SELF-EMPLOYED ALTERNATIVE DOCUMENTATION
Profit & Loss Loans
Business owner whose books are clean but whose bank statements are a mess of transfers and owner draws. On Expanded, Castor's P&L only mortgage program uses a CPA-prepared P&L plus two months of statements as the whole income file.
What Is a Profit & Loss Mortgage?
Castor Financial's P&L Only mortgage program qualifies self-employed borrowers on a 12 or 24 month profit and loss statement prepared by a licensed CPA, CTEC registered preparer or IRS enrolled agent. The Expanded program requires only 2 months of supporting bank statements. Minimum FICO is 660, maximum LTV is 80%, and loan amounts reach $3 million.
Why Brokers
Choose Castor
For P&L Loans
2-months of Statements, not 12.
EXPANDED
Expanded pairs the P&L with just 2 months of bank statements. That is the lightest documentation lift Castor offers for a self-employed borrower.​
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Prepared Statement, Clear Path.
EXPANDED
The P&L must be prepared by a licensed CPA, CTEC registered preparer or IRS enrolled agent. One document, one standard, no interpretation.
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Loan Amounts up to $3 million
PRIME
Prime carries P&L income further than Expanded does, which matters on a jumbo file where the borrower's books are clean but the returns tell a different story.​
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P&L - Standalone 2nd
EQUITY ACCESS
The same P&L qualifies a second lien, so a self-employed borrower can access equity without refinancing a first lien they will never beat.
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Program Name | Max Loan Amount | Min FICO | Max LTV | Occupancy |
|---|---|---|---|---|
Prime | $3,000,000 | 660 | 80% (75% below 720 FICO) | Primary, Second, Investment |
Expanded | $2,000,000 | 660 | 80% purchase / 70% refinance | Primary, Second, Investment |
Equity Access [2nd Lien] | $750,000 primary / $500,000 investor | 660 | 80% CLTV | Primary, Second, Investment |