Many Kent County landlords built their portfolios one house at a time with local bank loans, each with its own maturity date and payment. A blanket loan folds five or more of those rentals into one loan, one closing and one payment.
In short: LendingStreet offers blanket portfolio loans for investors with five or more rentals, each 1 to 8 units, across Dover and Kent County. The loan qualifies on the portfolio's combined cash flow rather than your income, uses portfolio pricing, and includes release provisions so you can sell one property without refinancing the rest. Delaware's realty transfer tax generally does not apply to a refinance, which makes consolidation here cost-effective.
Dover-area portfolios usually mix property types. Single-family homes in Rodney Village and older subdivisions south of downtown, ranch homes in Camden and Wyoming close to the base, and townhomes and newer homes in Smyrna make up much of what local investors hold. Downtown Dover near Loockerman Street and the streets around Delaware State University add older twins, duplexes and converted houses.
Further south, Milford and Harrington round out many Kent County portfolios with lower prices and steady long-term tenants. A blanket loan can combine all of these, and on some programs it can include rentals outside Delaware as well.
| Area | Typical holdings | Tenant base |
|---|---|---|
| Rodney Village and south Dover | 1960s-70s single-family homes | Long-term families, state workers |
| Camden and Wyoming | Ranch homes and newer subdivisions | Military families near the base |
| Downtown and DSU area | Twins, duplexes, converted houses | Students, hospital and state staff |
| Smyrna | Townhomes and newer homes | Commuters to Wilmington and Dover |
| Milford and Harrington | Older singles and small multi-unit | Long-term local tenants |
Instead of testing each property on its own, a blanket loan adds up the rent from every property and divides it by the combined payment: principal and interest on the one loan, plus every property's taxes, insurance and HOA dues. Strong properties can carry a weaker one, as long as the total clears the program minimum.
That helps Dover owners with a mix of older, lower-rent homes and newer homes near the base. A house that would come in tight alone can ride along in a portfolio that clears 1.0x as a whole.
Use current Kent County tax bills for every property. The county's recent reassessment changed many values, and a portfolio schedule built on old bills can overstate the ratio. Military tenants on PCS orders can turn over on short notice, so lenders also look at how quickly homes near the base re-lease.
This example is illustrative and not a quote. An investor owns six single-family rentals in Dover, Camden and Smyrna with a combined appraised value of $1,560,000. Each rents for about $1,850, or $11,100 a month in total. Combined Kent County taxes are $1,250 a month and insurance is $900.
A blanket refinance at 70% of value is $1,092,000. Estimated principal and interest on a 30-year term is about $7,449. Adding taxes and insurance, the total payment is about $9,599, and the portfolio DSCR is about 1.16x.
The investor replaces six bank loans, several with balloon dates in the next few years, with one long-term payment.
| Item | Portfolio |
|---|---|
| Properties | 6 single-family homes |
| Combined value | $1,560,000 |
| Loan at 70% | $1,092,000 |
| Estimated principal and interest | $7,449 |
| Taxes and insurance | $2,150 |
| Total payment | $9,599 |
| Combined rent | $11,100 |
| Portfolio DSCR | About 1.16x |
Every blanket loan should spell out how a property comes off the loan. When you sell one, you pay down the loan by a release price, usually the amount allocated to that property plus an added percentage that varies by program. The remaining properties stay on the loan, and the rest of the portfolio must still meet the ratio after the release.
Plan releases before you close. If you expect to sell a downtown duplex in a few years, ask how its release price will be set and how the remaining payment will change. Our release clause guide walks through the details.
Delaware's realty transfer tax is high, commonly about 4% of the price combined and often split between buyer and seller. It applies to each property in a purchase, so buying a package of rentals adds up fast. On a refinance, title does not transfer, so the tax generally does not apply.
Closings in Delaware are usually handled by an attorney. On a blanket loan, expect an appraisal on each property, title work on each parcel and one set of loan documents. Ask your attorney for a combined estimate.
Properties inside Dover city limits need rental licenses and are subject to inspections. Before applying, confirm that every in-city unit is licensed and that unit counts match city records, since an unlicensed unit may not count toward rent. Properties in Camden, Wyoming, Smyrna and unincorporated Kent County follow their own rules.
Inside city limits, the City of Dover runs its own electric utility. Check for unpaid utility balances on each in-city property during title work, so they do not surface at closing.
A blanket loan means one appraisal order, one closing and one payment, with portfolio pricing. Separate DSCR loans keep each property independent, which can make sales simpler and lets each property carry its own leverage.
Dover investors who plan to hold most of their homes for years and sell only occasionally usually prefer the blanket. Investors who expect to sell frequently, or whose properties vary widely in condition, may prefer separate loans. Our comparison guide lays out the tradeoffs.
Our investor loans are business-purpose loans on non-owner-occupied property. Send a schedule of properties with addresses, rents, current loan balances, taxes and insurance, plus whether you want cash out or only a payoff. LendingStreet will run the portfolio ratio and show you options. Call (877) 298-1001 or use the form below.
Five or more, each with 1 to 8 units. They can be a mix of single-family homes, duplexes and small multi-unit buildings.
Generally no, because title does not transfer in a refinance. On a purchase of several properties, the tax applies to each one.
The ratio is tested on the whole portfolio, so stronger properties can offset a weaker one as long as the total clears the program minimum.
Yes. Release provisions let you pay down the loan by a set release price for that property, and the rest of the portfolio stays in place.
Yes. Cash-out goes up to 75% LTV on standard programs, often lower on large balances, and the portfolio must clear the ratio at the new payment.
On some programs, yes. See our multi-state portfolio page for how properties in more than one state are combined.
Yes. Properties inside Dover city limits should hold current rental licenses, and unit counts should match city records before you apply.
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