Buy a rental property or private lend?

[Taylor Merrill]

I've got ~$200K that I can pull from a cash out refi which will increase monthly mortgage payments by ~$1500 on two of my investment properties. I'm looking to determine if it makes more sense to buy some more investment properties or private lend. For context, I'm in UT so money doesn't run far unless I go out of state but don't have a management company or experience buying out of state.

Here are the terms:
Private Lending - 15% Interest, 2 year term, monthly principal + interest payments and option to pay off sooner
Buy a Property (mostly unknowns) - $200K (25%) down for commercial loan for 30 years. Not totally sure what's doable which is likely the biggest issue. Perhaps 10% Cash on Cash return to be conservative.