Des Moines rentals are priced so that a steady investor can own a dozen of them, but property taxes are high enough that every one of those tax bills matters. A blanket loan puts the whole set under one payment and lets the strong homes carry the weaker ones.
In short: LendingStreet's blanket portfolio loans combine five or more Des Moines-area rentals, each with 1 to 8 units, into one loan with one closing, one payment and portfolio pricing. The loan qualifies on combined portfolio cash flow, with no tax returns, and release provisions let you sell an individual property and keep the rest of the loan in place. The $150,000 minimum applies to the loan as a whole, so lower-priced homes in Highland Park or on the south side can be included alongside suburban rentals.
Beaverdale is a favorite for its brick bungalows and Tudors, which attract long-term tenants who want a neighborhood feel. Highland Park, Oak Park and the north side offer lower entry prices. The south side, along Indianola Avenue and around Easter Lake, has steady demand from working families. The Drake neighborhood supplies duplexes and older homes rented to students and staff.
In the suburbs, Urbandale, Johnston, Ankeny and Altoona add newer homes with higher values and lower turnover, which steady a portfolio's ratio. West Des Moines and Waukee are pricier and usually appear in portfolios as single higher-value homes.
| Area | Typical rental | Portfolio effect |
|---|---|---|
| Beaverdale, Waveland Park | Brick bungalows, Tudors | Long tenancies; moderate repairs |
| Highland Park, Oak Park, north side | Older frame homes | Low prices; higher rent per dollar |
| South side, Easter Lake | Ranches and small homes | Steady family demand |
| Drake neighborhood | Duplexes, older houses | Annual turnover; strong rent |
| Urbandale, Ankeny, Altoona | Newer ranches and split-levels | Higher values; steadier ratio |
The ratio adds all rent and compares it with the combined payment, including every property's taxes and insurance. Polk County tax bills are high relative to home prices, and owner-occupant credits do not apply to investors, so taxes are often the second-largest line after principal and interest. Assessors revalue in odd-numbered years, and Iowa's residential rollback shifts each year. Use current bills and plan for change at the next revaluation.
Some newer homes in Des Moines and the suburbs carry tax abatement on new construction. When abatement ends, the bill steps up. Find out when each abatement expires and size the loan on the full bill if it ends during your hold.
This example is illustrative and not a quote. An investor owns seven rentals worth $1,695,000 combined, renting for $12,750 a month. At 75% of combined value the blanket loan is $1,271,250, with estimated principal and interest of about $8,672 a month. Taxes are about $2,783 a month and insurance about $770, for a total payment near $12,225 and a portfolio DSCR of about 1.04x.
Two years later, the investor sells the Highland Park house. Its allocated share of the loan is about $138,750, and with a release price of 115% of allocation the investor pays down about $159,562. If the remaining $1,111,688 were re-amortized over 30 years, estimated principal and interest would be about $7,584, and the six remaining properties would show a DSCR near 1.05x, still above 1.0x. Actual treatment of payments after a release depends on the loan terms.
| Property | Value | Rent | Monthly taxes |
|---|---|---|---|
| Beaverdale brick bungalow | $245,000 | $1,800 | $392 |
| Merle Hay area ranch | $215,000 | $1,650 | $350 |
| Highland Park two-story | $185,000 | $1,500 | $317 |
| Southside ranch | $200,000 | $1,600 | $333 |
| Urbandale split-level | $285,000 | $2,000 | $467 |
| Ankeny ranch | $305,000 | $2,100 | $492 |
| Drake-area duplex | $260,000 | $2,100 | $433 |
| Total | $1,695,000 | $12,750 | $2,783 |
Each property gets an allocated portion of the loan. To sell or refinance one, you pay a release amount, typically above its allocation, and the lien comes off. Programs usually require the remaining portfolio to keep meeting ratio and leverage limits. Ask for the release schedule before closing so you know the cost of pruning a property later.
Plan which homes you are most likely to sell. If an older Highland Park house or a Drake-area duplex is a likely sale in a few years, factor its release price into your expected proceeds now, so the sale still makes sense once the paydown is counted.
Des Moines requires rental property to hold a rental certificate, issued after inspection. Each Des Moines property in the blanket should have a current certificate. Suburbs have their own rules. Collect leases, certificates, tax bills and insurance declarations for every property before you apply.
Properties near the Des Moines and Raccoon rivers, and in low areas along creeks, may be in mapped flood zones; the 2008 floods reached several neighborhoods north of downtown. Hail is common across central Iowa. Track roof age and flood status for each home, since insurance on every property counts in the combined payment.
Many Des Moines investors start with one or two homes on individual loans and add a property or two each year. Once you reach five, a blanket loan can refinance the group into one payment and free up equity for the next purchase. Some programs allow you to add properties later or refinance again as the portfolio grows; ask how your program handles additions before you close.
Keep records clean along the way. Separate bank accounts for the LLC, current leases, rental certificates and receipts for major repairs make the portfolio file faster to assemble and easier to underwrite when the time comes.
A blanket suits long-term holds, investors who want one payment, and portfolios where some homes are too small for their own loan. Separate DSCR loans suit properties you may sell soon. Some Des Moines investors keep their suburban core in a blanket and finance student rentals near Drake individually.
Send a rent roll, tax bills, abatement details, insurance declarations and current loan balances through the form below, or call (877) 298-1001. We will run the combined ratio and show options with and without your weaker properties.
Five or more investment properties, each with 1 to 8 units, in Des Moines, its suburbs and on some programs other markets.
Yes. The $150,000 minimum applies to the loan, not each property.
Abated homes have lower bills now and higher bills when abatement ends. If it ends during the hold, size the loan on the full bill.
A release amount set in the loan documents, typically above the property's allocated loan share.
Often. Some programs allow properties in several markets or states. Ask about your list.
Yes. Cash-out goes up to 75% LTV on DSCR programs, often lower on larger balances, and seasoning varies by program.
No. The loan qualifies on combined cash flow, with a 620 minimum credit score and LLC borrowers standard.
Some programs allow additions or a later refinance as the portfolio grows. Ask how your program handles it before closing.
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