Bangor's rental stock is old, wood-framed and full of small multi-unit buildings. A typical local portfolio might include a West Side triplex, two duplexes on the East Side, a single-family home in Brewer and a fourplex in Old Town. A blanket loan can put all of them on one note.
In short: LendingStreet offers blanket portfolio loans that put five or more Bangor-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. In Bangor, where many properties are priced under $250,000, combining them also solves the $150,000 minimum that applies to individual DSCR loans.
Inside Bangor, investors own older multi-unit houses on the West Side and East Side, around downtown and near the Kenduskeag Stream, many built between the 1870s and the 1920s. Single-family rentals and newer duplexes are spread across the outer neighborhoods and near the Bangor Mall area.
Across the river, Brewer has single-family homes and small multi-unit buildings. Orono and Old Town serve University of Maine students and staff, and Hampden, Hermon and Veazie add single-family rentals in suburban settings.
Rents across the area are supported by the hospitals, the university, Husson University, state and county offices, the airport and the Air National Guard base. That mix of employers has kept demand for older apartments steady even when individual industries slow.
Many Bangor-area properties are worth $150,000 to $300,000, so a stand-alone DSCR loan at normal leverage can land near the $150,000 minimum. A blanket groups them, and the minimum applies to the total loan.
Portfolio DSCR also helps with older buildings, where one property may need a new roof or furnace in a given year. The stronger properties support the weaker ones, and you manage one payment and one maturity instead of several.
Many local owners financed buildings years ago with community banks on loans that reset or balloon after five or ten years. When several of those come due around the same time, a blanket refinance onto a 30-year term can replace them all at once and remove the reset risk.
Heating is the cost that sets eastern Maine apart. Many older multi-unit buildings have a single oil boiler for every unit, which means the owner pays heat. Heating costs are not in the DSCR ratio, but they can take a large share of winter rent. Buildings with separate heating systems, or newer heat pumps with tenants paying electricity, are easier to run.
When you prepare the rent roll, note which properties include heat in rent. Lenders use rent and the loan payment, taxes and insurance, but your own budget should include fuel, plowing, water and sewer.
Snow removal is a real line item too. Multi-unit buildings with driveways and off-street parking need reliable plowing all winter, and tenants notice quickly when it is late.
This example is illustrative and not a quote. An investor owns six properties: two West Side triplexes, two East Side duplexes, a Brewer single-family home and an Old Town triplex, 14 units in total, valued at $1,560,000. Rents total $14,700 a month. Taxes for all six are $2,000 a month and insurance is $1,250.
At 70% LTV the blanket loan is $1,092,000. Estimated principal and interest on a 30-year term is about $7,449, for a total payment of about $10,699. Portfolio DSCR is about 1.37x. If the owner pays heat in some buildings, that comes out of cash flow, which is why the ratio cushion matters here.
| Item | Six properties, 14 units |
|---|---|
| Combined value | $1,560,000 |
| Loan at 70% LTV | $1,092,000 |
| Estimated principal and interest | $7,449 |
| Taxes | $2,000 |
| Insurance | $1,250 |
| Total monthly payment | $10,699 |
| Combined rent | $14,700 |
| Portfolio DSCR | 1.37x |
Each town sets its own mill rate and revalues on its own schedule, and Bangor's rate is higher than many surrounding towns. Investors do not get the homestead exemption. Maine's real estate transfer tax is split between buyer and seller, so a refinance does not trigger it, but a purchase does.
On a blanket refinance, title work covers every property, and older Bangor homes sometimes have old easements or boundary questions. Starting title early keeps the closing on schedule.
Insurance is the other long-lead item. Some carriers are cautious about older wood-frame buildings with oil heat or older wiring, and a single hard-to-insure property can delay a portfolio closing. Get quotes for each building as soon as you decide to 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 properties must still meet the DSCR standard. Release terms matter in Bangor, where many investors sell an individual duplex or triplex to another local landlord. See /blanket-loan-release-clause.html.
Set expectations up front: if you plan to sell two properties in the next few years, tell us so the terms fit.
Release prices are typically set so that each sale pays down more than that property's share of the loan, which lowers leverage on the buildings that remain.
Old wood-frame buildings bring specific insurance and safety questions. Get quotes for every property early.
A blanket fits long-term holds. If a property needs a full rehab or you plan to sell soon, finance it separately. Compare options at /blanket-loan-vs-individual-dscr-loans.html. If you also own rentals in New Hampshire or elsewhere, 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, units, leases, heat arrangements, tax bills 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.
No. DSCR uses the loan payment, taxes and insurance, but heat affects your own cash flow, so plan for it.
Yes. A blanket refinance can pay off several existing loans at once, provided the portfolio meets the DSCR and leverage limits.
Yes. Leases with students count like other leases.
Yes, through the release provision, as long as the remaining properties still qualify.
No. The loan qualifies on the properties' rent.
Yes. Properties with 1 to 8 units qualify. Nine or more units are commercial.
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