If any city was built for portfolio investors, it is Milwaukee. Its streets are lined with up-and-down duplexes and Polish flats, and many local landlords own five, ten or twenty of them, often bought one at a time with a different loan each time.
In short: LendingStreet's blanket portfolio loans let Milwaukee investors combine 5 or more rentals, each with 1 to 8 units, under one loan with one closing and one payment. The loan qualifies on the portfolio's combined cash flow, with portfolio pricing and release provisions for selling individual properties. It also helps with Milwaukee's lower-priced duplexes, which can fall below our $150,000 minimum as standalone loans but fit easily inside a blanket.
The classic Milwaukee rental is the up-and-down duplex: a lower flat and an upper flat, each with its own entrance and often its own porch. Polish flats, cottages raised to add a garden-level unit, are common on the south side. Investors stack these across Bay View, Riverwest, Washington Heights, Story Hill, Sherman Park, Jackson Park, Layton Park and the near south side.
Just outside the city, West Allis, Cudahy, South Milwaukee, St. Francis and Wauwatosa have similar duplex stock, often with lower tax rates than the city. Tenants include families, hospital and university workers and employees of the region's manufacturers.
Because duplexes dominate, a Milwaukee portfolio of seven properties may hold twelve or more units. More units spread vacancy risk: one empty flat out of twelve hurts less than one empty house out of seven. Lenders look at the rent roll for every unit, so keep leases current and organized.
Our loans start at $150,000. A $190,000 Sherman Park duplex at 75% LTV is a $142,500 loan, just under the minimum, and many north side duplexes sell for less. Inside a blanket, those buildings are simply part of a larger loan. For Milwaukee investors with several lower-priced properties, that is often the deciding factor.
A blanket also replaces several small bank loans with one payment and one maturity, which simplifies bookkeeping and refinancing.
A blanket compares total rent from every unit against the total monthly payment for the whole portfolio, including principal, interest, property taxes and insurance. Lower-priced duplexes on the north side often show strong rent relative to price, while Bay View and Washington Heights duplexes cost more and can run thinner because of higher values and taxes. Inside a blanket, the portfolio qualifies as a whole.
Lenders still review each property's condition, leases and market rent, so vacant or neglected buildings need a plan before they go in.
This example is illustrative and not a quote. An investor refinances five duplexes and two single-family homes worth $1,905,000 combined, with total rent of $16,200 a month. Property taxes are about $3,475 a month and insurance about $1,120.
At 70% of combined value, the blanket loan is $1,333,500. Estimated principal and interest is about $9,324, for a total monthly payment of about $13,919. Portfolio DSCR is about 1.16x.
The Sherman Park duplex would fall below the minimum loan size on its own, and the Jackson Park home would be tighter as a standalone loan. Inside the blanket, the portfolio clears the standard minimum comfortably.
| Property | Value | Monthly rent | Monthly taxes |
|---|---|---|---|
| Bay View duplex | $360,000 | $3,000 | $660 |
| Riverwest duplex | $300,000 | $2,600 | $560 |
| Washington Heights duplex | $290,000 | $2,500 | $545 |
| Sherman Park duplex | $190,000 | $2,000 | $400 |
| Jackson Park single-family | $260,000 | $1,900 | $480 |
| West Allis duplex | $275,000 | $2,450 | $430 |
| Cudahy single-family | $230,000 | $1,750 | $400 |
| Total | $1,905,000 | $16,200 | $3,475 |
Property taxes in the City of Milwaukee are high compared with many cities, and the city assessor updates values frequently. Suburbs such as West Allis and Cudahy set their own rates and assessments. Two similar duplexes on either side of a municipal line can have meaningfully different tax bills.
Use each property's current bill and check for recent reassessments. A rise across several properties in the same year can tighten a portfolio's ratio, so leave room above 1.0x.
Release provisions let you sell one property without refinancing the rest. The loan documents set how much of the sale pays down the loan, and the remaining properties must support what is left. Release terms vary by program.
Wisconsin charges a real estate transfer fee when property changes hands, so selling a duplex out of the blanket has that cost in addition to the release amount. Run the remaining portfolio's numbers before you list. Selling a Bay View duplex that has appreciated removes a strong earner; selling a north side duplex usually affects the ratio less.
Most Milwaukee duplexes were built before 1950, so lead paint is a real issue. The city has an active lead program, and pre-1978 rentals need disclosures. Keep records of lead work for every property.
Winter is hard on these buildings: boilers, frozen pipes, ice dams and porch wear. Check who pays heat in each unit; separate furnaces and meters are common in duplexes, but not universal. Keep reserves sized for more than one repair at a time.
Each property must be a 1 to 8 unit investment property. The minimum credit score is 620, LLC borrowers are standard and no W-2s or tax returns are required. Properties in more than one state can be combined on some programs.
Send your property schedule through the form below or call (877) 298-1001. We will calculate portfolio DSCR and show how a blanket compares with your current loans. If you are still a property or two short of five, we can quote separate DSCR loans now on the buildings that meet the minimum and talk about a blanket later.
Five or more investment properties, each with 1 to 8 units.
Yes. Lower-priced duplexes that would fall below our $150,000 minimum alone can be part of a blanket.
Yes. Milwaukee, West Allis, Cudahy, Wauwatosa and other suburbs can go under one loan.
Total monthly rent divided by the total monthly payment, including principal, interest, taxes and insurance.
The release provisions set how much of the sale pays down the loan. The rest stays in place.
Yes. Each property can have up to 8 units, though max leverage can be lower on 5 to 8 unit buildings.
No. The loan qualifies on the portfolio's cash flow.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
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