Columbia rewards investors who buy steadily: modest prices, a large renter base tied to the university, state government, the hospitals and Fort Jackson, and plenty of brick ranches and bungalows built for long holds. After a few years, many landlords have more loans than they want to manage.
In short: LendingStreet offers blanket portfolio loans for Columbia-area investors with five or more rentals, each 1-8 units, under one loan qualified on the combined cash flow of the portfolio. You get one closing, one payment, portfolio pricing and release provisions for selling individual properties. LLC borrowers are standard, and no W-2s or tax returns are required.
Close to downtown and USC, investors buy in Rosewood, Shandon, Melrose Heights, Earlewood, Cottontown, Elmwood Park and Olympia, where older bungalows and small duplexes rent to students, young professionals and hospital staff. Across the Congaree River, West Columbia and Cayce offer brick ranches at lower prices with quick access to downtown.
Further out, Irmo, St. Andrews, Harbison, Lexington and Blythewood carry newer three- and four-bedroom homes that rent to families, and the area around Fort Jackson and Forest Acres draws military households. A portfolio that mixes student-area properties with family suburbs tends to see turnover at different times of year, which smooths vacancy.
Columbia's modest prices also mean many single houses fall near the $150,000 loan minimum on their own. Combining five or more of them into one blanket solves that problem and usually produces a cleaner, larger loan than refinancing each house separately.
South Carolina assesses rental property at a 6% assessment ratio, against 4% for an owner's legal residence, and rentals do not get the school operating millage exemption that homeowners receive. Richland County millage inside the city is high compared with many places. The result is that taxes are often the largest expense after principal and interest on a Columbia rental, and a portfolio's DSCR moves with them.
Lexington County side properties, such as West Columbia, Cayce and Irmo, often carry a different millage than those in Richland County, so the same rent can produce a different ratio across the river. When you build a rent roll, pull the current tax bill for each parcel as a rental, not the homestead figure.
Insurance is less dramatic than on the coast but still worth checking. Inland Columbia sees severe thunderstorms and occasional tropical remnants, and some low-lying properties near Gills Creek, the Congaree and Rocky Branch fall in mapped flood zones that require flood coverage.
This example is illustrative and not a quote. An investor refinances six rentals into one blanket loan at 65% of combined value. The properties are worth $1,515,000 together and bring in $10,800 a month.
| Property | Value | Monthly rent | Monthly taxes |
|---|---|---|---|
| Rosewood bungalow | $245,000 | $1,800 | $450 |
| Shandon cottage | $310,000 | $2,100 | $570 |
| Earlewood duplex | $265,000 | $2,000 | $485 |
| West Columbia ranch | $210,000 | $1,550 | $370 |
| Cayce brick ranch | $225,000 | $1,600 | $390 |
| Irmo three-bedroom | $260,000 | $1,750 | $430 |
| Total | $1,515,000 | $10,800 | $2,695 |
The blanket loan is $984,750. Estimated principal and interest is $6,886, combined taxes are $2,695 a month and combined insurance is $750. The total payment is $10,331 and portfolio DSCR is about 1.05x.
Notice that taxes here are well over a third of principal and interest. That is why the example uses 65% leverage: at a higher loan amount the same six properties would struggle to clear 1.0x. If you want more cash out, adding a property with a strong rent-to-tax relationship, often a duplex in Lexington County, can help the whole portfolio.
The table also shows why the Shandon cottage, the most valuable house in the group, is not the strongest earner. Higher-value houses close to downtown tend to have higher taxes and slightly lower rent relative to price, so they lean on the suburban ranches in a portfolio test.
Release provisions set the price to take one property off the blanket, usually a paydown larger than that property's share of the loan, plus a check that the remaining properties still clear the DSCR test. In Columbia, investors often sell student-area houses when a buyer offers a premium, so plan which properties might leave and confirm the release math in writing before closing.
The City of Columbia has a residential rental permit program for non-owner-occupied rentals, and some properties may be subject to inspection. Confirm current requirements for each address inside city limits. Properties in West Columbia, Cayce, Forest Acres or the unincorporated counties follow their own rules.
South Carolina caps how much an existing property's taxable value can rise at each countywide reassessment, but a sale resets the value. If you buy a house and refinance it into a blanket within the first year, the tax bill may not yet reflect your purchase. Budget on the expected reset value.
Some lease structures common in Columbia, such as by-the-bedroom student leases or month-to-month tenants who have stayed for years, are fine in a blanket but should be documented clearly. A current rent roll, signed leases and recent bank deposits for each property make underwriting faster.
One loan means one escrow account and one maturity to track, and it lets equity in stronger properties support the weaker ones. Separate DSCR loans keep each property independent. If your Columbia properties include a mix of $150,000 houses and $350,000 houses, run both options. Some programs also allow properties in more than one state, useful if you also own in Charlotte or Augusta.
Our investor loans are business-purpose loans on non-owner-occupied property. Send a rent roll with addresses, current balances, tax bills and estimated values. We will test portfolio DSCR at a few leverage levels and show what each property contributes. The South Carolina blanket loan page covers the rest of the state, and you can call (877) 298-1001 or use the form below.
At least five investment properties, each with 1 to 8 units.
Yes. Properties across the Midlands, and in other areas on some programs, can go in one blanket.
Usually because of property taxes at the 6% assessment ratio. Use each parcel's rental tax figure, not the owner-occupied one.
Yes, through the release provision. You pay the release amount and the rest of the portfolio must still qualify.
Yes, as long as they are 1-8 unit properties with leases at market rent. By-the-bedroom leases are added up to a property total.
Yes, subject to program LTV limits and the portfolio DSCR test. Seasoning varies by program.
Expect each property to be valued under the method the program requires.
No. The loan qualifies on the portfolio's rental cash flow.
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