Columbus is a buy-and-hold town. Prices are low enough that many investors own ten or twenty houses, most of them rented to military families and civilian workers tied to Fort Benning, the hospitals, Aflac, TSYS and the university. Managing that many separate loans gets old quickly.
In short: LendingStreet offers blanket portfolio loans for Columbus-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, no W-2s or tax returns are required, and some programs can include properties across the river in Alabama.
The typical Columbus rental house sells for well under $250,000, and many fall close to the $150,000 loan minimum. That makes single-property DSCR loans on the smallest houses awkward or impossible. A blanket loan solves the problem by combining five or more properties into one balance that easily clears the minimum, with one appraisal schedule, one closing and one servicer.
It also helps with the military rhythm of the market. Homes near the post turn over more often than in civilian markets, and a portfolio test lets a few vacant or below-market homes be carried by the rest instead of each loan standing alone.
A third reason is equity. Investors who bought in Columbus ten or fifteen years ago often have properties with small balances or none at all. A blanket cash-out refinance can pull equity from the whole group in one closing, subject to program LTV limits and the portfolio DSCR test, rather than refinancing house by house.
East Columbus and South Columbus, along Buena Vista Road, Benning Road and Victory Drive, have dense pockets of mid-century brick ranches that rent to service members and civilian post workers. Midtown, including Wynnton, Lakebottom and Weracoba, has older cottages and bungalows with higher rents and higher prices. North Columbus around Hamilton Road and the Midland area offer newer three- and four-bedroom homes that rent to families on longer leases.
Across the Chattahoochee, Phenix City and the rest of Russell County, Alabama, are part of the same rental market and often appear in Columbus investors' portfolios. Because they are in another state, they follow Alabama's tax and landlord rules.
This example is illustrative and not a quote. An investor refinances seven rentals, six in Muscogee and Harris counties and one in Phenix City, into one blanket loan at 70% of combined value. The homes are worth $1,230,000 and rent for $9,850 a month combined.
| Property | Value | Monthly rent |
|---|---|---|
| East Columbus ranch | $165,000 | $1,350 |
| South Columbus brick ranch | $180,000 | $1,425 |
| Benning Road bungalow | $150,000 | $1,275 |
| Midtown cottage | $210,000 | $1,600 |
| North Columbus three-bedroom | $190,000 | $1,500 |
| Phenix City, AL ranch | $175,000 | $1,400 |
| Midland split-level | $160,000 | $1,300 |
| Total | $1,230,000 | $9,850 |
The blanket loan is $861,000. Estimated principal and interest is $6,020, combined taxes are $1,160 a month and combined insurance is $765. The total payment is $7,945 and portfolio DSCR is about 1.24x.
Rent-to-price relationships in Columbus are stronger than in most larger Georgia metros, which is why this portfolio clears 1.0x at 70% leverage with room to spare. Individually, the Benning Road bungalow would fall at the $150,000 minimum; inside the blanket it is just one line on the rent roll.
Including the Phenix City house depends on a program that allows properties in more than one state. If yours does not, the Alabama property can be financed separately.
Georgia assesses property at a 40% assessment ratio of fair market value, and Muscogee County bills include county, school and service district millage. Investors do not get homestead exemptions, so a house bought from an owner-occupant will see a higher bill. Georgia also charges an intangible recording tax on long-term notes secured by Georgia real estate, about $3 per $1,000 of the loan amount, which is part of the closing cost on a blanket refinance.
The state transfer tax on deeds is modest, about $1 per $1,000 of value. Alabama properties have their own deed and mortgage taxes.
Insurance is usually manageable this far inland, but a portfolio of older brick ranches will see carriers ask about roof age, electrical panels and plumbing on every house. A single policy covering all addresses can simplify renewals and make the escrow figure in your DSCR calculation easier to pin down.
A release provision sets how much you pay down to take one house off the blanket, often more than that house's share of the loan, and confirms that the remaining homes still clear DSCR. Columbus investors frequently sell a house or two to a tenant or a new investor each year, so make sure the release terms fit that pace.
Many Columbus leases include a military clause that allows a tenant to end the lease on orders. That is normal here and does not disqualify the rent. Provide a rent roll with lease dates, copies of leases and recent deposit records. If some houses are rented through a property manager, a manager's rent roll is usually acceptable to begin the review.
Older homes near the post may also need roof or HVAC work that shows up on the valuations. Fix obvious issues before the appraisers visit if you can.
If a property manager runs the portfolio, ask them to prepare a clean rent roll showing unit, tenant start date, lease end date, rent and security deposit. Lenders read that document first, and gaps in it slow everything down.
Our investor loans are business-purpose loans on non-owner-occupied property. Send a rent roll with addresses, balances, tax bills and estimated values, and we will test portfolio DSCR at a few leverage levels. The Georgia blanket loan page covers Atlanta, Savannah and Augusta; call (877) 298-1001 or use the form below.
Five or more investment properties, each with 1 to 8 units.
Yes. The $150,000 minimum applies to the loan, so several smaller houses can be combined into one blanket.
On programs that allow properties in more than one state, yes. Otherwise the Alabama property is financed separately.
No. They are common in Columbus and lease rent still counts.
Georgia charges an intangible recording tax on long-term notes, about $3 per $1,000 of the loan, plus title and recording fees.
Yes, through the release provision, with the remaining portfolio retested for DSCR.
Yes, subject to program LTV limits and the portfolio DSCR test. Seasoning varies by program.
No. Qualification is based on the portfolio's rental cash flow.
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