What is a P&L Only loan?

A P&L Only loan (also called a no-ratio or no-income-verification non-QM loan) qualifies you on a single profit & loss statement instead of tax returns, W-2s, pay stubs, or bank statements. The P&L states your income; your credit and equity position do the rest.

Who can prepare the P&L statement?

Programs typically require the P&L to be prepared by a CPA or licensed tax preparer. Some programs also allow self-prepared P&Ls or future income projections — ask us which options fit your scenario.

Do you need my tax returns or bank statements at all?

No. That’s the whole point of the program — no tax returns, no bank statements, and no deposit-by-deposit reviews of your accounts. Your write-offs stay your business.

Who are P&L Only loans best for?

Business owners, 1099 earners, and self-employed borrowers whose tax returns don’t show their real income — and even W-2 borrowers in the right scenario. If real income and solid credit are there but the paperwork math isn’t, this program is built for you.

P&L Only Loan | Elevate Mortgage

P&L Only Loan

One P&L statement. That’s your whole income file.

P&L Only loans (also called no-ratio or no-income-verification non-QM loans) qualify you on a single profit & loss statement prepared by your CPA or licensed tax preparer — no tax returns, no bank statements, no deposit-by-deposit reviews. Perfect when your tax returns don’t show your real income.

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Key Advantages

Why Choose a P&L Only?

Here's what sets this loan product apart and who it works best for.

No Tax Returns or Bank Statements

One P&L document replaces the entire income file — your write-offs stay your business.

You Don’t Have to Be Self-Employed

W-2 and self-employed borrowers can both use the program when traditional income math doesn’t tell the real story.

Purchase or Refinance

Available for purchase and refinance, on primary, second home, or investment properties.

Full Financial Privacy

No deposit reviews and no account interrogation — qualification stays on the stated P&L.

Eligibility

Qualification Requirements

General guidelines for P&L Only Loan eligibility. Requirements vary by lender and scenario.

Requirement	Guideline
Income Documentation	P&L from a CPA or licensed tax preparer
Typical Minimum Credit Score	660+
Tax Returns / Bank Statements	Not required
Transaction Types	Purchase, rate & term, or cash-out

These are general guidelines only. Specific program requirements may vary. Contact us for a personalized review of your scenario.

FAQ

Frequently Asked Questions

Common questions about P&L Only Loan loans.

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West Capital Lending, Inc. is an Equal Housing Lender. We do not discriminate on the basis of race, color, religion, national origin, sex, handicap, or familial status.

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