ATTENTION: For Those who are serious about Getting Pre-Qualified FAST!
Bill Rapp, Mortgage Originator: NMLS 228246
"Brokers Are Better.
Better Pricing, Better Service!"
Subscribe To My List Below To Get Your Mortgage Quote Now!
Simply enter your name and email below:
Bill Rapp The Mortgage Viking Programs:
Down Payment Assistance:
Mortgage Tax Credit:
Mortgage Tax Credit:
Offer
Accepted:
Offer Accepted:
Rate
Match:
Rate Match:
Get your interest rate matched with any other banks or companies.
Community
Heroes:
Community Heroes:
Fast Track
Closing:
Fast Track Closing:
Credit
Repair:
Credit Repair:
WITH PROVEN STRATEGIES & PROVEN RESULTS
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
RESOURCES & LINKS... Click Any Below
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.
📉 Why Cap Rates No Longer Tell the Full Story in 2026 Commercial Real Estate
📉 Why Cap Rates No Longer Tell the Full Story in 2026 Commercial Real Estate
🏢 Cap Rates vs. Debt Yield vs. DSCR: How Lenders Are Really Underwriting Deals Now
Why Cap Rates No Longer Tell the Full Story
And what lenders are actually using to approve—or kill—deals like in 2025
For decades, cap rates were the go-to metric for valuing commercial real estate. They were simple, widely understood, and effective in a low-rate, stable credit environment.
That world no longer exists.
In today’s higher-for-longer rate environment, cap rates alone fail to capture financing risk, cash-flow durability, and lender tolerance. As a result, lenders are underwriting deals through a more layered lens—one that prioritizes debt yield, DSCR, and cap rate spread over headline pricing.
If you’re still anchoring decisions solely on cap rates, you’re underwriting yesterday’s market.
The Problem With Cap Rates in Today’s Market
Cap rates measure unlevered yield—not financing risk. They ignore:
Actual debt costs
Loan structure and amortization
Interest rate volatility
Cash flow sensitivity under stress
In a 3% interest-rate world, that didn’t matter much. In a 6.5%–8.5% debt market, it matters a lot.
This disconnect is why many “fairly priced” deals:
Don’t size
Fail lender DSCR tests
Require unexpected equity infusions
Or stall in credit committee
What Lenders Care About Now (2025 Underwriting Reality)
1. Cap Rate Spread (Not the Cap Rate Itself)
Lenders now focus on cap rate spread over the note rate, not the absolute cap rate.
Why it matters:
A narrow or negative spread signals refinancing risk and limited exit flexibility.
Typical lender comfort zones:
200–300 bps spread = strong
100–200 bps = cautious
<100 bps = credit stress
A 6.0% cap isn’t “good” if the loan prices at 7.25%.
2. Debt Yield (The New Credit Anchor)
Debt Yield = NOI ÷ Loan Amount
This metric answers one core lender question:
“If we had to take this property back, does the income justify the loan?”
Why lenders prefer it:
Ignores interest rates and amortization
Cannot be manipulated with leverage
Reflects true income support
Common 2025 targets:
Multifamily / Industrial: 8.5%–10%
Office / Specialty: 10%–12%+
Deals with strong debt yield still close—even when cap rates look “tight.”
3. DSCR (Cash Flow Margin for Error)
DSCR = NOI ÷ Annual Debt Service
DSCR determines:
Loan proceeds
Interest-only eligibility
Reserve requirements
Pricing adjustments
Typical lender minimums:
1.25x–1.35x stabilized
Higher for transitional or short-term debt
If DSCR fails, the deal restructures—or dies.
Why This Matters for Investors and Owners
Cap rates are still relevant—but they’re no longer decisive.
In 2026, capital markets discipline has shifted power to lenders, and underwriting now rewards:
Conservative leverage
Durable NOI
Clear exit paths
Realistic refinance assumptions
This is why experienced borrowers are:
Underwriting to debt yield first
Stress-testing DSCR
Using cap rate as a contextual metric—not the anchor
How a Mortgage Broker Adds Real Value Here
This is where most deals break—or get saved.
A strong mortgage broker:
Structures leverage around lender metrics, not broker assumptions
Matches assets to the right capital stack
Anticipates credit committee objections before submission
Aligns pricing expectations with executable debt
At Medallion Funds, our job isn’t to quote rates—it’s to engineer approvals in a tighter credit market.
Final Takeaway
Cap rates tell part of the story.
Debt yield, DSCR, and cap rate spread tell lenders whether the deal actually works.
If you’re underwriting like it’s 2019, you’ll keep getting last year’s rejections.
If you want deals to close, you need to think like the capital providing the money.
https://www.billrapponline.com/
https://findamortgagebroker.com/Profile/WilliamRappJr28883
https://billrapp.commloan.com/
https://billrapponline.com/financingfuturescre-houston-katy
https://houstoncommercialmortgage.com/
https://author.billrapponline.com
https://doctorvideo.billrapponline.com/
https://veteransvideo.billrapponline.com/
https://mortgageviking.billrapponline.com/
https://fha203h.billrapponline.com/
https://renovationvideo.billrapponline.com
https://medallionfunds.com/bill-rapp/
https://www.amazon.com/dp/B0F32Z5BH2
https://veed.cello.so/FOmzTty6oi9
https://creplaybookseries.billrapponline.com
https://creplaybook.billrapponline.com/
© 2023-2024 Bill Rapp, Medallion Funds LLC, Director of Capital Advisory
Main Office:
Medallion Funds
[email protected]
11920 Southern Highlands PKWY Suite 302Las Vegas, NV 89141
Texas Complaint and Recovery Fund Notice
All Rights Reserved Copyright © 2021 - Bill Rapp The Mortgage Viking | NMLS #228246