Lender requesting "letter stating the amount of rent..."

[Eric Bette]

Hello all-

I'm in the process of getting a mortgage into underwriting as I'm negotiating the final details of a property I have under contract (closing on 2/15). 

The lender is requesting "letter stating the amount of rent you anticipate collecting for this property."

Could this be as simple as, "I, Eric Bette, anticipate rental income totalling $XX,XXX dollars per year from the property at 123 ABC St" ? Or is there a template I should be working from. 

Thanks for any input here. 

Eric

[Justin R.]

I simply send an informal email stating what I think. If they are just asking they are looking for estimated numbers to figure our the debt service coverage ratio. Most likely they want at least 125 percent (1.25) of your debt service in your NOI.

Later in underwriting they may ask you for current rent rolls, past schedule E, or leasing contracts to verify.

Congratulations on the purchase!