Qualifying for a Commercial Loan: What are lenders looking for??

[Ian Plocky]

Hi all! 

It is my current understanding that in order to qualify with most lenders for a commercial loan, the loan applicant needs to be a business entity (i.e. LLC). First and foremost, if this is incorrect - please let me know!

That being said, my follow-up question is: 

Okay - so if I need to form an LLC in order to apply for a commercial loan on a property that has 5+ units, what are lenders looking for? Do they look at my personal mortgagee attributes like a residential lender would do (if I was applying under my name)? Or do they look at the business entity's mortgagee attributes, which... I don't know exactly what those would consist of if this is a new LLC with the sole purpose of purchasing the property in question.

Thanks in advance!