What does iru mean in this example?

HI! Can somebody explain what these lyrics mean? Specifically the "iru"
My friend said that the "iru" in this context most likely means have. But I thought iru means need.

Suki na otoko iru
Kare wo aishiteru

If the "iru" means have, that would mean that the singer has a boyfriend, then she loves him? Or does it mean she needs a guy that she likes, then she would love him?

It is "have" in this context or "there is."

I have a boyfriend and I love him.
There is a man whom I love.

"iru" has many different meanings.

(1) "iru" written always in hiragana いる = there is/are... and "(I) have...."
(2) Also, when the above "iru" is connected with "te-form" of the verb, as in your second example, it means "(I am) doing something,"
(3) Another different word, written in kanji as "要る" means "to need."

- [Suki na otoko (ga)] iru = There is [a man I love/like].
- Kare wo aishiteru (Short for "Kare wo aishite iru.") = I love him. (literally "I am loving him" but since "love" is a verb that expresses "continuous" action, the "....am doing" form is used in Japanese.)