In Contract, Down Payment in Equity, Bad Credit, Bank won't lend

[Kent Fales]

In contract for 20-unit apartment complex. Before starting, bank advised that I could use cash reserves to purchase real estate outright. Then they would give me LOC based on a percentage of equity. President stated credit would not be a deciding factor. I should have known better. Although I have the down payment in the form of equity and I would need to use less than 50% LTV, they say they can not lend due to my credit. Any suggestions?