ATTENTION: For Those who are serious about Getting Pre-Qualified FAST!
Bill Rapp, Mortgage Originator: NMLS 228246
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Better Pricing, Better Service!"
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HERE'S WHAT MY CLIENTS SAY:
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
FHA 203 H Loan Product
The Section 203(h) program allows the Federal Housing Administration (FHA) to insure mortgages made by qualified lenders to victims of a major disaster who have lost their homes and are in the process of rebuilding or buying another home.
Purpose:
Through Section 203(h), the Federal Government helps victims in Presidentially designated disaster areas recover by making it easier for them to get mortgages and become homeowners or re-establish themselves as homeowners.
Type of Assistance:
This program provides mortgage insurance to protect lenders against the risk of default on mortgages to qualified disaster victims. Individuals are eligible for this program if their homes are located in an area that was designated by the President as a disaster area and if their homes were destroyed or damaged to such an extent that reconstruction or replacement is necessary. Insured mortgages may be used to finance the purchase or reconstruction of a one-family home that will be the principal residence of the homeowner. Like the basic FHA mortgage insurance program it resembles (Section 203(b) Mortgage Insurance for One to Four Family Homes), Section 203(h) offers features that make recovery from a disaster easier for homeowners:
No down payment is required. The borrower is eligible for 100 percent financing. Closing costs and prepaid expenses must be paid by the borrower in cash or paid through premium pricing or by the seller, subject to a 6 percent limitation on seller concessions.
FHA mortgage insurance is not free. Mortgagees collect from the borrowers an up-front insurance premium (which may be financed) at the time of purchase, as well as monthly premiums that are not financed, but instead are added to the regular mortgage payment.
HUD sets limits on the amount that may be insured. To make sure that its programs serve low and moderate income people, FHA sets limits on the dollar value of the mortgage. The current FHA mortgage limit can be viewed online. These figures vary over time and by place, depending on the cost of living and other factors (higher limits also exist for two to four family properties).
Eligible Customers:
Anyone whose home has been destroyed or severely damaged in a Presidentially declared disaster area is eligible to apply for mortgage insurance under this program.
Application:
The borrower's application for mortgage insurance must be submitted to the lender within one year of the President's declaration of the disaster. Applications are made through an FHA approved lending institution, who make their requests through a provision known as "Direct Endorsement," which authorizes them to consider applications without submitting paperwork to HUD. Mortgage insurance processing and administration for this and other FHA single family mortgage insurance products are handled through HUD's Homeownership Centers.
My best advice to you is to call Bill Rapp, the Mortgage Viking, to discuss your options today 281-222-0433.
🚨 Texas Multifamily Distress Surges: What CMBS Loan Troubles Really Mean for Investors 🏢
🚨 Texas Multifamily Distress Surges: What CMBS Loan Troubles Really Mean for Investors 🏢
⚠️ Texas Apartment Loan Distress Hits Record Levels: Market Problem or Sponsor Problem? 📉
Texas Multifamily Loan Distress Is Rising — But Is Texas Really the Problem?
Texas has become the focal point of multifamily loan distress within the commercial mortgage-backed securities (CMBS) market. Over the past 12 months, Texas properties accounted for nearly one-third of all multifamily loans transferred to special servicing nationwide.
At first glance, that statistic may sound alarming.
However, a deeper review reveals that Texas itself may not be the problem.
Instead, many of the troubled loans appear tied to sponsor-specific challenges, aggressive underwriting assumptions, and capital structure issues that emerged during the peak of the multifamily boom.
For apartment investors, lenders, and property owners, this provides valuable lessons as the market adjusts to higher interest rates and more disciplined lending standards.
Texas Leads the Nation in Multifamily Loan Transfers
Recent CMBS data shows:
·120 multifamily loans transferred to special servicing nationally during the past year
·37 loans tied to Texas properties
·10 of 24 multifamily transfers in May occurred in Texas
While these numbers have drawn attention from investors and lenders, they do not necessarily indicate broad weakness in Texas apartment fundamentals.
Texas continues to experience:
✅ Strong population growth
✅ Corporate relocations
✅ Job creation
✅ Housing demand
✅ Favorable business conditions
The state's long-term economic outlook remains among the strongest in the country.
What's Driving the Distress?
The primary drivers behind many of the distressed loans appear to be sponsor-related rather than market-related.
Several loans were transferred due to:
·Sponsor bankruptcies
·Failure to maintain required tax exemptions
·Missed principal reduction obligations
·Capital shortfalls
·Operational underperformance
In many cases, ownership groups simply failed to execute their original business plans as projected.
The S2 Capital Situation
A significant portion of the recent Texas multifamily distress involves properties associated with S2 Capital.
The company has been actively raising capital to strengthen its REIT platform while navigating challenges across portions of its portfolio.
According to property reviews, several assets failed to achieve original underwriting assumptions regarding:
·Occupancy growth
·Rent increases
·Expense controls
·Property performance metrics
This serves as a reminder that even in high-growth markets, successful execution matters.
Population growth alone cannot compensate for unrealistic projections.
Higher Rates Have Changed the Rules
Many multifamily acquisitions completed between 2020 and 2022 relied on assumptions that:
·Interest rates would remain low
·Rent growth would continue at historic levels
·Refinancing would remain readily available
·Capital markets would stay highly liquid
Instead, investors encountered:
·Higher debt service costs
·Slower rent growth
·Increased insurance premiums
·Rising property taxes
·More restrictive lending standards
These changes have exposed weaknesses in deals that relied on aggressive assumptions.
What Multifamily Investors Should Learn
Today's market rewards disciplined operators.
Successful apartment investors are focusing on:
Conservative Underwriting
Stress-test deals against higher vacancy rates, slower rent growth, and refinancing risks.
Strong Capital Reserves
Adequate liquidity provides flexibility when market conditions change.
Realistic Business Plans
Value-add strategies should be based on achievable operational improvements rather than overly optimistic rent projections.
Debt Structure Management
Loan maturities and interest rate risk must be carefully monitored.
Opportunities Are Emerging
Distress often creates opportunity.
Investors with strong balance sheets may find:
·Discounted acquisitions
·Loan assumption opportunities
·Recapitalization partnerships
·Bridge-to-agency refinancing opportunities
·Value-add apartment projects
As lenders work through distressed assets, well-capitalized investors could benefit from attractive entry points.
How Medallion Funds Helps Multifamily Investors
At Medallion Funds, we help investors evaluate financing strategies across the full lifecycle of apartment ownership.
Whether you're acquiring, refinancing, recapitalizing, or repositioning a multifamily property, we provide access to:
·Agency Financing
·Bridge Loans
·CMBS Loans
·Bank Financing
·Credit Union Financing
·Construction Loans
·HUD/FHA Programs
·Portfolio Lending Solutions
The recent rise in multifamily distress highlights the importance of selecting the right financing structure before challenges arise.
Final Thoughts
Texas remains one of the strongest multifamily markets in America.
The recent increase in distressed apartment loans appears driven largely by sponsor-specific issues, operational challenges, and aggressive underwriting decisions made during the market's peak growth years.
For investors, the lesson is clear:
Strong markets help, but disciplined underwriting, adequate capitalization, and realistic execution plans ultimately determine success.
As refinancing pressures continue across the multifamily sector, investors who remain conservative and well-capitalized will likely find some of the best opportunities of the next cycle.
Bill Rapp
Partner & Capital Advisor | Medallion Funds
Commercial Lending Nationwide
Residential Lending in AL, CA, CO, NV & TX
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