Question 1

What P&L period do you require?

Accepted Answer

Both a YTD (year-to-date) profit & loss statement AND a trailing 12-month P&L statement. The YTD gives us current-year performance; the trailing 12-month smooths seasonal and annual variability. Both must be signed by your CPA and must reconcile to the bank statements we review alongside the P&L.

Question 2

Does the P&L have to be CPA-prepared, or can I prepare it myself with a CPA letter?

Accepted Answer

CPA-prepared is our standard requirement. A borrower-prepared P&L with a CPA letter attesting to it is generally not sufficient for our P&L program — the CPA must be the one producing the statement. An Enrolled Agent (EA) or licensed tax preparer with equivalent authority may substitute for a CPA on a case-by-case basis; confirm with us before building the file around a non-CPA preparer.

Question 3

How long do I need to have been in business?

Accepted Answer

Two years minimum of verifiable business history. The two-year period is measured from the business entity formation (or from the start of self-employment in the same line of work). Newer businesses without two years of history typically don't fit this program — bank-statement or DSCR programs are usually the better fit for newer operators.

Question 4

How is seasonal or variable-income business handled?

Accepted Answer

Seasonal and cyclical businesses (contracting, tourism, holiday retail, agriculture) are acceptable but reviewed on a case-by-case basis. The trailing 12-month P&L captures the full seasonal cycle, which is why we require it. For heavily seasonal businesses we may ask for additional documentation — prior-year P&Ls to confirm recurring pattern, bank statements showing seasonal deposit timing, or a CPA narrative explaining the cyclicality. The underwriter's review will address how seasonality affects the qualifying income calculation.

Question 5

How long do I need to be self-employed?

Accepted Answer

Two years of self-employment in the same line of work. If you transitioned from W-2 employment to self-employment in a related field (e.g., an employee at an accounting firm who started their own practice), we'll often count prior W-2 experience toward the time-in-business test.

Question 6

What credit score do I need?

Accepted Answer

660 minimum standard. Scores below 660 may be possible on strong files with substantial reserves, high DSCR on the subject property, and documented business income materially above our qualifying threshold — but 660 is the published floor.

Question 7

What's the loan amount range for the P&L program?

Accepted Answer

$200,000 to $3,000,000 for the P&L program. The floor is set by our specialty-program minimum; the ceiling varies by property type and jumbo loan guidelines. Larger loans have additional documentation requirements (multiple years of P&Ls, audited financials) that we'll walk through case-by-case.

Question 8

Can I combine the P&L program with a DSCR loan?

Accepted Answer

They are alternative qualification paths, not combinable. The P&L program qualifies you on business net income; DSCR qualifies you on the property's rental income. For a given scenario we pick whichever path produces the cleanest qualifying file. If you have both strong business income AND a property with strong rental cash flow, we usually take the DSCR path — less documentation, typically better pricing.

Question 9

Can I use this for a primary residence?

Accepted Answer

No. Quicker Home Loans is a business-purpose lender — we finance investment properties only. Our P&L statement loan applies exclusively to investment-property acquisitions and refinances. Primary-residence P&L loans exist in the consumer-mortgage market, but you'd need a different lender for those.

Question 10

What property types qualify under the P&L program?

Accepted Answer

Investment 1-4 unit residential, 5+ unit multifamily, and mixed-use investment properties are all eligible. Commercial-only properties (retail, office, industrial) typically go through our commercial real estate program rather than the P&L program, since commercial deals have their own income-documentation standards based on NOI.

P&L statement loans. Qualify with your accountant's books.

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