What is the highest LTV for a P&L loan

What is the highest LTV for a P&L loan

The highest LTV for a Profit and Loss Only (P&L Only) loan is 85%, but this is only available with certain lenders and under specific conditions (usually for primary or second homes, purchase or rate/term refinance, and high FICO scores). Most lenders cap the max LTV at 80% for P&L Only loans.

Here’s a comparison of the top lenders and their maximum LTVs for P&L Only loans:

Lender/ProgramMax LTVOccupancy/Property TypeFICO RequirementKey Restrictions/NotesMore Info
Champions Funding – Alt Doc Express85%Primary/Second Home, SFR/PUD/Condo740+Purchase/Rate-Term only, up to $2M, 6 mo reserves, lower for other scenariosAlt Doc Express
Champions Funding – Activator85%Primary, SFR/PUD/Condo720+Up to $1M, max DTI 45%, 2 yrs self-employed, 9 mo reserves, lower for other property types or FICOActivator
Change Wholesale – Alt Doc Express85%Primary/Second Home, SFR/PUD/Condo740+Up to $2M, lower for investment, cash-out, or other property typesAlt Doc Express
A&D Mortgage – Prime80%Primary/Second/Investment720+SFR/PUD/Condo, lower for 2-4 units, manufactured, cash-out, or lower FICOPrime
Arc Home – Marquee Jumbo80%Primary/Second, SFR/PUD/Condo680–740+Max LTV depends on loan amount and FICO, lower for investment or higher loan amountsMarquee Jumbo
Deephaven – Equity Advantage/Non-Prime80%Primary/Second/Investment660–720+Purchase only, lower for refi, non-warrantable condos, interest-only, or declining marketsEquity Advantage
NQM Funding – Flex Select80%Primary, SFR/PUD/Condo700+75% for second home/investment, lower for FICO 680–699, max loan $1.5MFlex Select

Key Takeaways

  • 85% LTV is possible, but only for primary/second homes, purchase or rate/term, high FICO (usually 740+), and up to $1–2M loan amounts.
  • 80% LTV is the standard max for most lenders and scenarios.
  • Lower LTVs apply for investment properties, cash-out, lower FICO, higher loan amounts, condos, 2–4 units, rural, or declining markets.
  • Additional requirements: Most lenders require the P&L to be prepared by a CPA/tax professional, 2 years self-employment, and may require reserves.

If you have a specific property type, occupancy, loan purpose, or FICO score, let me know for a more tailored answer!

What is a good lender for Non-warrantable condos

Several lenders offer strong options for Profit and Loss Only loans on non-warrantable condos, with maximum LTVs ranging from 75% to 85%. The best choice depends on your credit score, occupancy, and loan amount.

Here’s a quick comparison of top lenders and their best programs for your scenario:

Lender/ProgramMax LTVOccupancy/Property TypeFICO RequirementKey NotesMore Info
Change Wholesale – Alt Doc Express85%Primary/Second Home, Condo740+P&L by CPA/EA/PTIN/CTEC, up to $2M, lower for investment/cash-out/interest onlyAlt Doc Express
Champions Funding – Activator80%Primary, Condo720+P&L Only allowed, non-warrantable condos eligible, 12 mo P&L by tax proActivator
A&D Mortgage – Prime80%Owner-Occupied, Condo720+80% (75% in FL), 75% for investment/second home (70% in FL), P&L Only allowedPrime
Arc Home – Marquee Jumbo80%Primary/Second, Condo680–740+Up to $3M, LTV varies by FICO/loan amount, P&L Only allowedMarquee Jumbo
Deephaven – Expanded Prime/Non-Prime80%Primary/Second/Investment, Condo660–720+P&L Only allowed, 12 mo P&L, some programs require 2 mo bank statementsExpanded Prime
NQM Funding – Flex Select75%Condo700+P&L Only allowed, non-warrantable condos eligibleFlex Select

Key Takeaways

  • Change Wholesale offers the highest LTV (up to 85%) for primary/second homes with strong credit.
  • Champions Funding, A&D Mortgage, Arc Home, and Deephaven all offer up to 80% LTV for non-warrantable condos with P&L Only income.
  • NQM Funding is a solid option but caps LTV at 75% for this scenario.
  • All require the P&L to be prepared by a CPA or tax professional and may have additional reserve or documentation requirements.

Would you like more details on a specific lender, program, or want to compare requirements side-by-side? If you can provide your property state, loan purpose, or credit score, I can narrow down the best fit for you!

Profit and Loss loan for a Heloc

Currently, none of the supported lenders offer a true HELOC (Home Equity Line of Credit) program that allows Profit and Loss Only (P&L Only) income documentation for non-warrantable condos. All available options are closed-end second mortgages or first lien loans, not revolving lines of credit.

Here’s a summary of what’s available:

Lender/ProgramHELOC Available?P&L Only IncomeNon-Warrantable CondoMax LTV/CLTVLien PositionNotes
A&D Mortgage – PrimeNoYesYes80% (75% FL)1st OnlyClosed-end mortgage only
Arc Home – Marquee JumboNoYesYesUp to 80%1st OnlyClosed-end mortgage only
Champions Funding – Activator/Second HomeNoYesYes80%/70%1st/2ndClosed-end only, not a line of credit
Change Wholesale – Alt Doc ExpressNoYesYes70%1st OnlyClosed-end mortgage only
Deephaven – Equity Advantage (Closed-End 2nd)NoYesYes75% CLTV2nd OnlyClosed-end second, not a HELOC
NQM Funding – Flex SelectNoYesYes85%/75%1st OnlyClosed-end mortgage only

Key Takeaways

  • No lender currently offers a HELOC with P&L Only income and non-warrantable condo eligibility.
  • If you need a closed-end second mortgage (not a line of credit), Deephaven’s Equity Advantage program allows up to 75% CLTV for non-warrantable condos with P&L Only income.
  • For first lien options, several lenders allow P&L Only income and non-warrantable condos, with LTVs up to 85% (NQM Funding), but these are not HELOCs.

If you’re open to a closed-end second mortgage or a first lien cash-out refinance instead of a HELOC, I can provide more details on those options. Would you like to see requirements for any of these specific programs?

I need a lender that does P&L loans at 80%LTV

You have several strong lender options for a Profit and Loss Only (P&L Only) loan at 80% LTV for a primary residence in Florida. Most require a minimum FICO of 660–700, at least 3–6 months of reserves, and a CPA-prepared P&L.

Here’s a comparison of the top programs:

Lender/ProgramMax LTVMin FICOReservesLoan AmountKey P&L RequirementsSpecial NotesMore Info
A&D Mortgage – Prime80%6803–6 monthsUp to $1.5M12/24 mo CPA P&L + 2 mo bank stmts (support 75% P&L)SFR/PUD 80%; FL condos 75%; 2 yrs business; gift funds allowed up to 80% LTVPrime
Champions Funding – Activator80%6803 months$150k–$3M12 mo CPA P&L2 yrs self-employed; DTI max 45%; cash-out allowed; gift funds for down payment/closing onlyActivator
Change Wholesale – Alt Doc Express80%6603 months$150k–$3M12 mo CPA/EA/PTIN/CTEC P&LDTI up to 50%; 6 mo reserves if LTV is 85%; institutional subordinate financing allowedAlt Doc Express
Deephaven – Non-Prime80%6603 months$100k–$1.5M12 mo CPA P&L + 2 mo bank stmtsPurchase/rate-term only (no cash-out with P&L Only)Non-Prime
NQM Funding – Flex Select80%7006 months$125k–$1.5M12/24 mo CPA/EA/tax preparer P&L (did last return)75% LTV for 680–699 FICO; condos in FL max 75% LTV; declining market reduces LTV by 5%Flex Select

Key Points

  • All programs require a CPA or tax professional-prepared P&L (usually 12 months).
  • Minimum FICO ranges from 660 to 700 (higher FICO may allow higher loan amounts or LTV).
  • Reserves required: 3–6 months of PITIA.
  • Loan amounts: Most allow up to $1.5M–$3M.
  • Special restrictions: Some programs have lower LTV for condos in Florida (typically 75%), and some do not allow cash-out with P&L Only (Deephaven).
  • Gift funds: Often allowed for down payment/closing, but not always for reserves.

Would you like a more detailed breakdown for a specific lender, or help with documentation requirements? If your property is a condo, let me know for more tailored LTV guidance!