Investor · Midland, TX · Member since 2015 · 45 posts · 18 votes
Hey BP,
I'm looking for in-house refinance options on two separate properties. One condo in Dallas (rate/term), and one SFR in Midland, TX (cash-out refi). I have 6 doors in my portfolio, all occupied and cash flowing. Just switched industries and moved to Dallas area to work for mortgage lender, we only do Fannie/Freddie loans. The industry change would more than likely require an in-house loan to accept my W2 income.
Any banks, lenders or specific contacts would be greatly appreciated. Also looking to set up lending relationships for future purchases.
Thank you,
Nate Barbee
Rental Property Investor · Midland, TX · Member since 2016 · 186 posts · 180 votes
9y
I've used David Black with Community National Bank with good success. He has been willing to look at several different financing products to meet my needs as an investor. He was also able to work easily with my income which is solid, but sporadic due to the nature of my work.
Investor · Flower Mound, TX · Member since 2016 · 245 posts · 192 votes
9y
Nate - per Fannie guidelines the fact that you changed industries does not mean that you W-2 income will not be accepted. If you can prove stable and predictable income then you should be good. Is this salary income, or commission/bonuses?
Investor · Midland, TX · Member since 2015 · 45 posts · 18 votes
9y
@Tyler Hodgson Thanks for the feedback. I do have a base salary, but most of my W2 earnings will result from commission/bonuses. My previous position in Oil & Gas was strictly salary which made financing a bit easier.
Rental Property Investor · Midland, TX · Member since 2016 · 186 posts · 180 votes
9y
I've used David Black with Community National Bank with good success. He has been willing to look at several different financing products to meet my needs as an investor. He was also able to work easily with my income which is solid, but sporadic due to the nature of my work.