CERTIFICATION OF CHIEF FINANCIAL OFFICER
                          OF CORPORATE GENERAL PARTNER

                 PURSUANT TO RULE 13a-14 AS ADOPTED PURSUANT TO
                  SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert A. Bourne, the President and Treasurer of CNL Realty Corporation,  the
corporate  general  partner  of CNL Income  Fund XI,  Ltd.  (the  "registrant"),
certify that:

     1.  I have reviewed this quarterly report on Form 10-Q of the registrant;

     2.  Based  on my  knowledge,  this  report  does  not  contain  any  untrue
         statement of a material fact or omit to state a material fact necessary
         to make the statements made, in light of the circumstances  under which
         such  statements  were made, not misleading  with respect to the period
         covered by this report;

     3.  Based on my knowledge,  the financial  statements,  and other financial
         information  included in this  report,  fairly  present in all material
         respects the financial condition,  results of operations and cash flows
         of the registrant as of, and for, the periods presented in this report;

     4.  The  registrant's  other  certifying  officer and I are responsible for
         establishing  and  maintaining  disclosure  controls and procedures (as
         defined  in  Exchange  Act  Rules  13a-15(e)  and  15d-15(e))  for  the
         registrant and have:

                  (a)  Designed  such  disclosure  controls and  procedures,  or
                       caused such  disclosure  controls  and  procedures  to be
                       designed under our  supervision,  to ensure that material
                       information  relating to the  registrant,  including  its
                       consolidated subsidiaries,  is made known to us by others
                       within those entities,  particularly during the period in
                       which this report is being prepared;

                  (b)  Evaluated   the   effectiveness   of   the   registrant's
                       disclosure  controls and procedures and presented in this
                       report our  conclusions  about the  effectiveness  of the
                       disclosure controls and procedures,  as of the end of the
                       period  covered by this report based on such  evaluation;
                       and

                  (c)  Disclosed  in this report any change in the  registrant's
                       internal  control over financial  reporting that occurred
                       during the  registrant's  most recent fiscal quarter (the
                       registrant's  fourth  fiscal  quarter  in the  case of an
                       annual  report)  that  has  materially  affected,  or  is
                       reasonably likely to materially  affect, the registrant's
                       internal control over financial reporting; and

     5.  The registrant's other certifying  officer and I have disclosed,  based
         on our most  recent  evaluation  of  internal  control  over  financial
         reporting,  to the registrant's auditors and the audit committee of the
         registrant's  board of directors (or persons  performing the equivalent
         functions):

                  (a)  All significant  deficiencies and material  weaknesses in
                       the  design  or  operation   of  internal   control  over
                       financial   reporting  which  are  reasonably  likely  to
                       adversely  affect  the  registrant's  ability  to record,
                       process, summarize and report financial information; and

                  (b)  Any  fraud,  whether  or  not  material,   that  involves
                       management or other employees who have a significant role
                       in  the  registrant's  internal  control  over  financial
                       reporting.

Date:  November 10, 2003


                                         /s/ Robert A. Bourne
                                         ----------------------
                                         Robert A. Bourne
                                         President and Treasurer