Self-Employed Borrowers Can Use 1 Year P&L in Replacement of Tax Returns
We can finance self-employed borrowers using a 1-year profit and loss statement in place of a tax return. This is a great deal for self-employed borrowers, and we are excited to offer our borrowers the ability to submit the IRS form 1099 along with a Profit and Loss statement as documentation of their borrower’s income.
When it comes to the Profit and Loss statement, we will require statements covering either 12 or 24 months. Additionally, we will need a 2-month bank statement to support the P&L. It’s important to note that self-employed borrowers must have a minimum of 2 years of self-employment experience to be eligible for this program.
Even if the borrower owns multiple businesses, you are still eligible for this program. This is great news for entrepreneurs who have diversified their income streams. Furthermore, for investors, rental income is also permitted as a source of income.
We know that self-employed individuals often face unique challenges when it comes to obtaining financing. That’s why we are proud to offer this P and L ( profit and loss) program that allows self-employed borrowers to use a 1-year profit and loss statement instead of a tax return. It provides more flexibility and makes the loan application process easier for our valued clients.
If you have any questions or would like more information about our products, please don’t hesitate to reach out. We are here to help!