I am purchasing a foreclosed duplex that needs a major renovation... around $50-$60k of work.

They are also the major anchor to my building, as their large signage is on top of my building. 

Owner occupy what and what for what purpose - refinance, certain loan products, etc?

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This property is a former auto shop, however, he has no intention of using it as a commercial space to sell services or products.

Hi Betsy,Williamsburg is fairly diverse with the majority of properties leaning toward the higher end as compared to Newport News and Hampton. 

I would look for another lender or see if the same lender has a different product.  

Joshua,I am new to real estate investing but I own a video production company.  

@Eve Oliver, I typically hire the majority of renovations out. 

@Ryan Stevens You can get a bridge loan or some other short term financing but you are going to play a lot for it and they are all going to require at 70% LTV so you would need $75k on top of paying upwards of 10% interest on it.Maybe @Andrew Postell has a product he could help you with.