Tenant lease before bank loan?

[Jason Hale]

I recently went to the bank and asked about investment loans. Navy federal credit union to be exact. It would be my first property to business plan, 25% down, 6 month A in reserve yada yada. But they want a tenant lease.... how in Gods name am i going to do that? It wouldn't be a section 8 property btw. First post here so I figure some somebody here would know know whats up! Thank you!

[Roy N.]

@Jason Hale

That is a fairly common ask from a bank {at least it is here in Canada}.  If they will crediting a portion of the rents towards your income, they like to see annual leases.  Here, if you have a month-2-month lease, verbal or, even, written, some lenders will not count the revenue from that unit.