A lot of Boston portfolios were built one triple-decker at a time, each with its own loan, maturity date and escrow account. A blanket loan pulls five or more of those properties under one note, one payment and one closing.
In short: LendingStreet offers blanket portfolio loans for investors holding five or more Boston-area rentals, each with 1 to 8 units, under a single DSCR loan qualified on the portfolio's combined cash flow. There are no W-2s or tax returns, LLC borrowers are standard, and release provisions let you sell one property without refinancing the rest. Portfolio pricing applies, and the minimum loan is $150,000 with no stated maximum.
Boston's small multi-family stock means many investors own a mix: a triple-decker in Dorchester bought years ago, a two-family in Roslindale, a condo in Brighton, maybe a house in Quincy. Each was financed separately, often on different terms. Consolidating lets you see one ratio for the whole group, simplify bookkeeping and pull equity from properties that have appreciated to strengthen ones that have not.
Boston values have risen a long way over the last decade, so many owners who bought in the 2010s hold real equity in buildings with small loans. A blanket refinance can turn some of that equity into cash for the next purchase while keeping every property under one maturity date.
A blanket loan also helps when one building is between tenants or under renovation. Underwriting looks at combined rent, so a strong Dorchester three-family can carry a unit that is vacant for a month.
Most Boston blanket requests we see are built around the city's two- and three-family housing, plus suburbs on the Red and Orange Lines.
Instead of testing each property against its own payment, a blanket loan adds up the rent from every property and compares it with the total payment: principal and interest on the blanket loan plus all taxes, insurance and condo fees. The standard minimum is 1.0x across the portfolio, and sub-1.0 options exist on some programs.
Boston's residential exemption matters here. Owner-occupants get a large reduction on their tax bill, and investment properties do not. If you moved out of a property that used to be your home, or bought from an owner-occupant, budget the tax bill without the exemption.
This example is illustrative and not a quote. An investor owns six properties worth $5,230,000 in total, with combined rent of $36,600 a month and combined taxes, insurance and condo fees of $6,500 a month.
At 70% of portfolio value, the blanket loan is $3,661,000. Estimated principal and interest on a 30-year term is about $25,223, making the total monthly payment about $31,723. Portfolio DSCR is about 1.15x.
| Property | Value | Monthly rent | Taxes, insurance, HOA |
|---|---|---|---|
| Dorchester triple-decker | $1,150,000 | $9,300 | $1,450 |
| Dorchester triple-decker | $1,080,000 | $8,700 | $1,400 |
| Roslindale two-family | $920,000 | $6,200 | $1,050 |
| Hyde Park single-family | $640,000 | $3,500 | $700 |
| Quincy two-family | $880,000 | $5,800 | $1,000 |
| Brighton condo | $560,000 | $3,100 | $900 |
| Portfolio total | $5,230,000 | $36,600 | $6,500 |
Release provisions let you sell a property and pay down the loan by a set release price instead of refinancing everything. The release price is usually a percentage above the loan amount allocated to that property. Terms vary by program.
In the example above, the Brighton condo carries about $392,000 of allocated loan. If the release price were 115% of that, the investor would pay down about $450,800 at the sale. The remaining loan of about $3,210,200 would be supported by the five remaining properties, and portfolio DSCR would be about 1.21x, assuming the payment is recast. Many investors use releases this way, selling a condo or single-family and keeping the multi-families.
Before you sell, check that the remaining properties still clear the program's minimum ratio and any loan-to-value test. Selling the strongest building in the group can weaken the rest, so talk with us about the release before you list the property.
Massachusetts lead paint law is strict. Properties built before 1978 where a child under six lives must be deleaded or brought under interim control, and owners face liability if they are not. Have letters of compliance ready for any property that has them, since insurers and buyers ask.
Boston also requires rental units to be registered with the city and subject to periodic inspections under its rental registry ordinance. Confirm each property's registration is current. Insurance on older wood-frame triple-deckers can be costly, so get one quote for the whole portfolio.
Properties near the harbor in East Boston, South Boston, Dorchester's shoreline and parts of Quincy and Revere may sit in mapped flood zones. Flood insurance on those properties adds to the portfolio payment, so include the premium in your numbers before you decide which buildings go into the blanket.
A blanket loan fits when you want one closing and one payment, and when your stronger properties can lift the ratio of weaker ones. Individual loans fit when you plan to sell properties one at a time on short notice or want each property fully separate. Our blanket vs individual guide covers the trade-offs, and properties in New Hampshire, Rhode Island or other states can sometimes be added on multi-state programs.
A rent roll for every property, current mortgage statements, tax bills, insurance declarations and LLC documents are the core. Use the form below or call (877) 298-1001, and we will run the portfolio ratio and suggest a structure.
If a property has a vacant unit or a lease ending soon, tell us up front. We can use market rent estimates where programs allow, and it helps to know which buildings are fully leased before we size the loan.
At least five investment properties, each with 1 to 8 units.
Yes. Suburban Massachusetts properties are common, and some programs allow properties in more than one state.
No. The loan is qualified on combined portfolio cash flow, so a strong property can offset a weaker one.
Yes. Release provisions let you sell a property by paying its release price, usually above its allocated loan amount. Terms vary by program.
Yes. Cash-out goes up to 75% LTV on DSCR programs, often lower on large portfolios, and seasoning varies by program.
Yes. Investment properties do not receive Boston's residential exemption, so budget taxes without it.
No. The loan qualifies on rent, with a 620 minimum credit score and LLC borrowers allowed.
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