Do multiple credit hits for a commercial loan count as one?

[CJ M.]

I guess I never really thought about it before, but I'm in the process of refinancing a single family rental via a portfolio loan with one of two local community banks. They both ran my credit, so my question is are these like a typical conventional loan, or auto loan where since they were done close together, they count as one loan/inquiry in the eyes of the credit bureaus?