Lee County investors who bought steadily over the last decade often own a stack of new-construction duplexes in Lehigh Acres, a few Cape Coral homes and maybe something in North Fort Myers or Fort Myers proper. The rents have grown, but so have insurance premiums, and five separate renewals a year is a lot of paperwork.
In short: LendingStreet's blanket portfolio loan puts five or more Lee County rentals, each with 1 to 8 units, under one DSCR loan with one closing, one payment and portfolio pricing. It qualifies on combined rent, with no W-2s or tax returns, and release provisions let you sell individual properties without refinancing the rest. In this market, insurance often sets the loan amount, so we size the portfolio on realistic wind and flood costs.
Lehigh Acres is the volume market. Its large grid of platted lots has drawn builders who put up single-family homes and side-by-side duplexes for investors, and many portfolios hold several of them. Cape Coral adds single-family homes and duplexes, from older homes in the southeast Cape to newer construction in the north. Fort Myers, North Fort Myers and the Gateway and Estero areas round out portfolios with homes that lease to health care, retail and construction workers.
Tenants include workers at Lee Health, Florida Gulf Coast University, the airport and a large construction and service economy, plus families who relocated to Southwest Florida in recent years.
All of the properties secure one loan with one note, one closing and one monthly payment. Each property is valued and given an allocated share of the loan for releases. Underwriting compares combined rent with the combined payment, which in Lee County includes a significant amount of wind, hazard and often flood insurance.
This example is illustrative and not a quote. An investor refinances four Lehigh Acres duplexes worth $390,000 each and two Cape Coral homes worth $410,000 each. The portfolio is worth $2,380,000 and rents for $16,900 a month. Property taxes are budgeted at about $3,570 a month, and wind, hazard and flood insurance across all six at $2,100.
At 70% of value the loan is $1,666,000, with estimated principal and interest of about $11,365 and a total payment of about $17,035. The portfolio DSCR is about 0.99x, just under the 1.0x standard minimum. At 65%, the loan is $1,547,000, principal and interest is about $10,553, the total is about $16,223 and DSCR is about 1.04x. The investor takes the lower amount, or looks at a sub-1.0 program for the higher one.
| Item | 70% of value | 65% of value |
|---|---|---|
| Loan amount | $1,666,000 | $1,547,000 |
| Estimated principal and interest | $11,365 | $10,553 |
| Taxes | $3,570 | $3,570 |
| Wind, hazard and flood insurance | $2,100 | $2,100 |
| Total monthly payment | $17,035 | $16,223 |
| Combined rent | $16,900 | $16,900 |
| Portfolio DSCR | 0.99x | 1.04x |
In most markets, rent and taxes decide a portfolio loan. In Lee County, insurance does. After Hurricanes Ian, Helene and Milton, premiums for wind, hazard and flood coverage rose across Southwest Florida. Newer homes built to current code, with impact windows and newer roofs, are usually cheaper to insure than older homes.
For a blanket loan, gather a current policy or quote, a wind mitigation report and the flood zone for every property. One older home with a high premium can pull down the whole portfolio, and it may make sense to leave it out.
Shopping one policy for the whole portfolio can help. Some carriers will write several properties together, and a portfolio with mostly newer block homes may price better as a group. Whatever you choose, the coverage has to meet the loan's requirements for wind, hazard and flood, and the premium has to be locked in before closing so the ratio is based on real numbers.
Many Lehigh Acres properties rely on private wells and septic systems rather than city water and sewer. That is normal there, but it can add inspection items and slow an appraisal. Comparable sales are plentiful for newer duplexes and homes, which helps valuations. Some streets in Lehigh are prone to standing water in heavy rain, so check flood zones and drainage.
Rentals do not receive Florida's homestead exemption. Non-homestead property has a cap on annual assessment increases for most non-school levies, but the assessment resets toward market value after a sale. On a refinance of properties you already own, your current bills are used. Florida charges documentary stamp tax and intangible tax on new mortgages, so a large blanket refinance carries meaningful closing costs; budget for them.
| Item | Applies to | Note |
|---|---|---|
| Documentary stamp tax on deed | Purchases | Based on price, usually paid by seller |
| Documentary stamp tax on mortgage | New mortgages, including refinances | Based on loan amount |
| Intangible tax on mortgage | New mortgages | Based on loan amount |
| Homestead exemption | Primary residences only | Not available on rentals |
When you sell a property, its release price comes out of the sale proceeds and the property comes off the lien. The release price is set in the loan documents and is often above the allocated loan amount. Cape Coral homes, especially on canals, often sell well to buyers moving to Florida, so investors sometimes plan to release those first and keep the Lehigh duplexes for cash flow.
A blanket loan fits investors who plan to hold most of their properties and want one payment and portfolio pricing. Individual DSCR loans fit properties you may sell soon, such as a canal home you plan to list. On some programs, properties in other states can join the same blanket loan, useful for investors who also own in their home states up north. If you plan to sell a canal home within a year or two, keeping it out of the blanket loan can make that sale simpler.
Our investor loans are business-purpose loans on non-owner-occupied property. Send the property list with rents, leases, tax bills, insurance policies and flood zones through the form below or call (877) 298-1001. We will run the portfolio ratio at a few loan amounts and suggest a structure. Statewide details are on our Florida blanket portfolio loans page.
Yes. Any mix of Lee County rentals, each with 1 to 8 units, can go into one blanket loan.
Five or more investment properties.
Usually insurance. Wind, hazard and flood premiums in Southwest Florida are high and count in the combined payment.
They are common in Lehigh Acres and usually acceptable, but they add inspection items and can slow the appraisal.
You pay its release price from the sale, it comes off the loan and the rest stay financed.
Yes. Documentary stamp tax and intangible tax apply to new mortgages, including refinances.
No. Our investor loans are business-purpose loans on non-owner-occupied property, so every property must be a rental.
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