Generating a schema for a generic list in c#

Hello im using swagger in a .NET API project, and trying to generate a schema from a generic list in C#. I have a class with a property of applicants, applicants can have types of applicant, or buisness. When I make the property a type of List<object> swagger ui is presenting value as a string. ex <Applicants>String</Applicants>

im trying to achieve something along the lines of the below

<UpdateSfsLoanStatusRequest>
   <Applicants>
      <Applicant>
      </Applicant>
      <Business>
      </Business>
   </Applicants>
</UpdateSfsLoanStatusRequest>

below is my class

public class UpdateSfsLoanStatusRequest
{
   [XmlArray("Applicants")]
   [XmlArrayItem("Applicant", Type=typeof(Applicant))]
   [XmlArrayItem("Business", Type=typeof(Business))]
   public List<object> Applicants { get; set; }
   public class Applicant
   {
   }
   public class Business
   {
   }
}

below is the request body swagger is generating 

<UpdateSfsLoanStatusRequest>
	<Applicants>string</Applicants>
</UpdateSfsLoanStatusRequest>

any help would be much appreciated.

Thanks