PROFIT & LOSS (P&L)

A Profit and Loss (P&L) mortgage is a type of loan product where the borrower is only required to provide their P&L statements, rather than tax documents, to show income. These loans are ideal for self-employed individuals and business owners who may not have the documents required for traditional mortgages. 

Also know as "stated income loans", these mortgages are fliexible compared to conventional loans and are designed to accomodate the the most unique situations of self-employed borrowers. However, these loans usually come with stricter credit and asset requirements.