Each lender can use their own methods of qualification on commercial properties, and most look mostly at the asset (with the exception of your FICO, experience level and reserves). 

Because I don't see any exceptions in it for those people who want to get out, who want to just sell and run.

At one point I talked to my financially advisor and he said that it would be smart for me to open a HELOC on the property, but not draw from it, except in the case of emergencies.  

The letter also states the total non-rent items currently owed by the tenant, such as accumulated late fees or repair charges.Also very important, the tenant states they have no unresolved issues with their current landlord, except as listed in a space provided, and they have no current plans to cancel their lease under the Service Members Civil Relief Act or for any other reason. 

As a result, Lendbase was compensated by the lender we wouldn’t ever have to pay Lendbase anything except for an $8,000 upfront fee to process unlimited loans for us for three years.

No real explanation as to why or whether there were exceptions to that. 

For example, I have a subject property that has 1682 SF on the main floor and 810 SF of finished basement (the majority of which is about 8 feet in height with the exception of some bulkheads to hide the mechanicals) and 271 of semi-finished basement that is a utility room basically (washer/dryer, freezer, hot water heater, furnace, some storage).

The builder offerred $15,000 credit to be applied, however you wished EXCEPT can not be used for price reduction. 

Some exceptions can be made but the only real way around it would be to get a solid cosigner for the loan with a good W2.

The taxes here are high, but the price to rent ratio is exceptional and there is a huge demand for quality housing in certain neighborhoods.