Programs

1Y + 2Y P&L

Min. FICO 660 Up to 80% CLTV

Our Non-QM 1-year and 2-year P&L loans are designed for self-employed individuals. These loans allow borrowers to use their business's Profit & Loss (P&L) statements to qualify, bypassing traditional income verification.

Program features
  • P&L reviewed by Licensed CPA, CTEC registered Preparer or IRS Enrolled Tax Agent
  • Loan amounts up to $2.5 million
  • Maximum cash-in-hand $1 million, no limit CLTV < 55%
  • 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
Up to 80% СLTV purchase / Up to 80% СLTV cash-out
Max cash-in-hand $1 million, no limit for CLTV <55%
2 or 1 year of business P&L statements reviewed by Licensed CPA, CTEC registered Preparer or IRS Enrolled Tax Agent
DTI up to 55% on owner-occupied 
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 CLTVs over 80% 
0 x 60 x 12, 0 x 30 x 12, and 0 x 90 x 24
12 months from bankruptcy or foreclosure
SFR, townhomes, condo warrantable/non-warrantable, condotels, 2-4 units, PUD, short-term rentals, SFR rural, manufactured housing, leasehold 
40- & 30-year fixed, 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, IO product not allowed in IL 
US citizenship, permanent and non-permanent residents 
Individuals, LLCs/Corp without a hit 
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Fast turnaround times

Disclosure

24 hours

Underwriting

24 hours

Conditions

24 hours

Closing

24 hours

24 hours

1Y + 2Y P&L FAQ

What is a Profit and Loss mortgage?

When self-employed borrowers are unable to qualify under GSE mortgage guidelines, Profit and Loss (P&L) Statement mortgages offer a simple solution. Our P&L allows us to determine the monthly qualifying income of your clients based solely on 1- or 2-year P&L statements prepared by either their CPA or a licensed tax preparer.

While this means that no tax returns or transcripts are required to qualify under this program, A&D Mortgage still needs two months of banks statements to verify income.

Who can get a Profit & Loss mortgage?
  • Businesses/self-employed workers who received income exclusively from cash and may not keep perfect records of their transactions.
  • Businesses/self-employed workers with seasonal income, and/or make intermittent deposits that do not follow a regular predictable pattern on a weekly or monthly basis.
  • Businesses/self-employed workers that have been in business for more than 2 years.

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