Syndication - needing financial solvency/guarantor?

[Chris Duffy]

I would like to raise private money from investors I know personally to syndicate a commercial multi-family project(under $1 million and between 2-12 units). I would act as managing partner. I have never syndicated a deal before. Would a commercial lender only finance a syndication if the sponsor/MP had sufficient financial reserves or is there a way around this? I would come up with the 25% from the private investors then finance the rest of the deal. From what I've read, they require a guarantor which again I don't have substantial financial solvency to act as any kind of guarantor. I read even hard money lenders require a gaurantor for 5+ units. Would keeping it residential(2-4 units) be a better way to go to get started until I've built up more capital? Thank you!