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Updated about 9 years ago on . Most recent reply

User Stats

11
Posts
15
Votes
Roscoe Parsley
  • Investor
  • Gainesville, FL
15
Votes |
11
Posts

Competitive financing without being personally backed

Roscoe Parsley
  • Investor
  • Gainesville, FL
Posted

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

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