Morgantown landlords often own a cluster of student houses within a few blocks of campus, each bought at a different time with a different loan. A blanket loan turns that cluster into one balance sheet line and one August-to-July cash flow.
In short: LendingStreet offers blanket portfolio loans that combine five or more Morgantown-area investment properties, each with 1 to 8 units, under one loan with one closing and one payment. The loan qualifies on the combined cash flow of the portfolio, and release provisions let you sell individual properties. It fits investors who hold student houses, duplexes and small multi-unit buildings near WVU, in Westover and in the surrounding towns.
Many Morgantown portfolios started with one house in Sunnyside or South Park rented by the bedroom to WVU students, then grew one property at a time. Others focus on workforce and medical tenants in Westover, Star City, Granville and the Evansdale side of town near the WVU Medicine campus.
Over time, owners end up with separate loans, some balloons from local banks, and some properties owned free and clear. A blanket loan can refinance them together, pull out equity, or replace maturing local bank loans with one long-term loan.
Sunnyside, directly next to the downtown campus, has the densest student housing, much of it older homes converted to multiple bedrooms or units. South Park, Woodburn, Greenmont and First Ward have student and young-professional rentals on steep streets near downtown. Wiles Hill and Suncrest serve students, staff and medical workers near Evansdale.
Westover and Star City, across the river and up the road, offer lower prices with easy access to campus. Granville and Cheat Lake add newer homes for families and medical professionals.
| Property | Area | Tax location | Value | Monthly rent |
|---|---|---|---|---|
| Student house, 4 bedrooms | South Park | City (Class IV) | $260,000 | $2,200 |
| Student house, 4 bedrooms | Sunnyside | City (Class IV) | $255,000 | $2,200 |
| Student house, 4 bedrooms | Woodburn | City (Class IV) | $265,000 | $2,200 |
| Duplex | Westover | Westover (Class IV) | $280,000 | $2,000 |
| Duplex | First Ward | City (Class IV) | $280,000 | $2,000 |
| Fourplex | Brookhaven area | Outside towns (Class III) | $420,000 | $3,600 |
| Total | $1,760,000 | $14,200 |
This example is illustrative and not a quote. An investor owns three four-bedroom student houses, two duplexes and a fourplex, valued at $1,760,000 with combined rent of $14,200 a month. Five of the six sit inside municipal limits and are taxed as Class IV; the fourplex sits outside town limits and is taxed as Class III.
At 75% of combined value, the blanket loan is $1,320,000. Estimated principal and interest is about $9,005. Combined taxes are about $2,290 a month and insurance about $900, for a total payment of about $12,195. Portfolio DSCR is about 1.16x.
Student rentals in Morgantown usually lease on an annual cycle that starts in late summer, often by the bedroom, with parents frequently co-signing. Lenders look at the leases in place and market rent. A portfolio with most leases signed for the coming school year looks stronger than one with several houses still unleased in July.
WVU's enrollment and program changes in recent years are a reminder that student demand can shift. Mixing student houses with workforce and medical rentals in Westover or near Evansdale can make a portfolio more resilient.
Each property in the blanket carries an allocated share of the loan. When you sell one, you pay its release price, set in the loan documents and often above the allocated amount, and the rest of the portfolio stays financed. Release terms vary by program.
Morgantown student houses often sell to other investors in spring, before leasing season. If you plan to sell one, ask how the release price is set and confirm the remaining properties will still meet the ratio.
West Virginia assesses property at a 60% assessment ratio and taxes it by class. Rentals inside Morgantown, Westover, Star City or Granville are Class IV, and rentals outside municipal limits are Class III, both higher than the Class II rate for an owner's home. Use each property's actual class when you build the portfolio numbers.
West Virginia charges a deed transfer excise tax at the state and county level when property sells. Your title company or closing attorney can estimate it.
Morgantown's housing code generally requires rental units to be registered and inspected, and older student houses get attention for smoke detectors, egress, wiring and occupancy limits. Keep each property's registration current, since open violations can complicate both insurance and lending.
Steep lots, retaining walls and older roofs are common in South Park and Sunnyside. Budget for them across the portfolio.
A blanket suits Morgantown investors who plan to hold a cluster of rentals and want one payment and portfolio pricing. Separate DSCR loans can be better if you sell properties often or want each house sized on its own. Our comparison guide walks through both.
One local consideration: student portfolios have a single, shared leasing season. If several houses are unleased in late summer, every one of them is short at the same time. A blanket loan sized on the whole group can absorb a vacancy or two, but reserves still need to cover a slow August. Investors who mix student and workforce rentals spread that risk across two different calendars.
It also helps to think about what you might sell. If one house sits on a lot a developer might want, or is a likely candidate for a sale to another landlord, ask how its release price would be set before you put it in the blanket.
Our investor loans are business-purpose loans on non-owner-occupied property. Send a property schedule with addresses, units, values, rents and loan balances through the form below, or call (877) 298-1001.
Five or more investment properties, each with 1 to 8 units.
Yes, as 1-8 unit properties. Bring signed leases, and note how they are structured.
Yes. Properties across Monongalia County and beyond can be combined, and some programs allow properties in more than one state.
Rentals inside municipal limits are Class IV and outside are Class III, both taxed more than an owner's home. Use each property's actual class.
You pay its release price from the sale, and the rest of the portfolio stays under the same loan.
Yes, subject to the portfolio's combined value and cash flow.
No. Blanket loans qualify on the properties' cash flow, with a 620 minimum credit score.
Yes. Consolidating several maturing bank loans into one long-term blanket loan is a common reason Morgantown investors refinance.
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