Manchester's rental owners tend to collect the same kind of building over and over: wood-frame two- and three-families on the West Side and in Center City, bought one at a time over a decade or more. Each came with its own loan, its own payment date and its own renewal headache.
In short: LendingStreet's blanket portfolio loans let Manchester investors combine 5 or more rentals, each with 1 to 8 units, into one loan with one closing and one monthly payment. The loan qualifies on the portfolio's combined cash flow, with portfolio pricing and release provisions for selling individual properties. Loans start at $150,000, the minimum credit score is 620 and no W-2s or tax returns are required.
Manchester's mill history left it with a dense stock of multi-family housing. Triple-deckers and side-by-side two-families line streets on the West Side, around Rimmon Heights and the old French-Canadian parishes, and in Center City between Elm Street and the East Side. Brick multi-family blocks near downtown and the Millyard add buildings with five to eight units.
Investors often round out a city portfolio with single-family homes and duplexes in the North End, Bakersville and Hallsville, and in nearby towns such as Goffstown, Hooksett, Bedford, Londonderry and Auburn. Tenants include hospital staff at Elliot and Catholic Medical Center, SNHU employees and people who commute toward Nashua and the Boston area.
Two- and three-family buildings usually carry strong rent relative to price in Manchester, while North End and suburban single-family homes rent well but cover their payment more narrowly. A blanket loan judges the whole portfolio, so cash flow from the triple-deckers can support a single-family that would struggle on its own.
One loan also means one payment, one set of insurance requirements and one maturity date instead of a scatter of local bank loans with different balloon dates. For an owner trying to grow, that simplicity is worth a lot.
Lenders still review each property: its condition, leases and market rent. A blanket does not make a vacant or neglected building acceptable, but it does let a portfolio qualify on its overall strength rather than its weakest member.
This example is illustrative and not a quote. An investor refinances six rentals worth $2,635,000 combined, with total rent of $21,400 a month, property taxes of about $3,850 a month and insurance of about $1,050.
At 70% of combined value, the blanket loan is $1,844,500. Estimated principal and interest is about $12,897, and the total monthly payment is about $17,797. Portfolio DSCR is about 1.20x.
The two single-family homes would be tighter as separate loans, but the triple-deckers and duplexes carry the portfolio well above the 1.0x standard minimum.
| Property | Value | Monthly rent | Monthly taxes |
|---|---|---|---|
| West Side triple-decker | $480,000 | $4,500 | $700 |
| Center City triple-decker | $455,000 | $4,300 | $665 |
| East Side duplex | $420,000 | $3,550 | $615 |
| North End single-family | $450,000 | $2,900 | $660 |
| Goffstown single-family | $400,000 | $2,700 | $610 |
| Hooksett duplex | $430,000 | $3,450 | $600 |
| Total | $2,635,000 | $21,400 | $3,850 |
Release provisions let you sell one property without refinancing the rest. The loan documents spell out how much of the sale goes to pay down the loan, and the remaining properties need to support what is left. Release terms vary by program.
Keep in mind that New Hampshire charges a real estate transfer tax on both the buyer and the seller, so selling one building out of a blanket has a closing cost on your side as well.
Plan your releases around the portfolio's strength. Selling the West Side triple-decker in the example would remove one of the best cash-flowing properties, and the release amount set in the documents could leave the remaining five with a tighter DSCR. Selling a single-family home would have the opposite effect. Run both scenarios before you list a property.
New Hampshire has no broad income or sales tax, so cities and towns lean on property taxes. Manchester's rate and the rates in Goffstown, Hooksett or Bedford differ, and each municipality must revalue at least every five years. A citywide revaluation can shift taxes between property types, which can change a portfolio's DSCR from one year to the next.
When you send your property schedule, use current tax bills and tell us if a revaluation is underway.
Many Manchester triple-deckers were built around 1900 to 1930. Some still have one boiler for the whole building, and some run on heating oil. If you pay heat, it comes out of your cash flow and should be in your numbers. Insurers will ask about heating type, wiring, roof age and porches.
New Hampshire's lead rules also apply to pre-1978 rentals, which describes most of this housing stock. Keep records of lead work and disclosures for every property.
Winter is the stress test for these buildings. Frozen pipes in porch walls, ice dams and failed boilers in January are routine repair items, and they arrive at the same time across a portfolio. Keep reserves sized for more than one property needing work in the same season.
Separate DSCR loans keep each property independent, which is simpler if you plan to sell often. A blanket gives one payment and lets strong buildings support weaker ones. If you expect to sell one property a year, compare the release terms with the cost of separate loans. Portfolios can include properties in more than one state on some programs, which helps investors who also own in Massachusetts or Maine.
Send your portfolio schedule through the form below or call (877) 298-1001. We will calculate portfolio DSCR and compare it with your current loans. If a blanket is not the better choice for your plans, we will tell you, and we can quote separate DSCR loans instead. Include who pays heat in each building so the cash flow picture is accurate.
Five or more investment properties, each with 1 to 8 units.
Yes. City triple-deckers and homes in Goffstown, Hooksett, Bedford or Londonderry can go under one loan.
Yes. Each property can have up to 8 units. Max leverage can be lower on 5 to 8 unit buildings.
Total monthly rent divided by the total monthly payment, including principal, interest, taxes and insurance for all properties.
The release provisions set how much of the sale pays down the loan. The rest of the portfolio stays in place.
On some programs, yes. Multi-state portfolios are possible.
No. The loan qualifies on the properties' cash flow.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
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