P&L Only Mortgage Loans in Florida
Your CPA knows your business. A single profit and loss statement can be all you need to qualify.
What Is a P&L Only Mortgage Loan?
A P&L only mortgage lets you qualify using a CPA-prepared profit and loss statement instead of tax returns or bank statements. Your certified public accountant documents your business revenue, expenses, and net profit, and we use that net profit figure as your qualifying income. This is one of the simplest documentation paths available for established business owners with a trusted CPA relationship and organized business records.
A P&L only mortgage lets established business owners qualify using a CPA-prepared profit and loss statement instead of tax returns or bank statements. Your certified public accountant prepares a year-to-date or annual P&L documenting your business revenue and expenses, and we use the net profit figure as your qualifying income. This is one of the simplest alternative documentation paths available, ideal for borrowers who have a strong CPA relationship and clean business records.
Who Qualifies for a P&L Only Loan?
P&L only loans are built for established business owners with a CPA relationship and clean financial records. If any of these describe you, this program may be the right path.
- Established business owners with a CPA or licensed tax preparer
- Professionals such as doctors, attorneys, and consultants with complex returns
- Franchise owners and multi-location operators
- Borrowers whose bank statements contain mixed personal and business transactions
- Self-employed individuals who prefer a streamlined documentation process
How a P&L Only Loan Works
Step 1: Request a P&L From Your CPA
Your CPA or licensed tax preparer prepares a profit and loss statement covering the most recent 12 months or year-to-date period.
Step 2: Submit the P&L With Your Application
We use the net profit from the CPA-prepared P&L as your qualifying income. No bank statements or tax returns are needed.
Step 3: Underwriting Review
The underwriter verifies the CPA's license, reviews the P&L, and underwrites based on the documented income figure.
Step 4: Closing
Once approved, you close on your property the same way as any mortgage transaction.
What the CPA-Prepared P&L Must Include
The P&L statement is the foundation of your loan file. Meeting these requirements keeps the underwriting process moving smoothly.
Required Elements
- Prepared and signed by a licensed CPA or enrolled agent
- CPA license number included on the document
- Covers the most recent 12 months or year-to-date period
- Gross revenue, itemized expenses, and net profit clearly shown
What You Do Not Need
- Federal or state tax returns
- Months of personal or business bank statements
- W-2s or pay stubs
- Business financial statements or audit reports
Benefits of a P&L Only Loan
Minimal Documentation
One CPA-prepared document replaces months of bank statements and years of tax returns.
Faster Processing
Fewer documents means less back-and-forth with underwriting and a smoother path to closing.
Leverages Your CPA Relationship
Your CPA already understands your business finances. Their professional attestation carries weight in underwriting.
No Bank Statement Review
Borrowers with complex banking — multiple accounts, commingled funds — avoid the deposit analysis process entirely.
See If You Qualify With a P&L Statement
If your CPA prepared your financials, that document may be all you need. Let a Home Financial Group specialist review your situation and find the right program for you.
P&L Only Loans — Common Questions
The profit and loss statement must be prepared by a licensed CPA or tax preparer. It should cover at least the most recent 12 months and include gross revenue, itemized expenses, and net profit. The CPA must sign and provide their license number.
No. The P&L must be prepared and signed by a licensed CPA or enrolled agent. A bookkeeper-prepared statement does not meet program requirements.
The lender uses the net profit figure from the P&L as your qualifying monthly income. If the P&L covers 12 months, the net profit is divided by 12 to arrive at a monthly figure.
P&L only loans are generally available for primary residences and second homes. For investment properties, consider a DSCR loan where the rental income qualifies the property.
Yes. Most P&L only programs require you to show liquid reserves, typically several months of mortgage payments in bank or investment accounts after closing.
Related Resources
Self-Employed Mortgage Programs
Overview of all alternative documentation programs
Learn MoreBank Statement Loans
Qualify using 12-24 months of bank deposits
Learn MoreAsset Depletion Loans
Convert liquid assets into qualifying income
Learn MoreAffordability Calculator
Find out how much home you can afford
Learn MoreFirst-Time Buyer Guide
Step-by-step guide for first-time Florida buyers
Learn MorePre-Approval Process
Learn what to expect during pre-approval
Learn MoreOne Document. One Step Closer to Approval.
Stop letting complex tax returns stand between you and your mortgage. Home Financial Group specializes in helping established business owners qualify the simple way.