Lendsure Profit & Loss (P&L) Program
Now self-employed borrowers can qualify for loans based on their business’s Profit & Loss (P&L) statement. LendSure’s new streamlined P&L Loan Program is a great solution for business owners with fluctuating seasonal income or cash businesses.
- Easy review with no bank statements required for loan amounts up to $1,000,000
- Loan amounts up to $1,500,000 with two months business bank statements
- LTV up to 80%, depending on borrower FICO score
- Cash-out up to $500,000 for LTV up to 65% and $350,000 for LTV up to 75%
- No self-employment questionnaire required
- The P&L must cover the most recent 12 months (dated within 60 days of closing date)
- Borrower must provide two most recent months business bank statements
- Borrower must have been self-employed in the same business for 2 years, verified by one of the following: business license, letter from tax preparer, Secretary of State filing or equivalent
- Borrower must own a minimum of 50% of the business
- P&L must have been provided by a CPA, IRS Enrolled Agent, or California Tax Education Council
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