P&L-only home loans for trucking business owners

Is this you?

• You own a trucking LLC or S-corp, or run two or more trucks
• You took bonus depreciation or Section 179 on equipment and your taxable income cratered
• A CPA or enrolled agent prepares your books monthly or quarterly
• Your deposits come from several shippers, brokers, and a factoring company, so bank statement math gets messy

How qualifying works

A licensed CPA, enrolled agent, or tax preparer (requirements vary by lender) prepares or attests to a 12- or 24-month profit and loss statement for your business. The lender uses the net profit, adjusted for your ownership percentage, as your qualifying income.

Many P&L programs also ask for two to three recent months of business bank statements to show that deposits support the revenue on the P&L. Large gaps between the two get questioned, so the numbers need to tie out.

Compared with a bank statement loan, a P&L uses your actual expense ratio. If your operation runs leaner than a 50% default expense factor, a P&L can produce a higher, more accurate qualifying income.

Worked example: three-truck fleet owner

Gross revenue on 12-month CPA P&L	$640,000
Operating expenses (fuel, drivers, insurance, maintenance)	$430,000
Net profit used for qualifying	$210,000
Taxable income after equipment depreciation	$64,000

Illustration only. Depreciation is a tax deduction, not cash leaving your account, which is why the P&L and the tax return can land so far apart. Each lender sets its own P&L rules.

What you'll typically need

• A 12- or 24-month P&L prepared or signed by a CPA, enrolled agent, or tax preparer (lender specific)
• Two to three recent months of business bank statements
• Proof of business ownership and how long you've operated (articles of organization, authority, licenses)
• Your ownership percentage in the business
• Photo ID and asset statements for down payment and reserves

Typical guidelines

Every lender sets its own rules. These are common patterns, not promises, and they change. We match your file to the lender whose guidelines fit it best.

• Credit: many programs start around 620 to 660
• Preparer: CPA, EA, or licensed tax preparer depending on the lender
• Time in business: about two years is typical
• DTI: some programs allow up to around 50%
• Reserves: commonly several months after closing

P&L Loans: common questions

Non-QM programs are not available in all states and are subject to credit approval, income and asset verification, and appraisal. Guidelines shown are typical illustrations and vary by lender. This is not a commitment to lend. Matador Lending, NMLS #2072896. Equal Housing Opportunity.