PLEASE COMPLETE THIS “STATED” DEBT SERVICE COVERAGE RATIO WORKSHEET.   PLEASE NOTE IN MANY CASES, THE APPRAISER WILL CALCULATE AN ESTIMATE OF INCOME POTENTIAL AS AN INDEPENDENT CONFIRMATION OF THE STATED INFORMATION IN THIS DOCUMENT. 

MINIMUM ”STATED” DSCR = 1.20 MULTI‐FAMILY; 1.25 MIXED‐USE; 1.30 COMMERCIAL 

ANNUAL INCOME 

GROSS RENTAL INCOME – ALL TENANTS OF SUBJECT PROPERTY 

GROSS RENTAL INCOME – OWNER USER *  (REFER TO SEPARATE CALCULATION BELOW) 

OTHER INCOME, IF ANY  

(I.E. ‐ LAUNDRY ROOM, CABLE, ETC.) 

TOTAL ANNUAL GROSS PROPERTY INCOME (SUBJECT) 

VACANCY

LESS VACANCY ALLOWANCE  

(ACTUAL VACANCY %  OR 5%, WHICHEVER IS GREATER) 

ANNUAL EXPENSES 

INSURANCE, TAXES, MAINTENANCE, UTILITIES, ETC.   

(DO NOT INCLUDE P&I OR EXPENSES PAID BY THE TENANTS)  

NET OPERATING INCOME 

INCOME LESS VACANCY AND EXPENSES [A – B – C =  D] 

ANNUAL DEBT SERVICE 

PRINCIPAL AND INTEREST PAYMENT X 12 MONTHS (FOR THE PROPOSED LOAN) 

DEBT SERVICE COVERAGE RATIO 

NET OPERATING INCOME DIVIDED BY ANNUAL DEBT SERVICE [D / E = F] 

IF A PORTION OF THE PROPERTY WILL BE OCCUPIED AND USED BY THE OWNER’S BUSINESS, COMPLETE THE FOLLOWING: 

* GROSS RENTAL INCOME – OWNER USER

TOTAL SQUARE FEET USED BY OWNER 

FAIR MARKET RENTAL VALUE PER SQUARE FOOT   

GROSS RENTAL INCOME FROM OWNER USER = TOTAL SQUARE FEET TIMES FAIR MARKET RENTAL VALUE [A X B = C]  

BORROWER CERTIFICATION 

I / WE THE UNDERSIGNED BORROWERS ATTEST TO THE ACCURACY OF THIS INFORMATION, TO THE BEST OF OUR ABILITY.  

NON‐PERSON ENTITY CERTIFICATION 

IF NAME ON THE PROPERTY TITLE IS A CORPORATION, TRUST, LLC, PARTNERSHIP, ETC., AN OFFICER OF THE ENTITY MUST ALSO SIGN.  I ATTEST TO THE ACCURACY OF THIS INFORMATION, TO THE BEST OF MY ABILITY.