Eric's Credit Community

My Story
I strive myself on being a Christian man of integrity and a man of my word.  I had a contract to purchase a home and was going to use a home equity line on another home to complete the transaction.  The equity line took well over a month and when I was almost to closing time on the contract the bank told me that they could only give me $15k net, because they were making me payoff debt.  This wasn't enough for the purchase and even that money was delayed beyond the date of closing.  I scrambled to get the money together to uphold my contract to purchase the home and ended up borrowing from some friends.  I told them that I had this pending equity line to pay them off in a couple weeks and they agreed.  Now the bank tells me that because of the credit/ mortgage scare they just tightened their policy and will not give market value on a home until after owning it for 6 months.  I can only get the purchase price of the home which is exactly what they are forcing me to pay off in other debt, so I gain nothing, but some debt paid off, but not my friends!  I feel terrible because I cannot do what I promised to do in paying off my friends.  One bank will give me 50% on value, which is only $15k and they want to charge $2,000 in closing costs!  So, it is actually cheaper for me to get a loan at 25% for the next 6 months until I can get an equity loan or a loan for full value of the property.  Plus, a mortgage takes too long and does not pay my friends off by the date I promised.  

Purpose of loan:
I need to pay $3,000 to my friends and I will use $2,000 to complete the repairs on these two homes so that I can have them ready to rent and generate more monthly income. 

My financial situation:
The reason my credit score is negative is because I have had a lot of inquiries in my attempt to get loans for these houses, I have a number of very new accounts and my debt to available credit is high.  I have no deliquent accounts or missed payments.  I have a very steady (over 6 1/2 year) income at my full time job.  I also have recently signed 2 leases for additional monthly income.

Monthly Income and Payments:

Work net income: 3,000
Rental income: 1,050

Mortgages, taxes, insurance (on 2): 537
Taxes and insurance (on 2 homes): 193
Credit card payments 400
Loans (personal loans) 944
Child support 600
Gas and food 500
Rent payment 300

Leaving $ 576 to make Prosper loan payments, etc.