Cheyenne rental portfolios tend to be built slowly, a ranch house in South Cheyenne here, a duplex on the east side there, often by investors who rent to airmen, state workers and hospital staff. Once the count passes five, a single blanket loan can replace a stack of separate mortgages.
In short: LendingStreet offers blanket portfolio loans that combine five or more Cheyenne-area investment properties, each with 1 to 8 units, into one loan with one closing and one payment. We qualify on the combined cash flow of the portfolio rather than personal income, LLC borrowers are standard, and release provisions let you sell one property without refinancing the others. Leverage and pricing depend on the portfolio and the program.
Cheyenne has a large share of modest single-family homes, from older brick houses near downtown and in the Avenues to post-war and 1970s ranches in South Cheyenne and Sun Valley, plus newer subdivisions on the east side along the Dell Range corridor. Duplexes appear throughout, and a handful of investors own homes in the small towns of eastern Laramie County.
Rents in Cheyenne are steady rather than spectacular, and many local portfolios have modest individual cash flow. Grouping them can help: a blanket loan lets the stronger duplexes carry a tighter single-family house, and one payment is easier to track than seven. Investors who live out of state, including many who bought while stationed at F.E. Warren, often value the simpler administration most.
| Area | Common rental | Typical tenant |
|---|---|---|
| Downtown, the Avenues and Rainsford | Older brick homes, some duplex conversions | State and city employees, downtown workers |
| South Cheyenne | Ranches and small duplexes | Workforce families, railroad and industrial jobs |
| Sun Valley and Western Hills | Ranches and split-levels | Military families, hospital staff |
| East Cheyenne and Dell Range | Newer single-family homes and duplexes | Military families, newer residents |
| Pine Bluffs and Burns | Small-town single-family homes | Local workers and commuters |
A blanket loan compares the combined rent of every property with the combined payment: principal and interest on the single loan plus each property's taxes, insurance and any HOA dues. Individual houses do not each need to clear 1.0x, but the total does.
In Cheyenne, insurance is often the line that tightens a portfolio. Hail claims are common, and premiums and wind and hail deductibles have climbed. Wyoming property taxes are low by national standards, using a 9.5% assessment ratio for residential property, so insurance can rival or exceed the tax bill on some houses. Get current quotes on every address before you size the loan.
This example is illustrative and not a quote. An investor owns seven Cheyenne-area rentals, including two duplexes, worth a combined $2,260,000 and renting for $13,575 a month. Combined taxes are about $1,250 and insurance about $1,275 a month.
At 70% of value the blanket loan is $1,582,000 and estimated principal and interest is about $10,926, for a total payment of $13,451 and a DSCR of about 1.01x. That is right at the edge. At 65% of value the loan is $1,469,000, estimated principal and interest falls to about $10,146, the total payment is $12,671 and DSCR improves to about 1.07x, a more comfortable margin.
| Item | 70% of value | 65% of value |
|---|---|---|
| Loan amount | $1,582,000 | $1,469,000 |
| Estimated principal and interest | $10,926 | $10,146 |
| Taxes and insurance | $2,525 | $2,525 |
| Total monthly payment | $13,451 | $12,671 |
| Monthly rent | $13,575 | $13,575 |
| Portfolio DSCR | About 1.01x | About 1.07x |
Release provisions set the amount you pay down to remove one property from the blanket loan, usually its allocated balance plus a release premium set by the program. After the sale, the remaining properties stay on the loan, and the program may check that they still meet its DSCR test.
Military moves create a steady pool of buyers in Cheyenne, so some investors plan to sell individual homes over time. Ask for each property's release amount up front and look at which sale would leave the strongest remaining portfolio.
Wyoming is a non-disclosure state, which means sale prices are not part of the public record the way they are in most states. Appraisers rely on MLS data and their own sources, and in a smaller market like Cheyenne that can mean fewer close comparables, especially for duplexes and homes in the small eastern towns.
Expect valuations on a seven- or eight-property file to take some time. Recent leases, renovation records and any appraisals you already have can help support the values you expect.
Small-town properties in Pine Bluffs or Burns can be the hardest to value because few similar homes sell there each year. If one of those houses holds up the valuation, it may be simpler to leave it off the blanket loan.
Laramie County assesses residential property at market value using a 9.5% assessment ratio, and recent Wyoming property tax relief measures were aimed mainly at primary residences, so do not assume they reduce the bill on your rentals. Properties outside city limits, such as homes on acreage in the Ranchettes, may have wells and septic systems that the appraisal and insurance will note.
Wyoming has no real estate transfer tax, which keeps closing costs lower than in many states, but title, recording and lender costs still apply.
A blanket loan works best when you plan to hold most of the properties. If you expect to sell several homes soon, separate DSCR loans keep each sale simple. If you are still buying, one blanket loan can be refinanced later to add properties, or you can run a second blanket as the portfolio grows.
Our blanket loan versus individual DSCR loans guide walks through the tradeoffs in more detail, including how releases and portfolio pricing compare with separate loans.
Send a property schedule with addresses, values, rents, current loan balances, taxes and insurance, along with leases, using the form below or by calling (877) 298-1001. We will test portfolio DSCR at a few leverage levels and show release amounts for the properties you are most likely to sell. If insurance quotes are still coming in, send what you have and we will update the numbers as they arrive.
Five or more investment properties, each with 1 to 8 units.
Yes, if they are non-owner-occupied rentals that can be valued and insured. Very low-value homes add little loan amount, so review the list with us.
Hail and wind claims are common, and premiums and deductibles can rival property taxes. Higher insurance lowers portfolio DSCR.
Sale prices are not public in Wyoming, so appraisers rely on MLS and other data. Valuations can take longer and comparables can be thinner.
Yes. You pay that property's release amount and the rest stay on the loan.
No. The loan qualifies on the portfolio's rent, not personal income documents.
Some programs allow properties in more than one state. See our multi-state portfolio loan page.
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