Commercial loans & personal guarantees

[Jessie Dillon]

Hi all! An interesting question has come up in my circle & wondering if anyone WORKING IN commercial loans can answer this for us: 

Example:

A new LLC is created for a group of people to purchase a property in. Ownership of that LLC is split up amongst each partner's single-member LLCs. New LLC will be buying a property with a commercial loan. The group collectively contributes the down payment, closing costs, reserves, and reno $$ if applicable. Everyone involved personally guarantees the commercial loan. THE QUESTION: Under what circumstances would the personal guarantee be acted on by the lender, and how would that look for each individual if, say, there were 5 partners and each had 20% ownership?

Thanks in advance for any insight! This is obviously doomsday prepping, but it'll be interesting to know!