Nevada P&L Only Loan — Business Owner Mortgage Without Tax Returns
Program figures verified July 2026 — details change; confirm your scenario with us.
The 60-second answer
P&L only loans (sometimes called "Profit & Loss only" or "Profit Loss statement only") allow business owners to qualify for mortgages using a CPA-prepared profit and loss statement instead of tax returns.
For Nevada business owners, P&L only loans serve:
- Established self-employed who don't want tax return scrutiny
- Business owners with sophisticated accounting (CPA-managed books)
- Owners with year-over-year income variation (P&L smooths)
- Strong-credit borrowers with sophisticated income structures
- Owners with multiple business interests (P&L captures combined picture)
Less restrictive than full tax return: Doesn't require 2-year averaging of net income; uses current P&L for qualifying.
More restrictive than bank statement: Requires CPA preparation; doesn't capture cash deposits not flowing through P&L.
Rate: at current market pricing (above conventional + bank statement rates)
Best for: Established business owners with sophisticated accounting + good credit who want to use current business performance for qualifying.
How P&L only loans work
Documentation
- CPA-prepared YTD profit & loss statement (current year)
- Supporting documents: 1099s, K-1s, prior tax returns sometimes
- Standard credit + asset verification
- Standard property documentation
Qualifying income calculation
- P&L net income used as qualifying income
- Some lenders use cash flow (revenue minus only operational expenses, excluding depreciation/amortization)
- Specific lender methodology varies
What lenders look for
- Sophisticated business operations (CPA on team)
- Consistent business performance (revenue + margins)
- Established business (typically 2+ years operating)
- Verifiable business existence (state filings, business licenses, etc.)
P&L only vs bank statement comparison
P&L only
- Documentation: CPA-prepared P&L
- Income source: Business operations
- Captures: Business net income or cash flow
- Best for: Established businesses with sophisticated accounting
Bank statement (12/24 month)
- Documentation: Bank statements
- Income source: Bank deposits
- Captures: Actual deposits regardless of categorization
- Best for: Variable cash flow businesses
Decision framework
- Sophisticated business owner with CPA: P&L often optimal
- Less formal business operations: Bank statement often easier
- Cash flow exceeds P&L net: Bank statement may show higher
- Income smoothed across year: P&L often optimal
- Recent business changes: Bank statement may capture better
Mike will help determine optimal path for your scenario.
Common Nevada P&L only scenarios
Scenario 1: Established LV restaurant owner
- 10 years owner of Vegas restaurant
- LLC with CPA-managed books
- Current YTD P&L net income: $285K
- Wants: $1.4M Henderson Anthem home
- Path: P&L only loan captures current strong year
- Outcome: Premium home using current P&L
Scenario 2: Reno tech consultant business owner
- 5 years independent tech consulting
- S-Corp + W-2 from own corp
- YTD P&L showing $245K combined comp
- Wants: $725K Reno NW home
- Path: P&L only captures combined comp
- Outcome: Cleaner than tracking K-1 + W-2 separately
Scenario 3: Vegas medical practice owner
- 7 years medical practice owner
- Mix of W-2 + K-1
- YTD P&L showing $485K
- Wants: $1.85M Summerlin home
- Path: P&L only OR combined documentation
- Outcome: Practice owner premium home
Scenario 4: NV real estate investor business owner
- LLC owning multiple rental properties
- Schedule E rental income + management business
- YTD P&L: $185K business + $245K Schedule E rental
- Wants: $725K Henderson home (primary)
- Path: P&L only for business + Schedule E for rental income combined
- Outcome: Multi-source income captured
Scenario 5: NV business owner upgrading after expansion
- 3 years post-business-expansion
- Sharp YOY income growth (not yet captured in 2-year tax average)
- Wants: $625K Henderson home
- Path: P&L only captures current vs averaged tax returns
- Outcome: Recent strong year recognized
P&L only lender options (Mike's program network)
portfolio programs
- Strong P&L only program
- Up to $2M loan
- Strong credit + asset requirements
portfolio programs
- Comprehensive Non-QM
- P&L only + bank statement + 1099 options
specialty non-QM Mortgage Solutions
- Major P&L only lender
- Strong rates for qualifying scenarios
our specialty non-QM programs
- Some P&L capability within our specialty non-QM menu
- Combined with bank statement option
Frequently asked questions
How is P&L only different from bank statement?
P&L only: Uses CPA-prepared P&L for income. Bank statement: Uses bank deposits. Different paths to alt-doc mortgage.
Do I need a CPA for P&L only?
Yes — CPA-prepared P&L typically required. Some lenders accept self-prepared with strong supporting documentation; most require CPA.
What's the typical P&L only rate?
at current market pricing (above conventional + bank statement). Premium reflects alt-doc nature.
Can I do P&L only without tax returns at all?
Most P&L only lenders want at least one year of tax returns as supporting documentation. Some specialty lenders pure P&L only.
What about my K-1 partnership income?
K-1 income separately documented. P&L only often combined with K-1 to capture total income picture.
Can self-employed physicians use P&L only?
Yes — established practice owners can use P&L only. Often combined with physician loan terms (where eligible).
What about new businesses (under 2 years)?
P&L only typically requires 2+ years business history. New businesses use bank statement or other paths.
Can I include my LLC income on P&L only?
Yes — LLC P&L is core qualifying document.
What about combining P&L only with bank statement?
Some lenders accept combined documentation. Verify specific scenario.
Are P&L only loans more competitive in NV vs other states?
Same products nationally. NV's no-state-tax + self-employed economy makes alt-doc particularly relevant.
Talk to Mike about your NV P&L only scenario
Free 30-minute call. Bring your CPA-prepared YTD P&L, target NV home + budget, and qualifying questions.
(480) 296-6513 · Mike Certo, NMLS #260555 · Cornerstone First Mortgage NMLS #173855
Sources
Mike Certo · NMLS #260555 · Cornerstone First Mortgage NMLS #173855 · Equal Housing Lender. Educational content, not a loan commitment. Loans subject to buyer and property qualification.