It will destroy them.

The same guidelines could have markedly different interpretations and implementations by different lenders.Lender A tells you that your rate is X, Lender B tells you that your rate is a little higher because they see that the program/product that A is quoting wont work because of some minute detail.

(It wont go up!)

I just used cash to build my first 3 specs no loans at all.. once done and sold then I went to lima got one loan from them.. then went to local bank ( much much cheaper) and got a 3 mil  guidance line and went on to build 30 or so in charleston.. you have to prove the model.. its not like buying a rental where lenders look strongly at your fico  fico is required but not the main consideration like and investor loan and all you need is 20% down or 30% down and a few bucks in reserve that wont fly with spec loans..

Knowing which subs go deer hunting , fishing , will or wont work weekends , which ones are tied up on longer jobs , etc .

You will have tenets who destroy your place, use it as a trap house or drug den and will accuse you of being a slumlord no matter what.  

They wont find out."

It's forever destroyed by the process of securitization.

Left the place destroyed and broke a chair.

I suspect a lot of those with current regulations CANNOT be rebuilt if they are destroyed but we will see..