In this work, we address Nonlinear System Identification (NSI) of geometrically nonlinear structures using experimental response data. Specifically we consider nonlinear structures with large inertia effects. A laboratory scale cantilever-type beam structure is considered, which is chosen for its large inertial effects. Free decay data is gathered from the experimental cantilever-type beam system using an image-based measurement technique. A general mathematical model is derived for nonlinear systems with large inertia, by taking inspiration from model reduction methods. Specifically, a reduced-order modelling method, which accounts for the kinetic energy of the modes not included in the reduction basis, is utilised for experimental NSI. Experimental system identification using the ROM-inspired model shows superior accuracy compared to standard stiffness nonlinear models typically used for modelling such systems. We also identify the damping of the structure by projecting the effect of unmodelled modes onto non-conservative dissipative forces in the ROM-inspired model. We show that this addresses issues of poor fit associated with using a linear damping model. This results in a nonlinear damping force in the ROM-inspired model which accounts for the damping effect of the unmodelled modes. These nonconservative effects of unmodelled modes are often neglected, which results in an incorrect damping estimation. A crude Finite-Element (FE) model of the cantilever-type beam is used to generate the nonlinear mapping of nonlinear damping force. The free decay response of the identified nonconservative ROM-inspired model closely matches the measurement decay response. This further validates the accuracy of the ROM-inspired model in NSI.