Burlington landlords tend to own small: a duplex in the Old North End, a triplex in Winooski, a condo in South Burlington. Over time those holdings add up, and a single blanket loan can tie five or more of them together under one payment.
In short: LendingStreet offers blanket portfolio loans for investors with five or more rentals in the Burlington area, each with 1 to 8 units, under one 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. Vermont's non-homestead property taxes are the line that most often decides how much a Burlington portfolio can borrow.
Burlington's rental market is tight, with steady demand from the University of Vermont, Champlain College, the UVM Medical Center and employers across Chittenden County. Rents are strong, but property taxes and insurance on older buildings are high, so individual properties often show thin ratios. Grouping them lets the stronger buildings support the weaker ones.
Many local owners also hold a mix of financing: a loan from a local bank on one building, a short-term loan on a renovation, a property owned free and clear. A blanket loan replaces that mix with one note, one maturity and portfolio pricing.
It can also release equity. Chittenden County values have risen a great deal over the past decade, and many owners hold buildings with small loans or none. A blanket cash-out refinance can turn some of that equity into funds for the next purchase while keeping the portfolio on one payment.
Most Burlington-area portfolios draw from the city and the communities around it.
A blanket loan compares total rent with the total payment on the portfolio, including principal and interest plus every property's taxes, insurance and HOA dues. The standard minimum is 1.0x, with sub-1.0 programs for some files.
In Vermont, rentals are classified as non-homestead property for the education tax, which is the largest part of most bills. Non-homestead rates often differ from homestead rates, so a property you once lived in, or one bought from an owner-occupant, may carry a different bill as a rental. Pull the current non-homestead figure for every property.
Insurance on older wood-frame multi-families can also be costly in Vermont, especially for buildings with oil heat or older wiring. A single quote covering the whole portfolio is often easier to manage and may cost less than separate policies.
This example is illustrative and not a quote. An investor owns six Burlington-area rentals worth $2,940,000, with combined rent of $20,950 a month and combined taxes, insurance and HOA dues of $5,700 a month.
At 75% of value the blanket loan is $2,205,000, with estimated principal and interest of about $15,192 on a 30-year term. The total payment is about $20,892, and portfolio DSCR is about 1.00x, right at the standard minimum. At 70% the loan is $2,058,000, estimated principal and interest is about $14,179, the payment is about $19,879 and DSCR is about 1.05x, which leaves more room.
| Property | Value | Monthly rent | Taxes, insurance, HOA |
|---|---|---|---|
| Old North End duplex | $520,000 | $3,800 | $1,000 |
| Winooski triplex | $600,000 | $5,100 | $1,150 |
| South End duplex | $560,000 | $4,000 | $1,050 |
| South Burlington condo | $380,000 | $2,400 | $850 |
| Essex Junction single-family | $450,000 | $2,850 | $850 |
| Colchester single-family | $430,000 | $2,800 | $800 |
| Portfolio total | $2,940,000 | $20,950 | $5,700 |
Release provisions let you sell a property by paying down the blanket loan by its release price, usually a premium above the property's allocated share of the loan. Terms vary by program. Burlington investors often sell condos or single-family homes, which have a strong owner-occupant buyer pool, and keep the multi-families.
In Vermont, the buyer generally pays the property transfer tax, so a sale does not carry the seller-paid transfer tax common in other states. Confirm the remaining portfolio's ratio with us before you list.
Burlington runs a rental housing inspection program and charges a rental registration fee, and Winooski and other nearby communities have their own requirements. Confirm each property is registered and has no open code violations.
Most of Burlington's older housing predates 1978. Vermont requires essential maintenance practices for lead paint in older rentals, with filings to the state. Have records ready, since insurers and buyers ask.
Burlington's rules on notice, habitability and rental housing apply to every building in the portfolio. If you plan to raise rents after consolidating, review the leases and the city's current requirements first.
| Item | Why it matters | What to gather |
|---|---|---|
| Non-homestead taxes | Largest expense line | Current tax bills for each property |
| Rental registration | City and town requirements | Registration and inspection records |
| Lead paint | Pre-1978 buildings | Maintenance practice filings |
| Leases | Academic-year and annual cycles | Current leases and end dates |
Rentals near UVM and Champlain College often run on academic-year leases, with turnover in late May and new leases in August. A portfolio with several student buildings can show summer vacancy. Lenders look at lease terms and market rent, so include lease dates in your rent roll and explain any seasonal pattern.
A blanket loan fits when you want one closing and one payment and your stronger buildings can carry the rest. Individual loans fit if you expect to sell properties one at a time on short notice. Some programs allow properties in other states, such as New Hampshire or New York, on one loan.
Send a rent roll, tax bills, insurance declarations, mortgage statements and LLC documents through the form below, or call (877) 298-1001. Note any properties with student leases, vacant units or work in progress, and we will run the portfolio ratio at a few loan sizes.
At least five investment properties, each with 1 to 8 units.
Yes. Properties across Chittenden County, and on some programs in other states, can be combined.
Rentals pay non-homestead education taxes, which make up a large part of most bills and count in the portfolio payment.
Yes. Release provisions let you sell one property by paying its release price. Terms vary by program.
Generally the buyer.
Yes. Lease income from student rentals counts, and lenders look at lease terms and market rent.
No. The loan qualifies on rent, with a 620 minimum credit score.
Yes, up to 75% LTV on DSCR programs, often lower on larger portfolios.
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