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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
Jumbo and Non-QM Mortgages: Made Simple
Getting a jumbo or Non-QM mortgage is easier than most people expect. This guide explains what these loans are, who they’re for, and when they make sense.
What Is a Jumbo or Non-QM Loan?
A jumbo mortgage—also called a non-conforming loan—is any mortgage that does not meet the guidelines set by Fannie Mae and Freddie Mac.
Fannie Mae and Freddie Mac were created by Congress to provide liquidity and stability in the mortgage market. They buy mortgages from lenders, but only if those loans meet strict rules for:
Loan amount
Credit score
Down payment
Debt-to-income ratio
Post-closing reserves
Loans that exceed these limits are considered non-conforming.
When Do You Need a Jumbo Loan?
You’ll need a jumbo loan when the loan amount exceeds the conforming limit in your area.
How Jumbo and Non-QM Loans Are Underwritten
Jumbo loans are evaluated using the same fundamentals as conventional loans:
Credit score
Down payment
Debt-to-income ratio (DTI)
Cash reserves after closing
That said, jumbo loans often allow more flexibility in how those factors are evaluated.
Credit Scores
Most jumbo programs are available with credit scores as low as 660, though higher scores receive better rates. Borrowers with 760+ credit generally receive the most favorable terms.
Cash Reserves
Jumbo loans usually require more reserves than conforming loans.
Typical requirement: 12 months of reserves
Often split between liquid cash and retirement assets
Exceptions may be available with strong income, low DTI, or large down payments.
Where Jumbo Loans Are More Flexible
Higher DTI allowances
While conforming loans often cap DTI around 43%, jumbo loans may allow higher ratios if the borrower has strong reserves or equity.
More logical income analysis
Self-employed borrowers may qualify with one year of tax returns instead of two if they can document business stability and industry experience.
Lower down payments without mortgage insurance
Some jumbo programs allow 10% down—and sometimes less—without mortgage insurance. Rates may be slightly higher, and DTI requirements are typically stricter.
Piggyback loan structures
In certain cases, buyers can combine a first and second mortgage to reduce the down payment to as little as 5%. These structures are highly specialized and lender-specific.
Who Typically Uses Jumbo or Non-QM Loans?
These loans are well-suited for high-income earners who don’t want—or don’t have—their wealth tied up in cash. This group is often referred to as HENRYs: High Earners, Not Rich Yet.
HENRY borrowers often:
Earn $250,000–$500,000+ annually
Have strong credit histories
Hold significant retirement and investment assets
Prefer liquidity over tying up cash in a large down payment
Tax Considerations
Jumbo loans don’t automatically create tax advantages.
Mortgage interest is only deductible on the first $1 million of mortgage debt. If your loan exceeds that amount, the interest on the excess is not deductible.
For this reason, some borrowers choose to compare:
One jumbo loan
vs.
Two smaller loans or alternative structures
Always consult a tax professional before assuming tax benefits.
Choosing the Right Professionals
Buying a home—especially with a jumbo or Non-QM loan—is complex. You should always work with professionals who represent your interests, not just the transaction.
Real Estate Representation
Seller’s agents represent the seller
Buyer’s agents represent the buyer
Transaction brokers represent no one
As a buyer, it’s almost always best to work with a buyer’s agent who has a legal duty to protect your interests.
Mortgage Broker vs. Bank
A mortgage broker typically has access to many lenders, not just one bank’s in-house programs. This often results in:
Better pricing
More flexible loan options
Specialized programs banks may not offer
Even if you like your bank, remember: most banks sell loans shortly after closing anyway. Loyalty should never cost you better terms.
Foreign National Mortgages
You do not need to be a U.S. citizen to qualify for a mortgage.
Eligible Borrowers
Permanent residents (green card holders)
Non-permanent residents with valid work authorization
Refugees or individuals granted asylum
Non-resident foreign buyers may also qualify, but usually with:
Higher down payments (30–50%)
Higher interest rates
Fewer program options
Legal residency and proper documentation are mandatory.
Bank Statement Loans for Self-Employed Borrowers
If you’re self-employed and traditional tax returns don’t reflect your true income, a bank statement mortgage may be the solution.
How They Work
Instead of W-2s or tax returns, lenders use 12–24 months of bank statements to calculate income based on actual deposits.
Ideal For:
Business owners
Independent contractors
Freelancers and gig workers
Borrowers with significant tax write-offs
Trade-Offs
Because these loans are considered Non-QM:
Rates are typically higher
Down payments may be larger
Terms vary widely by lender, so shopping matters.
Final Thought
If you’ve been told “no” by a bank or lender, it doesn’t mean you can’t qualify—it often means you’re speaking with the wrong person.
In real estate and lending, who you work with matters.
Questions About Jumbo, Non-QM, or Bank Statement Loans?
Schedule a free, no-obligation consultation with a mortgage expert who knows how to structure complex deals efficiently.
Contact the Mortgage Viking
📞 281-222-0433
🏢 Commercial Mortgage Refinance Guide for 2026: How CRE Owners Can Navigate Higher Rates & Protect Cash Flow 📈
🏢 Commercial Mortgage Refinance Guide for 2026: How CRE Owners Can Navigate Higher Rates & Protect Cash Flow 📈
💰 Refinancing Commercial Real Estate in 2026: DSCR, Rates, Loan Proceeds & the Refinance Strategy CRE Owners Need 🔑
Commercial Mortgage Refinance Guide for 2026
For many commercial real estate investors and business owners, 2026 could be a critical year for commercial mortgage refinancing.
Loans originated several years ago may be approaching maturity in a dramatically different financing environment. A commercial property financed when borrowing costs were substantially lower may now have to support a higher debt payment—even if the property's value, occupancy, and net operating income have remained relatively stable.
That creates a simple but important question:
Will your property qualify for the refinance you need when the existing loan matures?
The answer depends on much more than finding the lowest commercial mortgage rate.
Commercial property owners should be evaluating net operating income (NOI), debt service coverage ratio (DSCR), loan-to-value (LTV), property performance, lender requirements, amortization, loan structure, and available capital sources well before their maturity date.
Here's what commercial real estate borrowers should know about refinancing in 2026.
Why Commercial Mortgage Refinancing Is Different in 2026
A commercial mortgage refinance isn't simply a replacement of one loan with another.
The new lender essentially underwrites the property again.
That means your property's current economics—not the economics when you originally financed it—will determine how much debt it can support.
A lender may evaluate:
·Current and historical NOI
·Rent roll and occupancy
·Tenant rollover
·Lease expiration schedules
·DSCR
·LTV
·Borrower liquidity
·Net worth
·Property condition
·Market conditions
·Interest rate and amortization
·Sponsor experience
·Property type
·Future capital expenditures
This becomes especially important when refinancing debt that originated in a lower-rate environment.
The Payment Shock Problem
Consider a hypothetical $1 million commercial mortgage.
Assuming a 25-year amortization, approximate annual principal and interest would be:
Interest Rate | Approx. Annual Debt Service | NOI at 1.25x DSCR |
4.00% | $63,300 | $79,100 |
6.00% | $77,300 | $96,600 |
7.00% | $84,800 | $106,000 |
8.00% | $92,600 | $115,800 |
These figures are illustrative, but they demonstrate the refinancing problem.
A property that comfortably supported $1 million of debt at 4% may not support the same loan balance at 7% or 8% under a lender's required DSCR.
The property didn't necessarily get worse.
The cost of the debt changed.
And that can change the amount a lender is willing to refinance.
DSCR May Be the Most Important Number in Your Refinance
One of the first calculations CRE owners should understand is the Debt Service Coverage Ratio.
The basic formula is:
DSCR = Net Operating Income ÷ Annual Debt Service
Suppose a property generates $100,000 of lender-underwritten NOI and the proposed mortgage requires $80,000 of annual debt service:
$100,000 ÷ $80,000 = 1.25x DSCR
A 1.25x DSCR means the property generates $1.25 of NOI for every $1.00 of annual debt service.
But lender requirements vary significantly by property, borrower, market and capital source.
That's why borrowers shouldn't assume that qualifying with one lender means they will qualify with every lender—or that a rejection from one lender means the transaction cannot be financed.
Your NOI May Not Be the Lender's NOI
Another common refinancing surprise is the difference between the property owner's calculation of NOI and the lender's underwritten NOI.
A lender may make adjustments for items such as:
Vacancy and credit loss. Even a highly occupied property may be underwritten with a vacancy assumption.
Management fees. An owner-managed property may still receive an imputed management expense.
Property taxes and insurance. Current or projected expenses may be used instead of historical numbers.
Repairs and maintenance. Unusually low historical expenses may be normalized.
Replacement reserves. Certain property types may require reserves.
Nonrecurring income. Income that cannot reasonably be expected to continue may be removed.
Consequently, a property showing $150,000 of NOI on an owner's operating statement could potentially be underwritten at a lower number.
And because NOI drives DSCR, even a relatively modest underwriting adjustment can affect maximum loan proceeds.
LTV Is Only Half of the Equation
Borrowers frequently focus on loan-to-value ratio:
LTV = Loan Amount ÷ Property Value
For example, a $1.5 million mortgage against a $2 million property represents 75% LTV.
But a property qualifying at 75% LTV does not necessarily mean a lender will advance 75% of its value.
The loan may also be constrained by DSCR.
Imagine the property is worth $2 million and a lender allows 70% LTV.
The theoretical maximum loan would be:
$2,000,000 × 70% = $1,400,000
But if the property's NOI only supports $1.2 million under the lender's DSCR requirement, the potential loan could be limited to approximately $1.2 million instead.
In other words:
The lower of the LTV-constrained loan and DSCR-constrained loan frequently determines proceeds.
What If Your Property Doesn't Support the Existing Loan Balance?
This is one of the most important questions facing borrowers approaching maturity.
Suppose you owe $2 million, but current underwriting supports only $1.7 million.
You potentially have a $300,000 refinance gap.
Waiting until 30 days before maturity to discover that gap can severely limit your options.
Discovering it six or twelve months earlier gives you considerably more time to evaluate alternatives.
Potential strategies could include improving NOI, reducing expenses, increasing occupancy, negotiating lease extensions, contributing additional equity, exploring different amortization structures, selling the property, or evaluating another capital source.
The appropriate strategy depends on the individual transaction.
Not Every Commercial Lender Underwrites the Same Way
One of the biggest mistakes borrowers can make is treating commercial financing like a commodity.
It isn't.
Depending on the transaction, potential capital sources can include:
Banks and credit unions — often attractive for strong local borrowers, owner-users and stabilized properties.
CMBS lenders — potentially useful for certain stabilized investment properties and borrowers seeking nonrecourse structures.
Agency lenders — important capital sources for qualifying multifamily transactions.
Bridge lenders — potentially appropriate for transitional properties, lease-up situations, renovations or transactions that do not currently qualify for permanent financing.
SBA lenders — potentially useful when an eligible operating business occupies the commercial property.
Private and alternative lenders — may offer additional flexibility when conventional underwriting doesn't fit the transaction.
The objective shouldn't simply be:
"Who has the lowest rate?"
A better question is:
"Which lender and loan structure best fit this property, borrower and business plan?"
Start Shopping Your Commercial Refinance Early
Commercial mortgage borrowers should generally avoid waiting for the maturity notice to start thinking about refinancing.
Depending on the complexity of the transaction, an early review can identify issues involving:
·DSCR
·Loan proceeds
·Occupancy
·Tenant rollover
·Deferred maintenance
·Borrower liquidity
·Environmental requirements
·Appraisal
·Insurance
·title
·Entity documentation
·Prepayment provisions
·Existing lender requirements
Starting early doesn't necessarily mean closing a refinance early.
It means understanding your options before the maturity date controls your decisions.
Documents to Prepare for a Commercial Mortgage Refinance
While requirements vary, CRE borrowers should anticipate providing documents such as:
·Current rent roll
·Trailing 12-month operating statement
·Prior-year property operating statements
·Current YTD P&L
·Existing loan statement
·Current leases
·Borrower personal financial statement
·Schedule of real estate owned
·Business and/or personal tax returns when required
·Entity documents
·Property insurance information
·Capital expenditure history
·Property information and photos
Organizing these materials before approaching lenders can help accelerate the underwriting process.
Five Questions Every CRE Borrower Should Ask Before Refinancing
Before you refinance a commercial property in 2026, ask:
1. What is my lender-underwritten NOI?
Don't rely solely on the NOI you use internally.
2. What DSCR does my property support at today's financing terms?
Run the numbers before approaching maturity.
3. What is my realistic property value?
A lower valuation can create an LTV constraint even when DSCR works.
4. Which capital source fits my property and strategy?
Bank, credit union, CMBS, agency, SBA, bridge and private lenders solve different problems.
5. What happens if my refinance proceeds are lower than my existing balance?
Develop the contingency plan before you need it.
The 2026 Refinance Strategy: Underwrite Before You Shop
The biggest mistake commercial borrowers can make may be approaching lenders without first understanding the transaction.
Before asking, "What's your rate?", determine:
What is the NOI?
What is the DSCR?
What loan amount does the property realistically support?
What is the estimated LTV?
Which lender category best fits the transaction?
What potential problems need to be solved before closing?
Commercial mortgage refinancing is ultimately a capital-structure decision, not simply an interest-rate decision.
Need to Refinance a Commercial Property?
If you have a commercial mortgage maturing in 2026 or 2027, now may be an appropriate time to start analyzing the transaction.
At Bill Rapp – CommLoan Empower Program, the objective is to help commercial property owners and business owners evaluate the financing structure, understand lender requirements and identify capital sources appropriate for the transaction.
Don't wait until maturity to discover your refinance options.
Underwrite the property. Understand the numbers. Compare the capital. Build your refinance strategy.
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Bill Rapp, CCIM
Director | CommLoan
📞 281-222-0433
📧 [email protected]
🌐 https://billrapp.commloan.com/
🌐 https://HoustonCommercialMortgage.com/
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