Alexis,
I once put a deal together with similar parameters you described with the exception of bad credit, they didn't however check my credit. I was buying two 5 acre single family parcels to combine and develop into lots. I bought both of these properties on options, the option to buy in the future at todays price but not the obligation if the market tanked. I then put a pro forma together and hit the pavement talking to private lenders, I got no's from all 6 that I knew of. I listened to their reasons for no and adjusted my pro forma. Still all no's, adjusted my spread sheet, narrowed my list and went back.
After 8 months of meetings I had listened and adjusted, finally it dawned on me it was all about the money, I made a final adjustment giving them way more money. Long story short I took a smaller percentage but I got the project done.
It is better to take a smaller percentage of something than 100 percent of nothing.