Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
Re: Help will be applying for a mortgage soon

creditwatcher2012 wrote:

thanks so do I need quarterly profit and loss statements?


I'm a biz owner as well and applied for and received a loan 12/2010 and 1/2011 respectively. My lender asked for a current balance sheet and P&L annual statements for the prev. 2 years (2009 and 2010) and asked for an estimated P&L for 2011. I had shown a large loss for 2009 on my Sch. C but large gains for 2010 and they wanted a forecast of where things were going with an explanation of the turnaround.