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Bill Rapp, Mortgage Originator: NMLS 228246
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What People Are Saying:
Excellent Service
Bill is an exceptional loan officer. He helped us to purchase our home with very personal and professional service. He helped us navigate the whole process from start to closing without any problems. We didn't think we're qualified to purchase a house, but Bill went above and beyond to find a way to help us achieve our goal. He always responded very quickly with our requests, he would come back with different options with comparison chart to clearly indicate how much we need for down payment, monthly payments, interest rates, closing costs etc.
We would highly recommend Bill to anyone in need of lending services. In fact, we have already recommended Bill to one of our friends on purchasing a house.
--- David Chan - Houston, TX
Bank Statement Lending!
William Rapp of Network Funding, L. P. was very professional and I felt comfortable in dealing with him. I will definitely recommend him to family and friends.
--- Ian F - Missouri City, TX
Professionalism - Expert In Home Style Loan
Bill is an expert in the topic, his explanations and online material make a difference and he is always there from the beginning to the end. He is committed to make thing happen.
--- Felipe Caldern & Carolina Angel Gutierrez
Great Service!
Bill Rapp's handling of our loan (even though out of state) was unparalleled to any service I have been through prior, including 3 different real estate transactions and multiple refinances. Extremely quick close, with great options and flexibility for my families needs. All around A+
--- Chris & Beth Sheehan - San Jose, CA
Knowledgeable and Responsive!
Bill was a pleasure to work with and he made the loan process fairly easy. He answered all questions I had very quickly and was straight forward in doing it. I would recommend Bill to others.
--- Wes Brady - Richmond, TX
Very professional and always returned our calls!
Bill takes a lot of pride in his job and is very dependable. They were very patient and understanding. He went out of his way and explained all my questions and concerns. They were very professional and returned my phone calls and emails. He did a great job and I fully recommend him.
--- Therese, Malcom & Shirley Teixeira - Katy, TX
Great Job!
Bill helped us out from beginning to end of loan process. The loan closed in a timely manner as Bill worked hard with bank to get our to the final steps.
--- Kamal & Theresa Wilson - Hartford, CT
Avid Problem-Solver and Absolute Pleasure to Work With!
Bill Rapp worked very hard to ensure that we closed our loan and were able to move into our new home. He always had alternatives to any problems we encountered while closing. He worked with us from the beginning identifying solutions to any problems that we were having. He was an absolute pleasure to work with!
--- Nikita Rayani & Sanit Tejani - Houston, TX
Awesome to work with!
Being a first-time buyer I came in with lots of questions and concerns. Bill was always available for any questions I had and answered everything to my satisfaction. Bill made the loan process so painless that I could still concentrate on other things. We ended up closing early which made things even better. If you are in need of a lender and want someone who is very approachable and stays on top of your loan then Bill is your guy.
--- Cesar Raya - Richmond, TX
Loan Declined by my bank, and he saved the day!
Bill, did an amazing job helping me close on my house. He took the reigns and reassured me the best route to take to help close. He was accountable, thorough and trustworthy. I will continue to work with Network Funding, L.P. when it comes to home buying in the future because of the quality of service Bill gave.
--- Jacob Smith - Boerne, TX
Bill Rapp Will Definitely Make It Happen!
Bill is the most kind, patient and helpful person I have ever known. He answers his phone calls and emails promptly. You can ask him a million questions, and he will answer each and every one of them. Before I started working with Bill, I had been turned down for a home loan, because of some past credit issues I had, plus I was a single mother. However, once I started working with Bill, he was able to quickly get me a home loan, with a good interest rate. I would recommend that you call him, as he will help you.
--- Corinne Wilson - Roselle, NJ
Knowledgeable, Honest, Trustworthy, and Reliable!
"I will definitely keep you in mind. If anyone I know needs financing, I will send them your way!"
--- Jon & Andrea Saleem, CRPC Financial Advisor - Houston, TX
Best Dam Mortgage Guy a man could know!
"Hands down the best loan experience to date!"
--- Gabe & Chelsea Jackson - Pearland, TX
Phenomenal, Hard Working and Never Quits!
Had a stupid foreclosure that could have been avoided if ex’s attny would have sent my buy out offer. So Bill was able to push this through with a 4 year foreclosure. He worked his butt off, was very diligent with his communication; and was very professional talking to me even when I was screaming and/or crying at him. Highly recommend this lender. He really go to the ends of the earth to help you!
--- Liz Keeter - Harlingen, TX
Exceptional customer service!
Bill is the most kind, patient and helpful person I have ever known. He answers his phone calls and emails promptly. You can ask him a million questions, and he will answer each and every one of them. Before I started working with Bill, I had been turned down for a home loan, because of some past credit issues I had, plus I was a single mother. However, once I started working with Bill, he was able to quickly get me a home loan, with a good interest rate. I would recommend that you call him, as he will help you.
--- Isha Lopez & Mauricio Garcia - Houston, TX
Service with a capitol S
Bill went above and beyond at every turn. He worked late on Saturday, he worked late all the time. We wanted to close ASAP and he really helped make it happen for us.
--- Jeff & Wendy Heger - Houston, TX
Best Buying Experience!
I would would highly recommend going with Network Funding LP. As a first time home buyer I didn't know what to expect. Bill Rapp was very helpful in answering all my questions and guided me through all ghe steps. I couldn't have asked for a better buying experience!
--- Tabitha Turner - Humble, TX
Would recommend him and use him again!
Very involved and professional . Kept me informed and up to date on everything that was going on Went with me closing and was very helpful and knowledgeable.
--- Kathy Ward - Houston, TX
Great experience!
Well I meet bill back in December 2016 he got recommended by my real estate agent we had a house in sight and started the process to get approved but we fail due to my work history and credit bill told me not to give up and put me in contact with a credit repair company they help me bring my score up and bill walk me thru the process of getting a new line so this time around we got approved before looking for our house after we found it we still had a couple of hick up but with bills help on Sunday 6-18-17 to be exact Father's Day bill called me to give me the great news that we had got approved and the closing date was as scheduled bill was more than just a lender to my family he became a friend and I'm alway going to have him in mind for any other financial situation.
--- Alejandres Felimon - Richmond, TX
I really liked his attitude!
I wouldn't usually say this but the way he had handled my mortgage was really pleasant. I personally enjoyed the time spent with him while we discussed feasible rates. He's a great man with a great personality and he offered really low interests as well. Definitely recommend him to others.
--- Tom Troiano - Atlantic City, NJ
He's nothing short of a miracle!
I'm a self-employed businessman and had him figure out the mortgage of the house after 30% down payment. The interest rates I received were incredibly low given what I had thought of earlier. One other important thing to note was that I hadn't really taken any loans earlier, so I had no credit history. He helped me out with all that as well so I can't really call him anything else but a miracle.
--- Fran Suarez - Cleveland, OH
He's really helpful!
I made a bid to him and the very same day he gave me an offer which I couldn't resist. It was too intimidating with those incredibly low interest rates and all, thoroughly recommend him.
--- Kenny Mickle - Houston, TX
Expeditious!
Bill was very expeditious and made it real easy going through the loan process. I felt he was on top of things.
I deal with investment properties and will more than likely call on him again.
--- Wayne King - Pensacola, FL
Bill was great!
Bill made us feel like a friend all the way thru the process. He was patient and explained everything he needed clearly. He was available ANYTIME we had questions or needed more information. Hopefully we won’t go thru this process again anytime soon, but if we do - we’d choose Bill! =)
--- Barbra & Nick Grimmer - Austin, TX
Great broker!
Bill was a great broker to work with. As first time home buyers we had many questions about the process, Bill took the time to help us even calling us back on weekends with answers. I would not hesitate to recommend him to anyone looking for a broker to work with.
--- Murray & Lisa Turner - Pensacola, FL
Outstanding service!
I couldn't have been more pleased with Bill's level of service. He made what is typically a lengthy, arduous process far quicker and easier at every turn. I'm extremely comfortable recommending Bill to friends and family, and will definitely utilize his services again!
--- Jim Lipari - Austin, TX
Renovation Mortgage Specialist
Two little-known home renovation mortgage programs offer solutions for buyers and homeowners who want to renovate.
Fannie Mae and the Federal Housing Administration have home renovation mortgage programs that allow buyers to borrow based on what the house is expected to be worth after the home rehab is completed. Homeowners can also use both programs to refinance their existing mortgage plus the renovation costs into one loan.
FHA's 203(k) program and Fannie's HomeStyle Renovation Mortgage have been around for years. In the old days -- when most borrowers could easily get second mortgages or generous credit lines to pay for renovations -- these loans weren't as appealing as they are today.
Home renovation loans are in Demand !
"A couple years ago, there wasn't as much demand for these loans," says Bill Rapp, a senior loan originator with Network Funding in Houston, who specializes in renovation mortgages. Demand surged in the aftermath of the housing crisis, when borrowers saw them as a way to buy and renovate distressed properties.
How it works Unlike credit lines, these renovation loans require borrowers to show that the money was spent on the house. In the standard FHA 203(k) program, the borrower hires a consultant to assess the construction plan and to perform an inspection before each draw is made. A "draw" happens when a portion of the money is disbursed to the contractor. Borrowers have up to six months to finish the project and are allowed up to five draws. The HomeStyle program does not require a consultant to monitor the work, only an initial and final inspection.
Great for foreclosure hunters !
While rehab loans involve more work than traditional mortgages, they can be a great tool for those who want to buy discounted homes that need repair.
Bill Rapp says he helped a couple who bought a foreclosed house in Houston, TX for $26,000 and borrowed $136,000 to renovate the property. An appraisal estimated the home would be worth about $135,000 after the work was completed. The couple was able to take out an FHA 203(k) mortgage totaling $144,000, which covered the price of the house, renovations, and loan costs, minus a down payment.
But how do you know which loan is best? It depends on the situation.
203(k) vs. HomeStyle .
Those who don't have great credit should probably opt for an FHA 203(k). Most Fannie Mae HomeStyle lenders require a credit score above 660. To get the best rate on a HomeStyle mortgage, borrowers need to have a minimum 740 credit score, Bill Rapp says.
"If you have a 740 score and 10 percent down, a HomeStyle is definitely cheaper," she says. That's because FHA mortgages carry higher mortgage insurance premiums for borrowers who put the least amount down. FHA 203(k) home renovation mortgages have an upfront fee that is rolled into the loan amount. Less-than-stellar credit For borrowers with credit scores lower than 740, it's best to compare estimates, Bill Rapp says.
FHA does not set a minimum score requirement for 203(k) loans, but many lenders require a score of 640 or greater. There are a few exceptions, and some lenders accept scores as low as 580, Bill Rapp says.
Under the FHA's 203(k) program, borrowers can get a mortgage with a down payment as little as 3.5 percent. HomeStyle requires a minimum 5 percent down payment.
The FHA 203(k) program is available only for owner-occupants. The HomeStyle program allows investors.
How much do you need?
Another key factor a borrower should consider when deciding whether to go with a 203(k) or a HomeStyle home renovation mortgage is the size of the loan.
The 203(k) rehab mortgage has to comply with FHA loan limits. The limit varies by county but is $314,827 in most places. In high-cost areas, the limit is as high as $765,525.
You may be able to borrow more with the 203(k) than with HomeStyle if you are borrowing up to the local loan limit.
With a 203(k) loan, borrowers can get up to 110 percent of the home's appraised value, compared with 95 percent with a HomeStyle loan. Both appraisals are based on what the house is expected to be worth after repairs.
What do you want to fix?
FHA's 203(k) rehab loan does not allow borrowers to use the money for luxury items such as adding a swimming pool or a spa, but HomeStyle does.
Borrowers can opt for a streamline FHA 203(k) home rehabilitation loan if they need less than $35,000 and don't have to do any structural repairs or major landscaping work. The streamline 203(k) is similar to a standard 203(k) but is easier to get and involves less paperwork and less bureaucracy, Bill Rapp says. Streamline loans don't require the borrower to hire a consultant.
Call Bill Rapp, The Mortgage Viking, today to discuss your options 281-222-0433.
🏢 Commercial Loan Prequalification: What Every CRE Buyer Should Know Before Making an Offer 💰
🏢 Commercial Loan Prequalification: What Every CRE Buyer Should Know Before Making an Offer 💰
💵 Get Prequalified Before You Buy: How Commercial Loan Prequalification Can Strengthen Your CRE Offer 🏢
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Commercial Loan Prequalification: What to Know Before Making an Offer
Finding the right commercial property can take months. But once you find the opportunity you want, the financing conversation can suddenly become very real—and very fast.
That is why commercial loan prequalification should often happen before you make an offer, not after.
Whether you are purchasing an investment property, acquiring an owner-occupied building, expanding your business, or evaluating your next commercial real estate investment, understanding your potential financing structure before signing a purchase contract can put you in a much stronger position.
Prequalification does not guarantee that your commercial real estate loan will close. It can, however, help answer one of the most important questions before you make an offer:
How much property can I realistically finance?
What Is Commercial Loan Prequalification?
Commercial loan prequalification is a preliminary assessment of a borrower, property type, proposed transaction, and potential financing structure.
Before a lender issues a final approval, there will normally be much more extensive underwriting. Depending on the transaction, that may include an appraisal, environmental report, title work, property financials, leases, borrower financial statements, tax returns, credit review, entity documentation, and other due diligence.
Prequalification happens earlier.
The objective is to determine whether the proposed transaction appears to fit the general requirements of potential commercial lenders and what the financing could potentially look like.
That may include estimates for:
·Loan amount
·Loan-to-value ratio
·Interest rate range
·Amortization
·Loan term
·Debt service coverage requirements
·Required borrower equity
·Recourse structure
·Potential loan program
·Closing costs and reserves
Instead of negotiating a property purchase without knowing how the financing may work, you begin the process with a preliminary financing strategy.
Why Get Prequalified Before Making a Commercial Real Estate Offer?
1. Understand Your Borrowing Power
One of the biggest advantages of commercial loan prequalification is understanding approximately how much financing may be available.
Commercial lenders rarely determine loan size based solely on the purchase price.
For an investment property, lenders may evaluate the property's net operating income (NOI), debt service coverage ratio (DSCR), loan-to-value ratio (LTV), debt yield, occupancy, tenant quality, lease structure, property condition, and market.
For an owner-occupied property, underwriting may also depend heavily on the operating company's cash flow and ability to service the proposed debt.
A preliminary financing analysis can help establish a realistic acquisition range before you spend significant time negotiating properties that may not support the required loan.
2. Estimate Your Equity Requirement
A $2 million property does not necessarily mean the lender will provide the same percentage of financing on every transaction.
Equity requirements can vary considerably depending on the property, borrower, lender and loan program.
A conventional commercial real estate loan might require significantly more equity than certain owner-occupied SBA structures, while bridge financing may be structured differently again.
Knowing the likely equity requirement helps you determine whether a transaction fits your available capital.
3. Strengthen Your Offer
Commercial sellers want confidence that buyers can perform.
A buyer who has already discussed financing, provided preliminary financial information, and established a potential lending strategy may present a stronger profile than a buyer who intends to begin searching for financing only after the contract is executed.
Prequalification can be particularly useful when multiple buyers are competing for an attractive commercial property.
It does not replace proof of funds or a lender commitment, but it demonstrates preparation.
4. Avoid Financing Surprises During Due Diligence
Imagine putting a property under contract at $3 million expecting 75% financing, only to discover that lenders are sizing the loan closer to 60% because the property's income cannot support the debt.
That creates a substantial equity gap.
Prequalification cannot eliminate every surprise because final underwriting depends on the property and complete borrower documentation. However, analyzing the likely financing before making an offer can expose obvious problems much earlier.
That gives you the opportunity to adjust the purchase price, financing structure, equity contribution, or even the property you pursue.
What Do Commercial Lenders Evaluate?
Every lender and loan program is different, but several factors commonly influence commercial real estate financing.
Property Cash Flow
For income-producing commercial real estate, the property's ability to service its debt is critical.
Lenders typically calculate the debt service coverage ratio, comparing net operating income with annual loan payments.
If the property cannot generate enough income to meet the lender's DSCR requirement, the maximum loan may be reduced regardless of the property's purchase price.
Loan-to-Value Ratio
Loan-to-value compares the loan amount with the property's value.
For example, a $1.5 million loan against a $2 million property represents a 75% LTV.
However, the maximum LTV permitted by a lender does not automatically mean the property will qualify for that leverage. Cash flow and other underwriting constraints may produce a lower loan amount.
Borrower Financial Strength
Depending on the financing program, lenders may review:
·Liquidity
·Net worth
·Credit history
·Post-closing reserves
·Real estate experience
·Global cash flow
·Contingent liabilities
·Existing real estate holdings
The strength of the sponsorship can influence both loan eligibility and structure.
Property Type
Not every lender has the same appetite for every asset class.
Financing may vary for:
·Multifamily
·Retail
·Industrial
·Office
·Self-storage
·Hotels
·Restaurants
·Medical properties
·Mixed-use buildings
·Owner-occupied commercial properties
·Special-purpose real estate
Matching the transaction with lenders actively interested in the property type is an important part of the financing process.
Investment Property vs. Owner-Occupied Prequalification
Commercial loan prequalification also depends on how the property will be used.
For an investment property, lenders are generally focused heavily on property-level economics, including NOI, DSCR, occupancy, leases, market conditions and valuation.
For an owner-occupied commercial property, the operating business becomes a major part of the underwriting.
Depending on eligibility and the transaction, an owner-user may potentially evaluate conventional bank financing as well as programs such as SBA 7(a) or SBA 504 financing.
This is one reason commercial borrowers should evaluate multiple financing structures rather than assuming one loan product is appropriate for every transaction.
What Should You Prepare for Commercial Loan Prequalification?
You do not necessarily need a complete closing package to begin the conversation.
However, the more accurate information you provide, the more useful the preliminary analysis can be.
For an existing property, helpful information may include the purchase price, rent roll, trailing operating statement, property type, occupancy, leases and offering memorandum.
Borrowers may also be asked for information regarding liquidity, net worth, credit, experience, existing debt and available equity.
Business owners pursuing owner-occupied real estate may additionally need business financial statements and tax returns.
The objective is simple:
Give the capital advisor or lender enough information to evaluate the transaction realistically.
Prequalification Is Not Final Loan Approval
This distinction is important.
A commercial loan prequalification, preliminary quote, capital match, or financing discussion is not the same as a final loan commitment.
Terms can change as lenders receive additional information and complete underwriting.
Final financing may depend on satisfactory review of items including appraisal, environmental due diligence, title, leases, borrower documentation, property condition, credit, financial statements and lender approval.
Think of prequalification as an early financing roadmap—not a guarantee.
Why Shopping Multiple Commercial Lenders Matters
Commercial lending is highly fragmented.
A local bank may like a transaction that another bank declines. A credit union may offer a different structure. An SBA lender may view an owner-occupied acquisition differently from a conventional lender. A bridge lender may consider a transitional property that requires stabilization before permanent financing becomes available.
This is where access to a broader commercial lending marketplace can become valuable.
Through CommLoan, borrowers can evaluate commercial real estate financing opportunities across a network of lenders and loan programs rather than relying solely on one institution.
The objective is not simply to find a loan.
It is to identify a financing structure that fits the property, borrower, investment strategy and business plan.
Get the Financing Conversation Started Before You Make the Offer
The best time to discover a financing problem is usually before you are deep into due diligence with earnest money, legal expenses, third-party reports and a closing deadline approaching.
Commercial loan prequalification can help you understand your potential borrowing capacity, estimate required equity, identify appropriate loan programs and approach negotiations with greater confidence.
If you are considering purchasing commercial real estate, start the financing conversation while you are evaluating the opportunity.
Know your numbers. Understand your options. Then make the offer.
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Bill Rapp, CCIM
Director | CommLoan
📞 281-222-0433
📧 [email protected]
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Commercial Real Estate Financing Nationwide
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