Many Coeur d'Alene-area rental owners bought before prices climbed and now hold portfolios with a lot of equity and a lot of separate loans. Rents have risen too, but not as fast as values, which shapes how a blanket loan works here.
In short: LendingStreet offers blanket portfolio loans that combine five or more Coeur d'Alene-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 properties individually. In Kootenai County, rents are often low relative to values, so blanket loans here are frequently sized below maximum leverage.
Most local portfolios are single-family homes and duplexes in the growing cities along I-90 and Highway 95 rather than lakefront property. Investors have bought heavily in Post Falls, Hayden and Rathdrum, where newer subdivisions and duplexes are common, and in Coeur d'Alene's older Midtown and north-side neighborhoods.
| Area | Common rental | Typical tenant |
|---|---|---|
| Post Falls | Newer single-family homes and duplexes | Workers commuting to Spokane or Coeur d'Alene |
| Hayden and Dalton Gardens | Single-family homes, some on larger lots | Families, healthcare and service workers |
| Rathdrum | Newer single-family homes | Families and commuters |
| Midtown and north Coeur d'Alene | Older homes and duplexes | Downtown and hospital workers, students at North Idaho College |
| Spirit Lake and Athol | Single-family homes, some on wells and septic | Local workers, Silverwood seasonal staff |
A blanket loan compares combined rent with the combined payment: principal and interest on the single loan plus each property's taxes, insurance and any HOA dues. Properties do not each need to clear 1.0x, but the total does.
In Kootenai County, the challenge is the ratio of rent to value. A $500,000 house may rent for around half a percent of its value per month, which supports less debt than the same value would in a Midwest market. Taxes and insurance are moderate, so the main lever is the loan amount. Many local blanket loans are used to consolidate and simplify existing debt at modest leverage rather than to pull out maximum cash.
That can still be valuable. An investor with six or seven separate loans, some with balloon dates or adjustable terms, can move to one 30-year payment, one escrow account and one maturity, and free up time to manage the properties rather than the loans.
This example is illustrative and not a quote. An investor owns four single-family homes and two duplexes worth a combined $3,020,000, renting for $15,100 a month. Combined taxes are about $1,640 a month and insurance about $900.
At 65% of value the loan would be $1,963,000, with estimated principal and interest of about $13,558 and a total payment of $16,098. DSCR would be about 0.94x, below the 1.0x standard minimum. At 55% of value the loan is $1,661,000, estimated principal and interest is about $11,472, the total payment is $14,012 and DSCR is about 1.08x, which clears.
| Item | 65% of value | 55% of value |
|---|---|---|
| Loan amount | $1,963,000 | $1,661,000 |
| Estimated principal and interest | $13,558 | $11,472 |
| Taxes and insurance | $2,540 | $2,540 |
| Total monthly payment | $16,098 | $14,012 |
| Monthly rent | $15,100 | $15,100 |
| Portfolio DSCR | About 0.94x | About 1.08x |
If the portfolio does not clear at the leverage you want, there are a few paths. Lower the loan amount, leave out the property with the weakest rent, raise rents that are below market as leases renew, or look at sub-1.0 DSCR programs where they fit. Some investors keep their highest-value homes on separate loans and put the stronger cash-flowing duplexes on the blanket.
Duplexes often help in this market because two rents on one lot usually produce a better ratio than a single-family home of the same value. A portfolio weighted toward duplexes in Post Falls and Midtown can support more leverage than one made up of larger single-family homes in Hayden.
Release provisions let you sell a property by paying its allocated balance plus a release premium set by the program, leaving the rest on the loan. In a market where values have risen, many investors plan to sell one or two properties over time and keep the rest.
Check the release amount for each property, and model the remaining portfolio after each possible sale. Our blanket loan release clause guide explains how those numbers are usually set.
Selling a high-value, low-rent home can actually improve the remaining portfolio's ratio, since its payment share may exceed its rent. Selling a strong duplex has the opposite effect. Run both cases before you decide.
Idaho's homeowner's exemption is only for primary residences, so investors pay tax on full assessed value, and Kootenai County reassesses at market value every year. Idaho has no real estate transfer tax, which keeps closing costs lower than in many states.
Homes outside city limits in Spirit Lake, Athol, Rathdrum or the county may have wells, septic systems, larger lots or outbuildings. Those can be included, but acreage and property-type limits vary by program, and wildfire exposure affects insurance.
Many Coeur d'Alene investors also own rentals across the state line in Spokane Valley, Liberty Lake or Spokane. Some programs allow properties in more than one state on one blanket loan. Each property is still valued, taxed and insured under its own state's rules. See our multi-state portfolio loan page.
Washington has a real estate excise tax on sales and different landlord-tenant rules, so selling or releasing a Washington property follows a different process than an Idaho one. Keep that in mind when you plan which properties to sell first.
Send a property schedule with addresses, units, values, rents, loan balances, taxes and insurance, along with leases, using the form below or by calling (877) 298-1001. We will test portfolio DSCR at several leverage levels, show where it clears and outline release amounts for each property.
In Kootenai County, rents are often low relative to values, so the portfolio's cash flow limits the loan amount more than its value does.
Five or more investment properties, each with 1 to 8 units. Single-family homes, duplexes and small buildings can be mixed on one loan.
Some programs allow multi-state blanket loans that include Washington properties alongside Idaho ones.
Often yes, though acreage and property-type limits vary by program. Homes in Spirit Lake, Athol or unincorporated Kootenai County may need well and septic information, and wildfire exposure can affect insurance on wooded lots.
Yes. You pay its release amount and the rest of the portfolio stays on the loan.
Lower leverage, removing a weak property or a sub-1.0 DSCR program may help. We will show the options side by side so you can see how each change affects the loan amount and the ratio.
No. We qualify on the portfolio's rental income, not your personal income. We still review credit, with a 620 minimum score, and verify funds for closing and reserves.
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