Too many loan applications?

[Justin Nolt]

I am anxiously pursuing financing for my second rental in Lancaster, PA. I am in the process of having my personal home appraised with the goal of increasing my HELOC. I will need this as down payment for a conventional or commercial loan.

I setup an LLC about a year ago, but haven't used it for anything yet. The bank is telling me that I need to have a specific property to complete the commercial loan application for this LLC.

I recently found a place I'm interested in and I want to pursue the commercial loan, but I don't want to waste time and loose the deal. If I apply for the conventional loan and get pre-approved I can avoid missing a deal, but I am concerned I will hurt my commercial loan application. 

Does anyone have advice on how to be patient, but proactive. I also don't want my credit to take a hit with all this loan activity.