El Paso homes are inexpensive by Texas standards, which makes the $150,000 minimum loan size a real obstacle for single properties. A blanket loan solves that and more: five or more rentals on one loan, qualified on their combined rent.
In short: LendingStreet offers blanket portfolio loans for El Paso investors with five or more rentals, each 1 to 8 units. The loan qualifies on the combined cash flow of the portfolio, closes once, carries portfolio pricing and includes release provisions for selling a property later. In El Paso, the full property tax bill on every home is usually the biggest factor in how much the portfolio can borrow.
Many El Paso investors hold homes in the Northeast near Fort Bliss, where ranch homes and small plexes lease to military families. The east side and far east side add newer subdivisions with steady family tenants, and Horizon City and Socorro offer lower prices on newer homes. Central neighborhoods such as Kern Place, Sunset Heights and Manhattan Heights hold older brick homes and small multi-unit buildings that rent to students, medical staff and downtown workers.
A blanket loan can mix all of these, from a single-family home off Dyer Street to a central fourplex, as long as each property has 1 to 8 units. Portfolios built over many years often have a few homes with very low balances or none at all; those add equity and cash flow to the combined ratio, which can carry a newer purchase that would be tight alone.
| Area | Typical holdings | Main tenant base |
|---|---|---|
| Northeast | Ranch homes, duplexes, fourplexes | Military families |
| East side and far east side | Newer single-family homes | Families, military |
| Horizon City and Socorro | Newer homes at lower prices | Families, commuters |
| Central and near UTEP | Older brick homes, small plexes | Students, medical staff |
| Westside and Upper Valley | Larger homes | Professionals |
Many El Paso rentals are worth $200,000 to $260,000, so a single cash-out or refinance can fall close to the $150,000 minimum. Combining five or more homes on one loan clears the minimum easily and replaces several small loans with one payment.
Small local bank loans and seller-financed notes are common in older El Paso portfolios. A blanket loan can pay them off together and give the portfolio a single 30-year schedule.
This example is illustrative and not a quote. An investor owns eight single-family homes in the Northeast and on the east side, each worth about $230,000, or $1,840,000 combined. Each rents for $1,750, for $14,000 a month. Taxes with no homestead exemption are about $480 a month per home, $3,840 in total, and insurance is $960.
At 70% of value the loan is $1,288,000. Estimated principal and interest on a 30-year term is about $8,786, the total payment is about $13,586 and the portfolio DSCR is about 1.03x, just above the 1.0x standard minimum.
At 65% the loan is $1,196,000, principal and interest is about $8,159, the payment is about $12,959 and the DSCR rises to about 1.08x. Taxes are more than a quarter of the payment either way.
| Item | 70% of value | 65% of value |
|---|---|---|
| Loan amount | $1,288,000 | $1,196,000 |
| Estimated principal and interest | $8,786 | $8,159 |
| Taxes (8 homes) | $3,840 | $3,840 |
| Insurance | $960 | $960 |
| Total payment | $13,586 | $12,959 |
| Combined rent | $14,000 | $14,000 |
| Portfolio DSCR | About 1.03x | About 1.08x |
The El Paso Central Appraisal District sets values each year, and owners can protest each spring. On a portfolio, a few successful protests can lower the combined tax line enough to support a larger loan. Keep evidence for each property, such as repair needs, recent sales and rent levels, and file on time.
Some newer east side subdivisions also carry municipal utility district or similar taxes. Include them for every property where they apply.
Every property on a blanket loan needs its own insurance, and the combined premium is part of the portfolio payment. Hail and wind storms affect the region, and insurers price older roofs higher or set larger deductibles. A portfolio with several old roofs can see its ratio slip by a meaningful amount.
Before you apply, list each home's roof age, cooling type and any recent upgrades. Replacing the worst roofs before a refinance can lower premiums and help the appraisals. Evaporative coolers are common in older homes and cost less to run, but homes with refrigerated air may rent for more, which shows up in the rent schedule.
A blanket loan sets a release price for each property, usually its allocated loan amount plus an added percentage that varies by program. When you sell, you pay that amount and the home comes off the loan, as long as the remaining portfolio still meets the ratio. Military-town buyers can be active in the Northeast and east side, so plan which homes you might sell and agree on release terms before closing.
Texas has no real estate transfer tax and no mortgage recording tax, and title insurance is priced on a state-set rate schedule. On a blanket refinance, expect an appraisal on each property, title on each parcel and one set of loan documents. Texas cash-out restrictions apply to homesteads, not to investment property.
Some El Paso investors own rentals in Sunland Park, Santa Teresa or Las Cruces, New Mexico. On some programs, properties in more than one state can sit on one blanket loan. Each state's closing rules apply to its properties. See our multi-state portfolio page.
A blanket loan offers one closing, one payment and portfolio pricing, and it solves the small-balance problem. Separate DSCR loans keep each property independent and can suit investors who sell often. Our comparison guide lays out the tradeoffs.
Our investor loans are business-purpose loans on non-owner-occupied property. Send a property schedule with addresses, rents, balances, taxes and insurance. LendingStreet will run the portfolio ratio at a few loan sizes. Call (877) 298-1001 or use the form below. See also our Texas blanket loan page.
Five or more, each with 1 to 8 units.
High Texas property taxes take a large share of each payment, so the rent often limits the loan before the LTV cap does.
Yes. That is one of the main reasons El Paso investors use blanket loans.
No. Texas has no transfer tax or mortgage recording tax.
On some programs, yes. See our multi-state portfolio page.
A lower appraised value lowers the tax line, which improves the portfolio ratio.
Programs differ. Most want the portfolio substantially leased, and vacant homes may be counted at market rent or excluded. Ask before you apply.
Yes, up to 75% LTV on standard programs, often less on large balances, if the portfolio clears the ratio.
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