Audited Profit and Loss Needed ?

Question

I am currently trying to finish my application for my first House Hack;

I currently own a trucking company in Texas. My current financial officer stated he needs an Audited profit and Loss for 2020 however that would take too much time on my end before i can buy the home i am looking into

Do ALL financiers require this? Is there any way i can get around this? I have my taxes for the previous years filed along with my past 3 months bank statements and my company is doing well.

Any help?

Bob Norton · Answer

@Andrew Gomez Sounds like your financial officer doesn't want to do the loan and doesn't want to tell you no.  So, he asks for a financial report that's prohibitively expensive and time-consuming in hopes that you will go away.

I recommend finding a different banker.  You should be able to give them a couple of years of tax returns as proof of income.

Raymond J. Rodrigues · Answer

@Andrew Gomez I am a licensed lender.

You will either need an audited profit and loss or a self prepared profit and loss supported by your last 2-3 months bank statement. You have the option of either or.

Arlan Potter · Answer

@Andrew Gomez

Time and money. Audits can be really expensive. I have never needed one to obtain bank loans or investor financing.

Arlan Potter · Answer

@Andrew Gomez

If they are wanting the information on your trucking company then you might get by with a review. Cheaper and less invasive than an audit but would give the bank some comport that you don't cook the books.

Andrew Gomez · Answer

@Arlan Potter.

I am going through a small lender however if i go through an institution should it not be a problem?

Audited Profit and Loss Needed ?

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