New offering tailored for entrepreneurs seeking capital
Non-QM loan provider LendSure Mortgage has released a new profit & loss (P&L) program to support business owners and self-employed investors, particularly those operating cash-based businesses and seasonal income earners.
The San Diego-based non-QM wholesale lender said this new offering is designed to address the unique financial needs of entrepreneurs with fluctuating seasonal income or cash businesses.
The P&L loan program forgoes the standard self-employment questionnaire required by many traditional lenders, aiming to simplify and expedite the application process. This change is intended to make it easier for borrowers to access the financing they need.
“The rollout of our profit & loss loan program signals a major stride in streamlining the financial process for business owners,” LendSure co-managing director Joseph Lydon said in a press release. “This strategic innovation reflects our commitment to providing tangible solutions, not just loans.”
The program is structured to offer two tiers of loan amounts. For loans up to $1 million, borrowers are required to provide only P&L statements. For higher loan amounts, up to $1,500,000, applicants must submit two months of bank statements and their P&L statements. This tiered approach is intended to enhance the broker-customer relationship by offering a straightforward and efficient solution tailored to the needs of entrepreneurs.
“We aim to empower business owners, redefining industry standards and facilitating their path to financial success,” Lydon added.
The launch of the P&L program comes after LendSure announced the addition of a reverse 1031 exchange with bridge loan option to its non-QM portfolio. This program helps real estate investors finance new properties without the immediate necessity of selling their existing assets.
Stay updated with the freshest mortgage news. Get exclusive interviews, breaking news, and industry events in your inbox, and always be the first to know by subscribing to our FREE daily newsletter.
