Boise portfolios often stretch west along the interstate: a few houses on the Bench, a duplex in Garden City, then newer homes in Meridian, Nampa and Caldwell. A blanket loan combines five or more of them on one note.
In short: LendingStreet offers blanket portfolio loans that combine five or more Treasure Valley rentals, each 1 to 8 units, into one loan with one closing and one payment. The loan qualifies on combined portfolio rent, not your income, and release provisions let you sell one property without refinancing the rest. Because Boise prices are high relative to rents, many portfolios qualify best at moderate leverage, with Canyon County properties helping the ratio.
The valley's rapid growth over the last decade left many investors with several properties bought at different times, each with its own loan, escrow and renewal. A blanket loan puts them on one schedule and one payment, with portfolio pricing on the whole group.
It can also unlock equity. Values rose sharply in the late 2010s and early 2020s, and a blanket refinance lets you pull equity from the group in one closing rather than refinancing each property separately.
Many owners also bought with short-term or adjustable financing during the boom and now face renewals at different times. Moving the group onto one blanket loan with one maturity removes that scheduling problem.
In Boise, rental portfolios often include homes on the Bench, in the Vista and Depot Bench areas, and in West Boise, where 1950s to 1990s homes rent to families and workers. Garden City adds older homes, duplexes and infill near the river. Fewer long-term rental portfolios hold North End or East End homes, where prices make the ratio hard.
Canyon County is where many portfolios get their cash flow. Nampa and Caldwell have lower prices with rents not far below Boise's, and newer subdivisions there rent to families commuting into Ada County. Meridian and Kuna sit in between.
Mixing counties spreads risk as well. Boise rents respond to the downtown job market, healthcare and the university, while Canyon County rents lean on manufacturing, agriculture and commuters, so the two do not always move together.
A blanket loan adds rent from every property and divides by the combined payment: principal and interest on the single loan plus each property's taxes and insurance. The result must clear the program minimum, usually 1.0x.
In the Boise area, that test often sets leverage. A portfolio of Boise homes alone may need to stay near 55% to 60% of value, while adding Nampa and Caldwell homes can support more. We run the portfolio at several levels so you can see the trade-off.
If one Boise property drags the ratio down, you can leave it out and finance it separately, or keep it in and accept a slightly lower loan amount. Either way, bring current leases for every unit, since one vacancy affects the whole file.
This example is illustrative and not a quote. An owner refinances six rentals worth $2,760,000 with total rent of $14,750 a month. Taxes are $1,385 a month and insurance $685.
At 65% of value the loan would be $1,794,000, with estimated principal and interest of about $12,544, a payment of about $14,614 and DSCR of about 1.01x, too tight for comfort. At 60% the loan is $1,656,000, principal and interest about $11,579, the payment about $13,649 and DSCR about 1.08x.
| Property | Value | Monthly rent | Allocated loan at 60% |
|---|---|---|---|
| Nampa house | $395,000 | $2,150 | $237,000 |
| Nampa house | $410,000 | $2,200 | $246,000 |
| Caldwell house | $365,000 | $2,050 | $219,000 |
| Garden City duplex | $620,000 | $3,500 | $372,000 |
| Boise Bench house | $470,000 | $2,400 | $282,000 |
| Meridian house | $500,000 | $2,450 | $300,000 |
| Total | $2,760,000 | $14,750 | $1,656,000 |
Each property carries an allocated share of the loan. When you sell one, the release clause sets the paydown required to remove it from the lien, often more than the allocation. Terms vary by program.
In the example, if the release price were 120% of the allocation, an assumption for illustration, selling the Meridian house would require paying down $360,000 against its $300,000 share. The remaining five properties must still meet the portfolio ratio, so the order of sales matters.
Selling a property with a weak rent-to-value ratio, such as a high-priced Boise home, usually improves the remaining portfolio. Selling the strongest cash-flow property first can leave the rest below 1.0x and limit later releases.
Idaho's homeowner's exemption applies only to primary residences, so rentals pay tax on full taxable value. Ada and Canyon counties reassess annually, and bills can change each year with values and levies.
If you bought properties from owner-occupants recently, confirm that the exemption has been removed from the bill; a later correction raises taxes and lowers the ratio. Idaho has no real estate transfer tax, which helps on a blanket closing.
Levies also differ between cities, school districts and highway districts across the valley, so two homes of similar value in Nampa and Boise can carry different bills. Use each property's actual statement rather than an average when you build the schedule.
Idaho has no rent control, and state law generally prevents cities from adopting it. Leases and the market set rents, which gives landlords room to adjust at renewal, though good tenants are worth keeping.
Insurance costs are moderate in most of the valley, but homes near the foothills and open land carry wildfire exposure. A single landlord policy across the portfolio can simplify renewals.
Properties near the Boise River in Garden City and parts of Boise may sit in mapped flood zones, and flood insurance would be required there. Get a flood determination for every address.
Send a schedule with each address, unit count, rent, lease dates, value, taxes, insurance and existing loan balance. LendingStreet will run the portfolio at a few leverage levels and show which properties strengthen or weaken the ratio.
Our investor loans are business-purpose loans on non-owner-occupied property. Call (877) 298-1001 or use the form below to get a quote.
Five or more investment properties, each with 1 to 8 units. With fewer, individual DSCR loans are usually simpler.
Yes. Properties across Ada and Canyon counties can be combined, and some programs allow other states.
Boise prices are high relative to rents, so lower leverage keeps the combined payment below combined rent.
You pay the release price in the loan documents and the property comes off the lien. The others stay on the loan.
No. The loan qualifies on rental income. We review credit, reserves and the properties.
Yes, up to program limits, as long as the portfolio clears the minimum at the new payment.
No. Idaho does not charge a real estate transfer tax.
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