Financing a small commercial multi-family property in Oregon

[Rachel Payton]

My husband and I are in the process of selling our first (and currently only) rental, and we would like to use the money we have in equity to buy a 5-unit, multi-family property. I'm not sure how financing works for commercial properties and was hoping to get some insight. I know the required down payment will be slightly higher as well as the interest rate, but what kind of information are lenders looking for? From what I understand, financing will be less about my husband and I's income, and more about the property itself. Also, should we set up an LLC? And if we did, how would that work for financing?

Any help is appreciated!