Miami-Dade portfolios are expensive to hold. Insurance, property taxes reset at purchase and condo or HOA costs have all climbed, and an investor with six rentals may be juggling six loans, six insurance renewals and six different maturity dates on top of that.
In short: LendingStreet's blanket portfolio loans let Miami investors combine 5 or more rentals, each with 1 to 8 units, under 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. In Miami, expect leverage to be set by insurance and taxes as much as by rent.
Many Miami investors started with duplexes and small multi-unit buildings, which are common in Hialeah, Little Havana, Shenandoah, Allapattah, Little River and parts of Westchester. Others hold single-family homes in North Miami, Miami Gardens, Kendall, Cutler Bay and Homestead, where prices are lower than near the coast and tenants are often families.
Condos are part of many portfolios too, but they bring HOA dues, rental restrictions and, in older buildings, assessments tied to Florida's post-Surfside inspection and reserve requirements. Lenders review each condo's association as part of the file.
Rent levels vary as much as prices. A Hialeah duplex and a Homestead single-family home rent to very different tenants than a Little Havana fourplex near Brickell, and each has its own vacancy pattern. A portfolio spread across these submarkets can be steadier than one concentrated in a single neighborhood.
A blanket compares total rent to the total payment for every property. Small multi-unit buildings in Little Havana or Allapattah often carry the strongest rent relative to cost, while single-family homes in North Miami or Miami Gardens can run thinner once insurance and a reset tax bill are added. Inside a blanket, the stronger buildings support the weaker homes.
One payment and one renewal schedule also reduce the work of managing several loans, and portfolio pricing can be better than a set of small separate loans.
Lenders still review each property's condition, leases and market rent, and each building's insurance. A blanket does not hide a property with an unpermitted unit or an open code case, so clean those up before you apply.
This example is illustrative and not a quote. An investor refinances six rentals worth $4,140,000 combined, with total rent of $30,700 a month. Property taxes, at non-homestead levels, are about $6,810 a month and insurance is about $3,670.
At 75% of combined value the blanket loan is $3,105,000, estimated principal and interest is about $21,711 and the total payment is about $32,191, for portfolio DSCR of about 0.95x, below the 1.0x standard minimum. At 65% the loan is $2,691,000, the payment is about $29,296 and DSCR is about 1.05x.
At 65%, insurance and taxes together are more than a third of the payment. That is typical in Miami, and it is why many Miami blankets are sized below the maximum leverage.
| Property | Value | Monthly rent | Monthly taxes | Monthly insurance |
|---|---|---|---|---|
| Hialeah duplex | $640,000 | $4,600 | $1,050 | $550 |
| Little Havana fourplex | $1,100,000 | $9,000 | $1,800 | $950 |
| Allapattah triplex | $820,000 | $6,600 | $1,350 | $800 |
| North Miami single-family | $600,000 | $3,900 | $990 | $500 |
| Miami Gardens single-family | $520,000 | $3,500 | $860 | $450 |
| Homestead single-family | $460,000 | $3,100 | $760 | $420 |
| Total | $4,140,000 | $30,700 | $6,810 | $3,670 |
Florida's homestead exemption and Save Our Homes cap apply only to a primary residence. When an investor buys a home from an owner-occupant, the property is reassessed and the bill can jump. Non-homestead properties get a separate cap of 10% a year on assessment increases for non-school taxes, but that cap resets when the property sells.
For a blanket, use each property's actual current bill. If any were bought recently from owner-occupants, make sure the bill reflects the reassessed value.
Windstorm coverage, flood insurance in mapped zones and roof age are the biggest insurance issues in Miami-Dade. Many owners have seen premiums rise sharply, and some carriers have left the state, leaving Citizens Property Insurance as the option for some properties. Updated roofs, impact windows and shutters can help.
Get current declarations for every property before you apply. A single property with an expensive policy can change portfolio DSCR noticeably.
Hurricane season also means a portfolio faces correlated risk: one storm can affect every property at once. Keep reserves for deductibles across several buildings, since wind deductibles in Florida are often a percentage of the insured value rather than a flat dollar amount.
Release provisions let you sell one property without refinancing the rest. The loan documents set how much of the sale goes to pay down the loan, and the remaining properties must support what is left. Release terms vary by program.
Miami-Dade's documentary stamp tax on deeds, including a surtax that applies to many properties other than single-family homes, is a cost of selling. Factor it into any plan to sell properties out of the portfolio.
Miami-Dade has many homes with added efficiencies or converted garages, especially in Hialeah and older neighborhoods. Lenders count only legal units and rent. An unpermitted efficiency may not count, and code enforcement can become an issue at sale. Confirm legal unit counts for every property in the portfolio.
Each property must be a 1 to 8 unit investment property. LLC borrowers are standard, and properties in more than one state can be combined on some programs.
Send your portfolio schedule through the form below or call (877) 298-1001. We will calculate portfolio DSCR at a few loan amounts and compare it with your current loans. Include the latest insurance declarations for each property, since in Miami they often decide the loan amount.
Five or more investment properties, each with 1 to 8 units.
Yes, if each property is a 1 to 8 unit investment property. Condos also need an association review.
Insurance and reset property taxes take a large share of rent, so portfolios often qualify at lower leverage than in other markets.
Total monthly rent divided by the total monthly payment, including principal, interest, taxes, insurance and any HOA dues.
The release provisions set how much of the sale pays down the loan. The rest of the portfolio stays in place.
Usually not. Lenders count legal units only.
On some programs, yes. Multi-state portfolios are possible.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
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