Lending to the Individual vs the LLC/Inc.

[JJ Mayer]

Question - would love to get a lender's perspective on this...

We have 3 partners that each own a 1/3 interest in our "rental business", but we do not have a formal partnership agreement or an LLC or a Corp set up. So, in effect, we treat it as 3 cooperating sole proprietors.

Now we are looking to take on more debt to expand and buy a bigger, out-of-state multi-unit property.  We've had all of our existing properties cash flowing for more than 1 year, so we can show ongoing "business" profits, but how will lenders look at this?

Without a LLC or Corp, will the lenders evaluate the loan request based our individual credit? or will they take into account our good track record?

Thanks!