How to create a P&L statement for commercial loan

[Daniel Z Fang]

Hello all - I'm applying for my first commercial loan and they've asked me for a P&L statement for all my rentals. I only have a handful of properties, each of which I track through an excel spreadsheet. Does anyone have advice on how thorough or "formal" the P&L statement needs to be for financing purposes? Not sure if I can just send my spreadsheets over or I need to get software or a template. Thanks!

[Tim Delaney]

A CPA or bookkeeper would be helpful if you aren't sure how to present them. You could also just format them nicely so it doesn't look like you just printed off spreadsheets. Another option is using a free bookkeeping service like Wave (waveapps.com) which you can set up separate books for each property and generate nice reports. I think Stessa is another option specifically for real estate.