What is a P&L Loan

Benefits of P&L Loans

Alternative Income Verification: Allows borrowers to qualify based on their business's financial performance rather than traditional income documentation.

Ideal for Self-Employed Borrowers: Especially beneficial for entrepreneurs, freelancers, and business owners with complex financial situations.

Flexibility in Loan Structuring: Offers flexibility in assessing income and structuring the loan, accommodating unique financial scenarios.

Potential for Higher Loan Amounts: By using a comprehensive view of your business's financial health, P&L loans may allow you to qualify for a higher loan amount than traditional methods, providing greater purchasing power.

WHY CHOOSE US

What We Offer To You

Welcome to Las Vegas Mortgage, where we specialize in providing tailored financing solutions for self-employed individuals and business owners through P&L (Profit & Loss) Loans. These loans are designed to accommodate borrowers who may have complex financial situations and need an alternative method to verify their income. As a dedicated P&L loan specialist, I am here to help you navigate the unique requirements and benefits of securing a P&L loan, enabling you to achieve your home financing goals with confidence.

Expertise in Self-Employed Borrowing

Our team at Las Vegas Mortgage has extensive experience working with self-employed borrowers and understands the unique challenges they face. We provide expert guidance to help you navigate the P&L loan process and secure the financing you need.

Personalized Service

Every borrower is unique. I take the time to understand your specific needs and financial goals to provide customized loan solutions.

Seamless Process

From pre-qualification to closing, I handle all the details, making your home buying journey smooth and hassle-free.

Flexible Income Verification

P&L loans offer a flexible alternative to traditional income verification, making it easier for borrowers with complex financial situations to qualify. This includes those with seasonal income, multiple income streams, or significant business expenses.

Local Expertise

As a locally-based mortgage company, we have a deep understanding of the Las Vegas real estate market. Our insights and connections enable us to offer you valuable advice and assistance, whether you're buying a home in the city or the surrounding areas

Comprehensive Loan Options

We offer a wide range of mortgage products, including FHA, VA, conventional, and jumbo loans. This diverse selection allows us to tailor our offerings to meet your specific financial needs and goals, ensuring you get the most suitable loan product for your situation.

Mortgage Pre-Approval

Secure your financing before you start shopping. Our pre-approval process is quick and easy, giving you a clear understanding of your budget and making you a more attractive buyer. Start your journey with confidence!

House Shopping

Explore a wide range of properties that fit your needs and lifestyle. Whether you're looking for your first home, a vacation retreat, or an investment property, our team is here to guide you through the search and help you find the ideal match.

Loan Application

Complete your mortgage application with our streamlined and user-friendly process. Our experienced loan officers will assist you every step of the way, ensuring all your questions are answered and your application is processed smoothly. Let us help you make your homeownership dreams a reality!

WHAT’S THE BEST

Mortgage Programs

At Las Vegas Mortgage, we offer a variety of mortgage programs tailored to meet your unique financial situation and goals. Whether you're a first-time homebuyer, a seasoned investor, or somewhere in between, we have the perfect loan solution for you.

Specific Programs

FHA Loans: Ideal for those with lower credit scores or limited down payment funds.
Conventional Loans: Flexible options with competitive rates for a range of borrowers.
USDA Loans: Great for rural property buyers, offering zero down payment.
VA Loans: Exclusive benefits for veterans and active-duty military members.
DSCR Loans: Perfect for real estate investors focusing on cash flow properties.
Bank Statement Loans: Designed for self-employed borrowers who need to show income differently.
ITIN Loans: Accessible options for those without a Social Security number.
Foreign National Loans: Financing solutions for non-U.S. citizens.
Fix and Flip Loans: Short-term financing for property renovation and resale.
Cannabis Industry Loans: Tailored loan options for professionals in the cannabis sector.
1099 Loans: Options for independent contractors and freelancers with 1099 income.
Private Money Loans: Quick and flexible funding for unique situations or investments.

OUR TEAM

Our Staff Profiles

KeVIN SCHANDA

SENIOR MORTGAGE ADVISOR

NMLS 93971

JONATHAN FESSER

MORTGAGE ADIVSOR

NMLS 2225687

BONNIE CLOCKEL

MORTGAGE ADVISOR

NMLS 1906508

Frequently Asked Questions

What is a P&L Loan?

A P&L loan, or Profit & Loss loan, is a type of mortgage designed for self-employed individuals and business owners. It allows borrowers to qualify for a loan based on their business's financial performance, as reflected in a Profit & Loss statement, rather than traditional income verification methods like tax returns.

Who Can Benefit from a P&L Loan?

P&L loans are ideal for self-employed individuals, business owners, freelancers, and others with complex or unconventional income structures. This includes those who have fluctuating income, multiple income streams, or significant business expenses that may not be fully captured in traditional income documentation.

What Documentation is Required for a P&L Loan?

The primary document required is a Profit & Loss statement, typically prepared by a licensed CPA or tax preparer. This statement should accurately detail the business's income, expenses, and net profit. Additional documentation may include business bank statements, personal financial statements, and proof of ownership of the business.

How is Income Calculated for a P&L Loan?

Income for a P&L loan is calculated based on the net profit shown on the Profit & Loss statement. Lenders may use this figure to determine the borrower's ability to repay the loan. They may also consider other factors such as the stability and consistency of income, business expenses, and the overall financial health of the business.

Are P&L Loans Only for Primary Residences?

No, P&L loans can be used for various types of properties, including primary residences, second homes, and investment properties. The specific terms and conditions may vary depending on the property type and the lender's guidelines