ATTENTION: For Those who are serious about Getting Pre-Qualified FAST!

Bill Rapp, Mortgage Originator: NMLS 228246

281-222-0433

"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:

First Name

Last Name

Phone *

Email *

By checking this box, I consent to receive transactional messages related to my account, orders, or services I have requested. These messages may include appointment reminders, order confirmations, and account notifications among others. Message frequency may vary. Message & Data rates may apply.Reply HELP for help or STOP to opt-out.

By checking this box, I consent to receive marketing and promotional messages, including special offers, discounts, new product updates among others. Message frequency may vary. Message & Data rates may apply. Reply HELP for help or STOP to opt-out.

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!

--- 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.

🚨 Non-Recourse Loans Explained: How Personal Guarantees Can Still Be Triggered in CRE Financing 💼

⚖️ When Non-Recourse Isn’t Risk-Free: The Hidden Carve-Out Clauses in Commercial Real Estate Loans 🏢

Bill Rapp, Commercial Mortgage Broker

March 04, 2026•3 min read

⚖️ When Non-Recourse Isn’t Risk-Free: The Hidden Carve-Out Clauses in Commercial Real Estate Loans 🏢

🚨 Non-Recourse Loans Explained: How Personal Guarantees Can Still Be Triggered in CRE Financing 💼

When “Non-Recourse” Isn’t Risk-Free

The Hidden Risk Inside Commercial Real Estate Loan Documents

Non-recourse financing is one of the most misunderstood concepts in commercial real estate lending.

Many investors believe a non-recourse loan means they can “hand back the keys” if the project fails and walk away without personal liability. In theory, that’s correct. In practice, it’s conditional.

And the conditions matter.

At Medallion Mortgage, we review loan structures every day for commercial investors across Houston, Katy, Fulshear, and beyond. The difference between limited liability and full personal exposure often comes down to language buried deep in the loan documents.

What Non-Recourse Actually Means

A true non-recourse commercial mortgage limits the lender’s recovery to the collateral — the property itself.

If the asset underperforms:

·The lender can foreclose.

·The borrower loses equity.

·The borrower is not personally liable.

That’s the assumption.

But embedded inside most loan documents are carve-out provisions and guarantee clauses that can override this protection.

The Core Risk: Carve-Out Provisions

Carve-outs typically fall into two categories:

1️⃣ Above-the-Line Carve-Outs

These limit borrower liability to the lender’s actual losses.

Examples:

·Fraud or misrepresentation

·Misuse of rents

·Unauthorized transfers

Here, liability is generally limited to damages incurred.

2️⃣ Below-the-Line Carve-Outs (The Dangerous Ones)

These can trigger full recourse — meaning the borrower becomes personally liable for the entire loan balance.

Examples may include:

·Bankruptcy filings deemed “bad faith”

·Certain litigation defenses

·Broad definitions of “waste”

·Unpaid liens or service contracts satisfied by the lender

This is where a $15 million “non-recourse” loan can suddenly become a $15 million personal obligation.

How “Waste” Gets Redefined

Most investors think waste means physical damage to a property.

In modern loan documents, waste can extend to:

·Failure to maintain operations

·Deferred maintenance

·Operational underperformance

·Improper tenant handling

The drafting language determines whether operational stress becomes a recourse trigger.

Since the Global Financial Crisis, lenders have expanded these clauses. Documentation has become more protective — for the lender.

The Fragmented Expertise Problem

Here’s the structural issue:

·Real estate brokers understand property.

·Bankers understand underwriting.

·Attorneys understand contract law.

·Very few professionals integrate all three.

This gap creates blind spots.

Borrowers often negotiate rate and leverage but ignore:

·Exculpation clauses

·Recourse triggers

·Guarantee structures

·Litigation language

The risk isn’t discovered at closing.

It’s discovered during distress.

A Real-World Scenario

Imagine:

2018: Investor secures a $15M non-recourse bridge loan.
2025: Market softens. NOI declines. Refinance window tightens.

The investor prepares to surrender the property.

Then they discover:

·A carve-out was triggered.

·A covenant was violated.

·Personal liability applies.

What was assumed to be limited downside becomes a balance sheet event.

That’s not a rate problem.

That’s a structure problem.

Why Structure Beats Rate

At Medallion Mortgage, we consistently tell investors:

Rate is temporary. Structure is permanent.

The difference between:

·Limited exposure

·Partial recourse

·Full recourse

Is often determined before you ever close.

Non-recourse protection is real — but only when:

·Carve-outs are narrowly drafted

·Guarantees are clearly limited

·Covenants are realistic

·Legal review is thorough

Key Takeaway

“Non-recourse” does not automatically mean “no personal risk.”

Between carve-outs, operational covenants, and guarantee triggers, liability can shift from the asset to the individual sponsor quickly.

If you’re securing commercial real estate financing — whether bridge, agency, bank, CMBS, or private debt — you need to understand not just the rate… but the recourse language.

Because the true risk isn’t what happens when things go well.

It’s what happens when they don’t.

If you want a second set of eyes on your structure before you close, reach out at billrapponline.com.

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://buymeacoffee.com/vikingente3

https://creplaybookseries.billrapponline.com

https://creplaybook.billrapponline.com/

Commercial real estate financingnon-recourse loanRecourse vs non-recoursecarve-out provisionsPersonal guarantee in CRE loansexculpation clauseCommercial mortgage riskCRE loan structureHouston commercial mortgage brokerloan recourse triggers

Bill Rapp - Commercial & Residential Mortgage Broker

Whether you're a first-time homebuyer, a seasoned investor, or a business owner with ambitious plans, securing the right financing is crucial. At Medallion Funds, we take the guesswork out of mortgages, offering a comprehensive suite of residential and commercial loan options to fit your unique needs. Looking for Your Dream Home? We understand the excitement and challenges of navigating the residential real estate market. Our experienced mortgage brokers will guide you through every step, from pre-qualification to closing. We offer a variety of loan programs to suit your financial situation, including: • Fixed-rate mortgages: Offering stability with predictable monthly payments. • Adjustable-rate mortgages (ARMs): Providing competitive rates for a set period. • FHA loans: Making homeownership accessible with lower down payments. • VA loans: Rewarding veterans with attractive rates and flexible terms. Investing in Your Business Future? Growth often requires capital, and we can help you unlock the potential of your commercial property. Our brokers specialize in a wide range of commercial loan options, including: • Purchase loans: Financing the acquisition of new buildings or land. • Construction loans: Facilitating the development of your project. • Refinance loans: Restructuring your existing mortgage for better terms. • SBA loans: Providing access to government-backed financing for qualified businesses. The Medallion Funds Difference: We go beyond simply finding a loan. We take the time to understand your goals and develop a personalized strategy. Here's what sets us apart: • Expertise: Our brokers have a deep understanding of both residential and commercial lending. • Competitive Rates: We leverage our strong lender relationships to secure the best possible terms. • Streamlined Process: We handle the paperwork, keeping you informed every step of the way. • Exceptional Service: We're committed to providing you with a positive and stress-free experience. Ready to Take the First Step? Contact Medallion Funds today for a free consultation. Let's discuss your financing needs and help you achieve your dreams!

Back to Blog

Phone: (281)-222-0433

Main Office:

Medallion Funds

[email protected]
11920 Southern Highlands PKWY Suite 302Las Vegas, NV 89141

Texas Complaint and Recovery Fund Notice