Finding flexible financing options can be a challenge. This is especially true for self-employed individuals and small business owners who may not meet the traditional income verification methods required by conventional lenders.
But there’s good news!
Profit & Loss (P&L) loans present an excellent alternative. They offer a unique opportunity to leverage your business’s profit and loss statements to secure your next property.
Understanding Profit & Loss Loans
A Profit & Loss loan is a different type of mortgage solution that evaluates your P&L statements to assess the financial stability of your business and its ability to pay back the loan. This loan is particularly suitable for those who might struggle with providing tax returns (W-2s), transcripts, or bank statements as proof of their financial capability, like self-employed individuals.
Instead of these documents, your P&L statement is used to qualify you for the loan.
The Benefits of LendSure’s Profit & Loss Loan Program
The Profit & Loss loan program offered by LendSure is an option for business owners looking for simplified and user-friendly financing.
This loan program eliminates the need for tax returns, bank statements, or other income documents, making it easier for self-employed individuals and business owners to access loan amounts of up to $1,000,000 based on their Profit & Loss statement.
Additionally, our program offers two levels of loan amounts, with the option to provide only P&L statements for lower loan amounts or to supply bank statements along with P&L statements for higher loan amounts.
Unlike many competitors, LendSure’s P&L program does not require a self-employment questionnaire, making it an ideal solution for those with seasonal income or cash businesses.
LendSure’s Profit & Loss Loan Requirements
To be eligible for the loan, you must have been self-employed in the same business for at least two years. This will be verified through a business license, a letter from a tax preparer, a Secretary of State filing, or an equivalent document. Plus, you must own at least 50% of the business.
Pro Tip! A licensed CPA, IRS enrolled agent, or the California Tax Education Council must provide the submitted profit and loss statement.
Our Program Highlights
Turn your profits into potential with LendSure. We offer loans up to $1,000,000 without requiring any bank statements. If you have two months of business bank statements, you could qualify for loans up to $1,500,000. The Loan-to-Value? It can be up to 80% based on your FICO score.
Want to take advantage of cash-out options? Learn more about LendSure Profit & Loss Loan program highlights here.
Why Choose LendSure?
It’s simple. We make loans that make sense. We’re not in-the-box lenders. Of course, there are numbers, ratios, and data to consider, but we know that behind every file, there’s an individual with unique circumstances seeking a loan.
We’re redefining the mortgage experience one loan at a time. Thanks to our common-sense approach and dedicated lending team, we say ‘yes’ more often to today’s homeowners and investors.
Ready to reach out to learn more about Bank Statement loans for investors like you? Contact us today!
