P&L Only Mortgage Program
Profit and Loss Only - Self Employed Borrower Program
Welcome to our P&L Only or Profit and Loss Mortgages page, where Bennett Capital Partners is dedicated to helping self-employed borrowers and real estate investors throughout Florida secure the financing they need to achieve their goals. As a fully licensed Residential and Commercial mortgage brokerage company based in Miami, we have proudly served the state for over 22 years. Our experienced team understands the unique needs of the Florida market and has an in-depth knowledge of the lending industry.
Our Profit and Loss (P&L) mortgage program offers a specialized solution for borrowers who need financing based on their business's profit and loss statement, rather than relying on traditional income documentation such as tax returns. This program focuses on the borrower's business performance rather than personal income, making it an ideal option for self-employed individuals, freelancers, and real estate investors with non-traditional income streams or those looking to expand their portfolios. This unique feature of our program opens up financing opportunities for borrowers who may have been turned down by traditional lenders.
By evaluating creditworthiness based on factors such as the business's profit and loss statement, credit score, and loan-to-value (LTV) ratios, we can provide financing options for a diverse range of borrowers who may not meet the requirements for conventional mortgages. Our P&L Only mortgage program is designed to be flexible and adaptable, catering to the distinct needs of each borrower and property type.
At Bennett Capital Partners, we pride ourselves on delivering exceptional service and personalized attention to every client. Our team has experience working with self-employed borrowers and real estate investors from all across the state, and we are committed to providing the same exceptional service to all of our clients, no matter where they are located. We understand that obtaining a mortgage for self-employed individuals and investment properties can be a complex and challenging process, but we're here to make it as smooth and stress-free as possible for our clients throughout Florida. Our network of wholesale non-qm lenders, portfolio lenders, banks, and private lenders has a program for almost anyone. Contact us today to learn more about our P&L Only or Profit and Loss Mortgages program and how we can help you achieve your financial goals in Florida.
P&L Only Mortgage Loan FAQs
How is Profit and Loss Calculated and Why is it Important for Self-Employed Borrowers and Real Estate Investors?
The Profit and Loss (P&L) statement is a financial document that summarizes the revenues, costs, and expenses incurred during a specific period, usually a fiscal year or quarter. In the context of P&L mortgages, the P&L statement is crucial in determining the borrower's ability to repay a loan, especially for self-employed individuals and real estate investors with non-traditional income sources. Non QM Loan requirements allow for this program without traditional income documentation.
To calculate profit and loss, the total revenue is subtracted from the total expenses. A positive result indicates a profit, while a negative result signifies a loss. For self-employed borrowers and real estate investors, the P&L statement is essential because it demonstrates the financial health of their business or investment, which helps lenders assess the risk associated with a mortgage loan.
What are the eligibility requirements for a Profit and Loss mortgage loan?
To be eligible for a P&L mortgage loan, the borrower must provide a valid and recent P&L statement, demonstrating the profitability of their business or investment property. The lender will typically evaluate the P&L statement, credit score, and loan-to-value (LTV) ratio to determine the borrower's ability to repay the loan.
In addition to providing a P&L statement, the borrower must also meet certain financial requirements. These may include minimum credit score requirements, a reasonable debt-to-income (DTI) ratio, and adequate reserves, depending on the lender's guidelines. T
Can I qualify for a P&L mortgage loan if I have a low personal income or poor credit?
It may be challenging to qualify for a P&L mortgage loan with a low personal income or poor credit. However, since P&L mortgages focus on the business's performance rather than personal income, lenders may be more willing to work with borrowers who can demonstrate a strong P&L statement, proving their business or investment property's profitability.
In such cases, the borrower may still be able to obtain a loan with a higher interest rate or a larger down payment. It's essential to work with a knowledgeable mortgage broker, like Bennett Capital Partners, who can guide you through the available options and requirements.
What types of borrowers are eligible for Profit and Loss mortgage loans?
P&L mortgage loans are suitable for self-employed individuals, freelancers, small business owners, real estate investors, and other non-traditional income earners. These borrowers may have difficulty qualifying for conventional mortgages due to their unique income sources or fluctuating income. Borrowers looking to buy condos are also a great choice for us, as our P&L only program addresses most condo financing problems that conventional loans do not allow.
By providing a P&L statement, borrowers can demonstrate the profitability of their business or investment property, which makes them attractive to lenders offering alternative income verification mortgage programs.
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The Comprehensive Guide To Writing A Letter Of Explanation For Mortgage Applications to learn the ins and outs of mortgage letters of explanation. Click here to read the full article
First-time Homebuyer's Guide To Getting A Mortgage to learn more about how this program can help you purchase your dream property. Click here to read the full article
How To Get A Mortgage Without Tax Returns, Paystubs, or W2's to learn more about how you can get a mortgage with no income documentation. Click here to read the full article
Key Terms and Concepts
p&l loans, mortgage profit and loss statement, p and l loan, self employed p&l, profit and loss statements, mortgage company
What Our Clients Say
Philip was highly recommended to me and he did not disappoint. He was incredibly helpful and honest throughout the entire process, getting us the best program that matched our needs. We really didn't think we had a chance and luckily Philip …