min FICO 680; $1,000,000 for CLTV from 55% to 65% or CLTV>65 & min FICO 700 or CLTV <=55 & FICO <680; $500,000 for CLTV >65% & FICO <700

DTI up to 55% on owner-occupied

Min. 3 months of reserves required

Primary, second home, investment

At least 25% of the business using a pro-rated portion of qualifying income

Gift funds are allowed; the borrower must contribute at least 20% of their own funds with a maximum of 80% CLTV. Gift funds are not allowed for CLTV over 80%

Mortgage history: 0 x 60 x 12, 0 x 30 x 12, and 0 x 90 x 24

12 months from bankruptcy or foreclosure

Eligible property types: SFR, townhomes, condo warrantable/non-warrantable, condotels, 2-4 units, PUD, short-term rentals, SFR rural, leasehold

Various fixed terms, 5/6 & 7/6 ARM terms

120 months of I/O period, 240/360 months of amortization, qualified at amortized PITIA payment after I/O period

Eligible citizenship: US citizenship, permanent and non-permanent residents, ITIN

Eligible borrowers: Individuals, LLCs/Corp without a hit

1Y + 2Y P&L

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#Yes to self-employed

Freddie Mac Refi Possible

Conventional High Balance