I am looking at a pair of old buildings, that are currently not used as anything, but I want to use them as a multi-use property. Do I go get a commercial loan or a business loan? Right now it's just buildings but I want to start car/boat storage immediately....hopefully you can see where my brain is going and why I ask the question...thanks everyone!
@John Maynard The SBA 504 program will allow for lower down payments but can be a bit cumbersome to close. Conversely, a commercial mortagage *can be* quicker, easier but will often come at a higher rate. For you to go SBA 504 the property would have to be 50%+ occupied by your business. You can always go SBA 7a but the rate/AM may not be what you're after. Good luck!
You can go either direction. If you can qualify for an SBA then by all means that is the best bet but there is a scenario that would work that includes you taking on a commercial loan or even a bridge loan just to get into the property until things are up and running