Hotel Financing Needed

[Kyle Davis]

Need a little advice/insight:

I currently have 25% down payment raised for the construction of a new 40 room, limited service hotel in Minnesota.  I have the franchise agreement signed, TIF Financing secured, land purchased and architectural drawings almost completed.  But when I first started out raising funds 1.5 years ago, my loan officer quoted me a 125% limited personal guarantee for each investor (Meaning if you put in 100k and the project was a total loss, that person would lose their 100k and be required to inject another 125k).  Now that I have the money raised 1.5 years later, that loan officer has changed jobs, I got a new loan officer, and they won't do that limited personal guarantee.  We are a smaller town with two banks that do commercial lending, and one of the banks was the bank originally doing the deal.  The other bank said it was too big of a project for them.  

We have looked at doing the SBA 504 program, but then somebody has to sign off on the entire SBA loan, which will be difficult for me to find somebody to do, as they all are under the assumption of the 125% limited personal guarantee.

Any help with banks that specialize in hotel financing would be wonderful.