PROFIT & LOSS & 1099 ONLY LOANS
Posted by Jonathan Caguioa at Feb. 22, 2023
P&L and 1099 loans: A More Simple Income Documentation Solution for Self-Employed Borrowers
Profit & Loss Statement
- Self-employed borrowers may submit Profit and Loss (P&L) statements covering 12 or 24 months
- Must be self-employed for at least 2 years
- Multiple businesses are permitted
- Rental income is ok!
IRS 1099 Documents
- Self-employed borrowers can provide 1-2 years of IRS form 1099
- Must be self-employed for at least two (2) years verified by two (2) years of business licenses or a CPA letter
- Perfect for independent contractors and gig workers
We make lending EASY!
- With many lending sources at our finger tips, we can shop around for more options.
- Exceptions are granted with compensating factors
- A specialized Non-QM underwriting team is assigned to these programs
- Industry-leading turn times
