multifamily / commercial loans terms

[Ben Daniel]

HI,

My name is Ben, and I have a small portfolio of 12 (8 SFH+4plex) units I purchased in the last 2-3 years.

I plan to buy multifamily 8-16 units by the end of the year; my budget is up to $1.2M.

I never apply for a commercial loan, and I have no idea where to start. Do I need to form an LLC before I have a deal, what are the terms I need to expect, like # years, common rates %, LTV for commercial?

Any tip will be helpful.

Thank you in advance