Profit & Loss Only Loans for Self-Employed Borrowers
Profit & Loss Only loans allow brokers to qualify self-employed borrowers using a prepared profit and loss statement instead of bank statements or full tax-return-based income analysis, creating a cleaner path for borrowers whose income is real but not best shown through traditional documentation.
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P&L Only
About program
The P&L Only Program is tailored for self-employed borrowers who prefer not to provide extensive bank statements or tax returns. Underwriters rely on a year-to-date or 12-month Profit & Loss statement (prepared by a CPA or borrower, depending on program) to determine the borrower’s qualifying income.
Key features
- No tradeline requirement w/ 3 credit scores
- No bank statements
- Non-perm up to 80% LTV
- Unlimited cash-in-hand
- Cash-out used for reserves
- SFR, condotels, condos, studios, 2-4
- Loan amounts up to $3m
- CPA, EA, CTEC, PTIN
Required to Disclose
Credit report
(cannot be older than 60 days) - must be merged into the LOS.
Borrowers' ID
(passport or driver's license).
Purchase contract
(if applicable)
Complete loan application
(including income & employment)
Submission form completed
12/24 months P&L prepared and signed by a CPA/Tax Preparer.
Required to Underwrite
(in addition to above)
Credit report
(cannot be older than 60 days) - must be merged into the LOS.
Borrowers' ID
(passport or driver's license).
Purchase contract
(if applicable)
Complete loan application
(including income & employment)
Submission form completed
12/24 months P&L prepared and signed by a CPA/Tax Preparer.
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FAQ
Can a borrower prepare their own P&L for a P&L Only mortgage program?
No. For a P&L Only loan, the Profit & Loss statement must be prepared by a licensed professional such as a CPA, EA, PTIN holder, or CTEC-registered tax preparer. This ensures the income analysis is accurate, credible, and accepted under non-QM self-employed lending guidelines.
Does a borrower need to provide bank statements to support the P&L income?
No. This is a true P&L Only loan, meaning bank statements are not required to support the income shown on the P&L. Mortgage brokers can use the prepared P&L as the primary income documentation, making this program ideal for self-employed borrowers with complex or irregular cash flow.
Can P&L income be combined with other income sources for qualification?
Yes. Income from a professionally prepared P&L can be combined with additional income sources, as long as those sources are documented using Standard Full Doc methods and are not tied to self-employment. This gives brokers more flexibility in structuring loans for self-employed borrowers who also receive W-2 or other verified income.
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