In Genesee County, a solid three-bedroom rental can sell for less than a used pickup truck in some neighborhoods, and well under $200,000 in most suburbs. That makes it easy to own many properties and hard to finance them one at a time, because individual loans on low-priced homes run into minimum loan sizes fast.
In short: LendingStreet's blanket portfolio loan puts five or more Flint-area rentals, each with 1 to 8 units, under one DSCR loan with one closing, one payment and portfolio pricing. Individual homes do not need to meet the $150,000 minimum on their own, because the portfolio is financed together and qualifies on its combined rent. Release provisions let you sell a property without refinancing the rest, and LLC borrowers are standard.
Burton, Flint Township and Swartz Creek have large numbers of 1950s and 1960s ranch homes and bungalows that rent to workers at the plant, the hospitals and local businesses. Grand Blanc, Davison and Fenton have newer homes and higher rents. Inside the city, College Cultural, Mott Park and the neighborhoods near downtown and the universities have older homes and two-family flats. Mt. Morris, Clio and Flushing to the north round out many portfolios.
Prices across these areas vary widely, and so do tax bills, so a Flint portfolio is rarely uniform. That is exactly where a blanket loan helps.
Our DSCR loans start at $150,000. A $135,000 house financed by itself at 75% LTV would need a loan of about $101,000, below that minimum. Financed together with eight other homes, it becomes part of a loan well above the minimum. That is the main reason Flint investors move to portfolio financing: it lets them use long-term debt on properties that are too inexpensive to finance individually.
The second reason is simplicity. One payment, one escrow account, one closing and one maturity replace a stack of small loans or cash purchases.
This example is illustrative and not a quote. An investor refinances nine homes bought with cash over several years: four Burton ranches worth $140,000 each, three Flint Township homes worth $135,000 each and two Grand Blanc homes worth $230,000 each. The portfolio is worth $1,425,000 and rents for $12,800 a month.
At 70% of value the blanket loan is $997,000. Estimated principal and interest is about $6,801. Property taxes at non-homestead rates are budgeted at about $3,444 a month and insurance at $1,000, for a total payment of about $11,245. The portfolio DSCR is about 1.14x. Taxes are the second-largest line in the payment, which is typical in Michigan.
| Property | Count | Value each | Monthly rent each |
|---|---|---|---|
| Burton ranch homes | 4 | $140,000 | $1,350 |
| Flint Township homes | 3 | $135,000 | $1,300 |
| Grand Blanc homes | 2 | $230,000 | $1,750 |
| Portfolio total | 9 | $1,425,000 | $12,800 |
Michigan caps the growth of a property's taxable value while one owner holds it, then uncaps it after a sale. Rentals pay the extra school operating millage because they do not get the principal residence exemption. For a portfolio, that creates a big difference between refinancing homes you already own and buying homes now.
If you have owned these homes for years, your actual tax bills may be well below what a new buyer would pay; in the example, capped bills might total closer to $2,066 a month. The loan is underwritten on the current bills, so a refinance of long-held homes often shows a stronger ratio than a purchase of the same homes. Moving properties into a new LLC can also count as a transfer that uncaps value, so ask a Michigan tax advisor before you retitle.
Properties inside the City of Flint need to meet the city's rental registration and inspection requirements. Keep current registration for each city property ready for underwriting. For older homes, confirm the status of the water service line under the city's replacement program, and expect the appraiser to note roof, furnace and foundation condition.
Some very low-value city properties may not support much loan amount on their own. They can still be included, but their value and rent determine how much they add.
When you sell a property, its release price comes out of the sale proceeds and the home comes off the lien. The release price is set in the loan documents and is often above that property's allocated amount, which protects the remaining portfolio. Grand Blanc and Davison homes often sell to owner-occupants at good prices, so investors sometimes plan to release those first and keep the higher-yielding Burton and Flint Township rentals.
Insurers look closely at older homes: roof age, electrical panels, plumbing, and basements that take on water in heavy rain. A portfolio with several older roofs can carry a high combined premium. Gather current policies and recent inspection notes for each property, and consider replacing the worst roofs before you refinance. A newer roof can lower the premium and raise the value, which helps the loan amount allocated to that property.
| Area | Typical stock | Underwriting note |
|---|---|---|
| Burton, Flint Township, Swartz Creek | 1950s-60s ranches | Roof, furnace and basement condition |
| Grand Blanc, Davison, Fenton | Newer homes | Higher value, higher tax bill after sale |
| City of Flint | Older homes and two-family flats | Rental registration, service line status |
| Mt. Morris, Clio, Flushing | Mixed older homes | Comparable sales can be thinner |
Blanket loans are usually the better fit for Flint-area investors because so many individual homes are below the per-loan minimum. Separate DSCR loans can still work for higher-value suburban homes you might sell soon. On some programs, properties in other states can join the same blanket loan, which helps investors who own in Detroit-area or Ohio markets too.
Our investor loans are business-purpose loans on non-owner-occupied property. Send your property list with rents, leases, current tax bills and any existing loans through the form below or call (877) 298-1001. We will run the portfolio ratio and suggest a structure. Statewide details are on our Michigan blanket portfolio loans page.
Yes. In a blanket loan, individual homes do not need to meet the $150,000 minimum; the total loan does.
Five or more investment properties, each with 1 to 8 units.
A refinance by itself is not a transfer of ownership. Moving properties into a new entity can be, so get Michigan tax advice before retitling.
The city has a rental registration and inspection program. Have current registration ready for each city property.
You pay its release price from the sale, it comes off the loan and the remaining homes stay financed.
No. The loan qualifies on combined rent, with a 620 minimum credit score.
No. Our investor loans are business-purpose loans on non-owner-occupied property, so every property must be a rental.
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