Loan for Commercial Income Property

[Hen Ry]

Hi all,

Here in CA, anything over 4 units is considered commercial. I have the cash for a down payment on a small apartment building (6 units or so) but my credit is shot. Since this is an income property, how important is personal credit in getting a loan?

One looks at individuals developing entire shopping centers worth millions and it seems inconceivable that personal credit is more important than the equity that they can provide.

And if personal credit IS important, how does one deal with it short of fixing it, waiting years, etc.? (ex, I may find someone who has good credit but not the cash, and vice versa)

Any insight is appreciated.

Thanks