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Lenders don't like anything out of the norm.. At the end of the housing crash, I was trying to buy a 4 plex apartment building which needed a bit of remodeling. I couldn't get anyone to loan money despite the remodeling not being anything structural or major. It was all simple stuff like drywall repairs, remodelng bath rooms and kitchens..
They wouldn't loan me money because I wasn't a contractor, meanwhile they would lend me money on a property which was $100k more and even if all the units were filled, the money wouldn't have covered the mortgage.. So their logic was its ok to lend on something where you are under water because it's in perfect shape, vs lend on a money making building that was a fixer upper..
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