Baltimore is a rowhome city, and many investors own a string of them: three on one block in Belair-Edison, two in Pigtown, a few in Hamilton. Each house may be worth $150,000 to $250,000, which makes a blanket loan a natural way to finance them together.
In short: LendingStreet offers blanket portfolio loans that put five or more Baltimore-area rentals, each 1 to 8 units, under one loan with one closing and one payment. The loan qualifies on the portfolio's combined rent against its combined payment, with release provisions for selling one property and portfolio pricing. For Baltimore rowhome portfolios, city property taxes, rental licensing and Maryland's lead paint rules are the details that most often decide the file.
Rowhome portfolios cluster where prices and rents line up: Belair-Edison, Hamilton, Lauraville, Waverly, Ednor Gardens, Coldstream Homestead Montebello and Frankford in the northeast; Pigtown (Washington Village), Morrell Park, Westport and Brooklyn to the south and west; and Highlandtown, Greektown and Bayview on the east side.
Just outside the city, Dundalk, Essex, Middle River, Halethorpe and Glen Burnie offer brick rowhomes and small single-family homes in Baltimore County and Anne Arundel County, often with lower tax rates than the city.
Many Baltimore rowhomes are priced so that a stand-alone loan at normal leverage lands near or below the $150,000 minimum for an individual DSCR loan. In a blanket, the minimum applies to the total loan. The portfolio also qualifies on combined rent, so a vacant house during turnover does not derail the refinance.
One closing also means one round of title work instead of ten, which matters in a city where ground rents and old liens sometimes show up on title.
It also gives you one maturity date and one servicer to deal with. Investors who bought rowhomes over many years often have a mix of bank loans, private loans and cash purchases; a blanket refinance can clean that up and, on some programs, return cash for the next purchase.
Baltimore City's property tax rate is among the highest in Maryland, and properties in Baltimore County and Anne Arundel are taxed at lower county rates. Investors do not get the homestead tax credit. Maryland reassesses on a three-year cycle, so a portfolio's tax bills can step up over time.
Every rental in Baltimore City needs a rental license and an inspection by a Maryland-licensed home inspector. Maryland's lead law requires pre-1978 rentals to be registered with the Maryland Department of the Environment and to meet lead risk reduction standards at each turnover. Lenders will expect licenses and lead certificates to be current.
Rent roll quality matters as well. List each address with the lease dates, rent, deposit and whether the tenant uses a housing voucher. Voucher-backed leases count like any other lease, and many Baltimore landlords rely on them for steady payment.
Vacancy on a block matters to insurers and appraisers. A rowhome next to a vacant or boarded house may still qualify, but expect questions, and include photos of the block with your package.
This example is illustrative and not a quote. An investor owns ten rowhomes in Belair-Edison, Hamilton and Pigtown valued at $1,850,000 together. Rents total $17,500 a month. City taxes for all ten are $3,470 a month and insurance is $1,100.
At 70% LTV the blanket loan is $1,295,000. Estimated principal and interest on a 30-year term is about $8,834, for a total payment of about $13,404. Portfolio DSCR is about 1.31x. Notice how much of the payment is taxes: city rates make that line nearly 40% as large as principal and interest.
| Item | Ten-rowhome portfolio |
|---|---|
| Combined value | $1,850,000 |
| Loan at 70% LTV | $1,295,000 |
| Estimated principal and interest | $8,834 |
| City property taxes | $3,470 |
| Insurance | $1,100 |
| Total monthly payment | $13,404 |
| Combined rent | $17,500 |
| Portfolio DSCR | 1.31x |
Baltimore is one of the few places in the country where ground rent is still common. Some rowhomes sit on land owned by someone else, with a small annual ground rent owed to the ground lease holder. Maryland law has changed how ground rents work, and many have been redeemed, but some remain.
Your title company will flag any ground rent. It is usually small, but it needs to be registered and paid, and lenders will want to see it handled. Buying out a ground rent can simplify a property before a refinance.
Release provisions spell out how much of the loan you pay down to sell one property, usually a percentage above its allocated share of the loan. The remaining rowhomes must still meet the DSCR standard after the release. If you plan to sell a few houses over time, set the release terms with that in mind. See /blanket-loan-release-clause.html.
Rowhomes sell well to first-time buyers in many of these neighborhoods, which gives you a clear exit for individual houses.
Selling to an owner-occupant usually means the buyer will want the house in move-in condition, so budget for any updates before you list a released property.
Release prices are usually set so that each sale pays down more than that home's share of the loan, which lowers the leverage on the homes that remain and keeps the portfolio's DSCR healthy.
Much of Baltimore's rowhome stock is 80 to 120 years old. Insurers ask about roofs, wiring and heating, and vacant houses on the same block can affect coverage.
A blanket works best for long-term holds. If you plan to sell several houses soon, or one property needs a gut rehab, separate financing may be cleaner. Compare at /blanket-loan-vs-individual-dscr-loans.html. If you also own rentals in Pennsylvania, Delaware or Virginia, ask about multi-state portfolios at /multi-state-portfolio-loans.html.
Our investor loans are business-purpose loans on non-owner-occupied property. Send a rent roll with addresses, leases, tax bills, rental license numbers and loan balances, and we will size the blanket at a few leverage levels. Call (877) 298-1001 or use the form below.
Five or more investment properties, each with 1 to 8 units.
Yes. In a blanket, the minimum applies to the total loan.
Yes. Lenders expect current rental licenses and inspections for city properties.
Pre-1978 rentals must be registered with the Maryland Department of the Environment and meet lead standards. Have certificates ready.
It needs to be identified and paid, and title will handle it. It is usually a small amount.
Yes. Each property is taxed at its own jurisdiction's rate, and all count toward portfolio DSCR.
Yes, through the release provision.
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