Financing advice for small FL office building

[Michael G.]

Hello BP!

My brother and I own a 4,000 sft Class C office building held in an LLC. We've owned it for ~18 months and have spent the time shuffling tenants and doing tenant improvements, and now we have it fully occupied with 3 year leases with annual escalations, so we are looking to finance it. At a 5 CAP, we put the value at around $1.1M. We're looking for 60% LTV, at which point it still cash flows acceptably to us.

We had hoped for a non-recourse loan but learning that it is not very likely at our scale.  For recourse financing, both of us have good credit, long work histories with good income, and other assets.  Not sure how much this comes into play?

I think the thing that hurts us is that our cash flows for the first 6 months were less than they otherwise would have been since we had tenant move and we granted some rent concessions to attract new tenants.   Our training 12 months look great, but not the whole 18 months.  Will lenders take this into consideration?

We do our banking with B of A and we're too small for their commercial loans, so we are targeting local banks in FL, and in West Palm Beach area specifically.  Is this our best strategy, or are their other institutions that we should be targeting?

Lastly, and I hope that this is appropriate, but if anyone has any suggestions for someone they could recommend for our scenario I'd love to hear it.