Personal guarantees from limited partners

[Bennet Sebastian]

So I just got turned down for a construction loan from a local community bank for a spec medical office project that I am planning to build. I have the site under contract and all of the numbers work. I have a several limited partners who will be contributing equity into the deal ranging from 10% to 50% of the total equity with me contributing 25%. The reason I got turned down is because the bank wants any equity partner contributing 20% or more of the total equity to personally guarantee the loan which I already know they won’t do. I’m willing to guarantee but my personal financials apparently aren’t strong enough to be the sole guarantor.

The anticipated construction period will be 1 year and then I expect to lease up and exit within a year after that. So the total loan period would be around 2 years.

Any recommendations on where else I could turn for financing (besides hard money). ?