Order of Operations for Commercial Multifamilies
Hows it going BP,
Quick and hopefully easy to answer question here that is tying me up while I try to get my first commercial property. I am confused due to conflicting information on the order of operations of applying for a commercial loan. First I thought it was 1) Open a LLC, 2) Look for properties, 3) Apply for a commercial loan.
Today I talked with an agent and he said I needed to get prequalified first which threw me off because I thought I would have to use the property itself to get qualified for a commercial loan. So his order of operations was: 1) Get prequalified, 2) Find a property, 3) Open a LLC
So I said okay and went to Navy Federal to at least inquire on commercial loans and they said I would have to open a business account first before I can apply for a commercial loan so 1) Open LLC, 2) Apply for Commercial Loans, 3) Look for properties.
Does anyone have the answer or a solid blueprint to follow here?