Financing commercial property
I'm looking into buying a 5 unit complex. I will be partnering with 2 other people in a LLC.
what factors go into securing a loan for such property? Does individual credit and financial records matter? Or can we get a loan purely based on the property history and cash flow? Also, if things go bad (say it goes into foreclosure), would fallout affect individual credit, or would individuals be responsible in anyway?
I'm hoping all financial impact is restricted to the LLC itself. Curious how people operate with such LLCs.