Capital Region landlords tend to own the same kind of building over and over: the two-family flat with an upper and lower unit, often with a wood porch and a shared basement. Five or ten of them spread across Albany, Troy and Schenectady add up to a real portfolio and a lot of separate paperwork.
In short: LendingStreet offers blanket portfolio loans that combine five or more Capital Region rentals, each 1 to 8 units, into one loan with one closing and one monthly payment. The loan qualifies on the portfolio's combined cash flow, uses portfolio pricing and includes release provisions for selling a property later. In New York, where every new mortgage triggers recording tax, structuring the portfolio well can matter as much as the leverage.
Many local investors started with one two-family in Pine Hills or Delaware Avenue and kept buying. Others built around Troy's Lansingburgh and South Troy rowhouses, or Schenectady's Mont Pleasant and Hamilton Hill neighborhoods where prices are lower. Cohoes, Watervliet and Rensselaer add more two- and three-family stock within a short drive.
The result is a portfolio of similar buildings with similar tenants: hospital and state workers, students and young families. That similarity makes the properties easier to value together and easier for a lender to review as a group.
The most common clusters we see in the region are:
A blanket loan adds the rent from every unit and compares it with the combined payment: principal and interest on the single loan plus taxes, insurance and any HOA dues on every property. In New York, the tax line is often the largest cost after the loan itself, and city, county and school taxes are frequently billed separately.
Build the portfolio budget from actual tax bills for each parcel. A Schenectady three-family and an Albany two-family can carry very different taxes relative to rent, and that difference shows up in the combined ratio.
This example is illustrative and not a quote. An investor owns 6 buildings worth about $1,325,000 combined, with total rent of $14,550 a month. A blanket refinance at 70% of value produces a loan of $927,500.
Estimated principal and interest is about $6,485. Taxes across all six properties are budgeted at about $3,092 a month and insurance at $820, for a total payment of about $10,397. Portfolio DSCR is about 1.40x. Notice how large the tax line is relative to the loan payment; in New York that is normal.
| Property type | Count | Value each | Monthly rent each |
|---|---|---|---|
| Pine Hills two-family | 3 | $245,000 | $2,500 |
| Lansingburgh (Troy) two-family | 2 | $190,000 | $2,100 |
| Schenectady three-family | 1 | $210,000 | $2,850 |
| Portfolio total | 6 | $1,325,000 | $14,550 |
New York charges a mortgage recording tax on the amount of each new mortgage. Refinancing six buildings into one blanket loan means recording tax on the new loan amount, which can be a meaningful closing cost. On some refinances, existing mortgages can be assigned and consolidated so tax is paid only on new money; ask your title company and the lender whether that is possible for your file.
Factor recording tax into the decision, especially if the main goal is a lower payment rather than cash out. If you plan to sell several buildings in the next year or two, compare the tax and release costs with leaving those buildings out of the blanket entirely.
Most Capital Region two-family and three-family houses were built before 1930. Insurers ask about roof age, heating systems, electrical service and porches, and some will not write older knob-and-tube wiring. On a blanket loan, every building needs acceptable coverage, so collect current declarations pages and fix the weakest building before you apply.
Heat is another local factor. Buildings where the owner pays for gas or oil heat carry a higher expense, which does not change the DSCR formula but does change your real cash flow through a long upstate winter. Separately metered units are easier to underwrite and to manage.
A release provision lets you sell a single property by paying down its allocated share of the loan, usually with a release premium set in the loan documents. The remaining properties stay under the blanket. Releases are often conditioned on the rest of the portfolio still meeting DSCR and leverage tests, so plan which buildings you are most likely to sell before you close.
New York limits security deposits to one month's rent, and the state's 2024 good cause eviction law applies in municipalities that opt in, which has included Albany. The City of Albany also requires rental properties to carry a residential occupancy permit with periodic inspections, and Troy and Schenectady run their own rental registration programs.
Make sure every building in the portfolio is registered and current with its city. A lapsed permit or open code violation on one property can slow the whole closing.
Separate DSCR loans keep each building independent. A blanket loan often makes more sense for a large group of similar two-family houses, for lower-priced Schenectady or Troy buildings, or when you want one payment and portfolio pricing. Properties outside New York can be combined on some programs.
Our investor loans are business-purpose loans on non-owner-occupied property. To start, send a schedule with each address, value, loan balance, rents, taxes and insurance through the form below, or call (877) 298-1001. See our New York blanket portfolio page for statewide context.
| Question | Blanket portfolio loan | Separate DSCR loans |
|---|---|---|
| Number of closings | One | One per building |
| Recording tax | On one larger loan | On each new loan |
| Qualifying | Combined portfolio cash flow | Each building alone |
| Selling one building | Release with paydown | Pay off that loan |
Five or more investment properties, each with 1 to 8 units.
Yes. Properties across the Capital Region, and in other states on some programs, can be combined. Mixing lower-priced Schenectady or Cohoes buildings with stronger Albany flats is common, and the combined cash flow is what has to clear the minimum.
Yes, on new mortgage amounts. On some refinances, consolidating existing mortgages can reduce the tax; ask your title company.
It lowers the combined ratio, but stronger properties can carry it as long as the portfolio clears the program minimum. If a single building drags the numbers down badly, it may be better to leave it out or sell it and refinance the rest.
Yes. Cash-out goes up to 75% LTV on DSCR programs, often lower on larger portfolios, and seasoning varies by program.
You pay down the property's allocated loan amount plus any release premium, and that property comes off the blanket.
Yes. Each property should be current on its city rental permit or registration, with no open code issues. In Albany that means a valid residential occupancy permit; Troy and Schenectady have their own programs. Clear up lapsed permits before you apply.
No. Qualification is based on portfolio rent and DSCR, with a 620 minimum credit score and LLC borrowers standard.
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