sba loan for commercial invetsment vs personal loan

[Justin Mathews]

Has anyone used an SBA loan to buy and reno a commercial property? I am looking at buying a 11,000 sq ft warehouse space in KC for around $190k that needs about 250k work to white box it. I already have a potential lease in play for $5 sq ft NNN which would make my Cap Rate around 9 -10% in the end. The numbers are working but I need a loan and don't have a lot to put down. The SBA option looks like it would let me put down 10% but I have never done one. Anyone have any advice here?

My other option is a personal loan against the significant equity (~125k) in my first rental - I can't find a HELOC on a rental yet, this would be my first best option. Any advice welcome!