Competitive financing without being personally backed
Good evening,
I'm 23 year old, a recent college graduate, with a wealthy network of people around me and about 100k in cash to invest. I am particularly interested in acquiring self storage facilities in the state of Florida. I will be able to raise any down payment, and I have a great understanding of how to analyze a self storage deal, as my family owns a few of them.
My question is, what is the best way to get competitive financing, without a balloon payment? I talked to a local credit union and they said that they only offer recourse loans. I have never had a "real job" with a w2. I earn my money with a small side business and by flipping houses, which is not a steady enough income for a traditional lender to finance.
Any suggestions on where to look for non-recourse loans? I obviously plan on the cash flow to cover the note payment and all of my other expenses, plus offer at least an 8% ROI.
Any suggestions would be greatly appreciated. Anyone with experience in this area who can offer some words of wisdom would be an asset.
Thanks