Many Maui rental portfolios were built over decades: a family house in Wailuku kept after a move, a Kahului home bought in the 1990s, an ohana rented to a nurse at Maui Memorial. These owners usually have large equity and modest debt, which shapes how a blanket loan works on the island.
In short: LendingStreet's blanket portfolio loans combine five or more Maui investment properties, each 1 to 8 units, into one loan with one closing and one payment. The loan qualifies on the portfolio's combined rent, release provisions let you sell one property without refinancing the rest, and portfolio pricing applies. Because Maui prices are high relative to long-term rents, most island portfolios work at leverage well below the program maximums.
On Maui, five rentals is a large holding. Values for an ordinary single-family home in Kahului or Wailuku commonly run near or above $1 million, so a five-property blanket loan is often a jumbo-size balance even when the homes are modest. Many portfolios also include an ohana or accessory dwelling, which adds a second rent on one lot.
Investors often combine Central Maui homes rented to year-round workers with a property in Kihei or Upcountry. The common thread is long-term tenants: teachers, hospital staff, airport and harbor workers, and families displaced by the 2023 fires.
| Area | Typical rental | What to watch |
|---|---|---|
| Kahului (Dream City, Maui Lani) | Single-family homes | Older roofs in early tracts; HOA rules in newer ones |
| Wailuku and Waikapu | Plantation-era and newer homes | Older wiring and termite history |
| Waiehu and Waihee | Single-family homes | Coastal and flood exposure on some lots |
| Kihei | Homes and long-term condos | Association dues; flood zones near the shore |
| Pukalani and Makawao | Homes with ohana units | Wildfire exposure; catchment or well water on some lots |
The lender adds up the rent from every unit and compares it with the combined payment: principal and interest on the blanket loan plus each property's taxes, insurance and dues. The standard minimum is 1.0x, and sub-1.0 programs exist.
On Maui, the math pushes leverage down. A $1 million home might rent for $4,000 to $5,000 a month, which supports a much smaller loan than the 75% or 80% LTV maximums. Owners who are refinancing a low existing balance or pulling out modest cash tend to fit best.
That is why many Maui blanket loans are refinances rather than purchases. An owner with five paid-down rentals and a modest existing balance can consolidate, pull out some equity and still clear the ratio, while a buyer trying to assemble a new portfolio at today's prices with high leverage usually cannot.
This example is illustrative and not a quote. An owner holds five rentals in Central Maui, Kihei and Pukalani, including a home with an ohana. Combined value is $5,275,000 and combined rent is $24,400 a month. Long-term rental class taxes total $2,350 and insurance $1,500 a month.
At 60% of value, the loan is $3,165,000 and estimated principal and interest is about $21,057, for a total payment of about $24,907 and DSCR about 0.98x, short of 1.0x. At 55% of value, the loan is $2,901,250, principal and interest about $19,302, the total payment about $23,152 and DSCR about 1.05x.
| Area | Property | Value | Monthly rent |
|---|---|---|---|
| Kahului (Dream City) | 3-bed single-family | $950,000 | $4,200 |
| Kahului (Maui Lani) | 4-bed newer home | $1,050,000 | $4,600 |
| Wailuku | 3-bed plantation-era home | $875,000 | $3,900 |
| Kihei | 3-bed home | $1,150,000 | $4,900 |
| Pukalani | Home with ohana unit | $1,250,000 | $6,800 |
| Total | 5 properties, 6 units | $5,275,000 | $24,400 |
Maui County sorts property into tax classes. Homes rented to long-term tenants can qualify for a long-term rental classification with a lower rate than the non-owner-occupied or short-term rental classes, if the owner files on time and meets the county's rules. Missing a filing can move a property into a higher class and raise its bill.
For a blanket loan, that classification matters across every property in the pool. Confirm each home's current class and rate on the county's real property assessment records.
A release clause sets the paydown needed to remove one property from the blanket lien, usually an allocated share of the loan plus a premium. Maui owners sometimes sell a single home to a family member or a local buyer; knowing the release amount in advance makes that simple.
After a release, the remaining properties must still support the remaining balance. With lower leverage, Maui portfolios usually have room.
Insurance has become a larger line since 2023. Upcountry and dry leeward properties face wildfire scrutiny, coastal homes face flood and hurricane exposure, and some carriers have pulled back. Each property in the blanket needs adequate coverage, and the lender will review each policy.
Some Upcountry lots rely on catchment or private wells, and some older homes have cesspools that Hawaii law requires to be converted over time. Note these in your schedule so they do not surprise the appraiser.
Separate loans keep each property independent, which can help if you expect to sell several soon or if one property is unusual, such as a leasehold condo. A blanket loan gives one closing, one payment and portfolio pricing. For long-held Maui portfolios with strong equity, it is often the simpler path. You can also mix in properties on other islands or the mainland on some programs.
Estate and succession planning often drives these decisions on Maui. Families who have held rentals for a generation sometimes move them into an LLC and consolidate the debt before handing management to the next generation. A blanket loan to the LLC, with one payment and one set of loan documents, can make that transition easier to manage. Talk to your own attorney and tax adviser about the entity and transfer questions, and bring the finished structure to us.
If one property is mid-renovation or vacant, it may be better to leave it out of the first blanket and add it at a later refinance once it is leased.
Our investor loans are business-purpose loans on non-owner-occupied property. Send a schedule with each address, value estimate, rent, tax class, insurance and existing loan. The team will run the portfolio ratio and suggest a structure. Call (877) 298-1001 or use the form below, and see our Hawaii blanket loan page for statewide notes.
Five or more investment properties, each with 1 to 8 units. An ohana on the same lot counts as a second unit on that property, not a separate property.
Prices are high relative to long-term rents, so the rent supports a smaller loan. Most island portfolios clear 1.0x well below the program maximums.
Often yes, if it is rented long term and the association allows it. Dues count in the combined payment.
Yes. A lower property tax bill reduces the payment and improves the portfolio ratio. Confirm each property's classification with the county.
Yes. Release provisions let you pay down an agreed amount to remove one property.
On some programs, yes. Multi-state and multi-island portfolios are reviewed case by case.
Yes, up to 75% LTV on DSCR programs, though on Maui the rent usually limits the loan well before that.
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