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Updated over 4 years ago,
Office lease before owning property
I am looking to put 50% down and to get a 50% commercial loan on a residential property (designated special use as commercial office, my residential lender wont touch it). I would have to purchase under my business name. My LLC & EIN do not show any substantial financial movement, just renovation expenses and such from another investment property I have. Is it allowed/accepted to have contingency leases signed from tenants to rent this office space before I even put an offer in on the property so that I meet the DSCR requirements from my local banks.
All help is appreciated.