I have 2 SFRs rentals – operated for 18 months. I have excellent credit, high net worth, and have owned and operated a profitable businesses (non real estate) for 8 years. Looking to purchase a 50 to 75 unit apartment complex. I have received conflicting advice. Some have said with the excellent credit, net worth and having opreated a business (albeit not real estate), I could get a non-recourse loan. Others say no way to get a non-recourse loan with this being my first multi-family deal. I wonder if what that mean is no way to get a reasonably priced non-recourse loan? I don’t want to put my other assets (apart from the down payment etc.) and existing business at risk.
I am in a similar situation, with assets and businesses that I will not put at risk. What I have found is that the rates are much higher and there are very few options. However, you may want to talk to the smaller local type banks that you have done other business with. If you have a proven record, and enough downpayment to make them comfortable ( or maybe you could put up a few more assets, just not a total personal gaurantee ) they will look at it. It comes down to whether or not they are absolutely sure that any losses are going to come out of your pocket.