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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%
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Program details

Loan amounts up to $2.5 million
Bank statements not required up to 70% LTV
DTI up to 55% on owner-occupied 
P&L reviewed by Licensed CPA, CTEC registered Preparer or IRS Enrolled Tax Agent
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
Min FICO 660; for I/O Min. FICO 680 & FTHB no allowed
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 
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Fast turnaround times

As fast as

24 hr

Disclosure

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As fast as

24 hr

Underwriting

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As fast as

48 hr

Closing