Financing w/o personal guarantee
I own 4 units through a two-member LLC. All our financing has been through my local credit union where I personally bank. It has generally gone well though the credit union has required my personal guarantee of the loan. This hasn't been a big issue since the amount finances has generally been manageable. But my partner and I are looking to purchase more units and I'm getting more skittish regarding additional personal guarantees. I would love to be able to finance just through the assets of the LLC, but I'm thinking that is unlikely. At what point, have you been able to convince a financial instituiron to drop the personal guarantee? Any strategies to get this to happen?