Can you just purchase it traditionally with a bank loan or perhaps a private loan to get a higher LTV?

This is just the latest in an arduous process, to find the deal under market value on the land, rezone it to multifamily district (long and costly process), permit a six suite rental (difficult with many technical fire code and structural engineering challenges), build the units (using all my experience in home building and every possible favour and technique learned over the years to project manage), get financing to finish construction (from a private lender after the bank lenders totally dried up on this type of financing), and pre lease the units while under construction to quality tenants.  

Plenty of resources from agents, lenders (institutional, private and hard money), contractors, wholesalers, etc.

It's not silly to accept that many of us, me included, have to risk security in order to grow.

Also, a conventional loan will not pay for the repair costs, so that would come out of your pocket whereas a private or hard money loan may cover most of it. , the method is meant to make for a quick turnaround. 

While that makes sense and you might think that's all that matters, the bank is also worried the note is no longer secured by an asset.

How does your realtor suggest that you secure it? 

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

I made a few contacts on BP and presented my deal I was approached by both individuals trying to partner and an offer for private lending.

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