Nashville rental portfolios have spread outward as prices rose: from Antioch, Madison and Donelson into La Vergne, Smyrna, Murfreesboro and Gallatin. Once you hold five or more of those homes, one loan can be easier to manage than five or ten.
In short: LendingStreet offers blanket portfolio loans that refinance or purchase five or more Nashville area investment properties, each 1 to 8 units, under one DSCR loan qualified on combined portfolio cash flow. There are no W-2s or tax returns, LLC borrowers are standard, and release provisions let you sell one property while the rest stay financed. Portfolio pricing applies, and some programs can include properties in other states.
Inside Davidson County, long-term rental portfolios are concentrated in Antioch, Madison, Donelson, Hermitage, Old Hickory and Bordeaux, where 1950s to 1990s ranch homes and newer subdivisions rent to working families. Inglewood, the Nations and parts of North Nashville were investor favorites earlier and now hold many renovated homes and new two-unit builds.
Outside the county, La Vergne and Smyrna sit along Interstate 24 near large distribution and manufacturing employers, Murfreesboro adds Middle Tennessee State University demand, and Gallatin, Hendersonville, Mount Juliet and Lebanon have grown with new subdivisions. Clarksville, near Fort Campbell, is a separate rental market that some Nashville investors add to their holdings.
A blanket loan can cover properties in different counties under one note. That matters here because many investors started inside the county and then bought their later homes farther out as prices rose. Instead of carrying loans from several different eras with different terms and maturities, the whole group can be refinanced together and paid through one monthly payment and one escrow account.
Nashville has a local quirk. Many new two-unit builds on R-zoned lots were set up as horizontal property regimes (HPRs), which legally split the lot into two condominium units with their own deeds, often two detached tall-and-skinny homes. Each half can be bought, sold and financed on its own.
For a blanket loan, each HPR unit is generally treated as its own property with its own value and rent. If you own both halves, they may count as two properties toward the five-property minimum, depending on the program. Have the HPR master deed and any shared-maintenance agreement ready.
This example is illustrative and not a quote. An investor owns seven properties in Davidson and Rutherford counties worth a combined $2,700,000, leased for $16,950 a month.
At 65% of value, the blanket loan is $1,755,000, with estimated principal and interest of about $12,271. Taxes total $1,600, insurance $1,050 and HOA dues $150, for a monthly payment of about $15,071. Portfolio DSCR is about 1.12x.
At a higher 70% leverage, the ratio fell close to 1.0x, so the investor kept the loan at 65%. If the Donelson home is later sold, its allocated loan amount is $276,250. Assuming a release price of 115% of the allocated amount for illustration, about $317,688 of the proceeds would go to the loan.
| Property | Value | Monthly rent |
|---|---|---|
| Antioch home | $365,000 | $2,300 |
| Madison home | $380,000 | $2,350 |
| Donelson home | $425,000 | $2,500 |
| La Vergne townhome | $310,000 | $1,950 |
| Smyrna home | $360,000 | $2,250 |
| Murfreesboro home | $390,000 | $2,400 |
| Bordeaux duplex | $470,000 | $3,200 |
| Total | $2,700,000 | $16,950 |
The blanket is qualified on the whole group, which changes how weaker properties are treated.
| Question | Blanket loan | Separate DSCR loans |
|---|---|---|
| What must clear 1.0x? | The combined portfolio | Each property |
| HOA-heavy townhome | Offset by stronger homes | May need lower leverage |
| Number of closings | One | One per property |
| Selling one home | Release price paid at sale | That loan paid off |
| Mixed counties | Allowed under one loan | Separate files |
Nashville investors often sell individual homes when a neighborhood turns and keep the rest. A release provision lets that happen without refinancing the portfolio. The release price is set in the loan documents, usually based on the property's allocated loan amount, and the remaining properties may need to still clear a minimum ratio after the release.
If you expect to sell several homes over the next few years, say so up front. It affects how the loan is structured. Our release clause guide shows the math in more detail.
Think about which homes are most likely to be sold. Close-in properties in Inglewood or the Nations may have appreciated faster than suburban homes in La Vergne, and selling them first can leave the remaining group with lower rents relative to the loan. Running the ratio on the portfolio after each likely sale avoids surprises.
Tennessee assesses residential property at a 25% assessment ratio, and each county sets its own tax rate and reappraisal schedule. Davidson County's combined rate depends on whether a parcel is in the Urban Services District or the General Services District, so two similar homes can have different bills. Use the actual bill for each property.
State law prevents cities and counties from adopting rent control, and Davidson County follows the Uniform Residential Landlord and Tenant Act. Even so, run the portfolio on rents you have actually signed, not on hoped-for increases.
We can review the portfolio faster with these items.
Owners who bought in Antioch or Madison before prices climbed may have significant equity. A blanket cash-out refinance can pull some of it out across the group, within the program's cash-out leverage limit and the portfolio ratio. Cash-out seasoning varies by program.
Some investors keep a blanket on stabilized rentals and use separate DSCR or bridge loans for new purchases, then add them at the next portfolio refinance. Others use the cash-out proceeds as down payments on new homes in growing suburbs like Gallatin, Lebanon or Spring Hill. Either way, keep enough reserves for the whole group, since one loan means one payment due every month regardless of a vacancy.
Our investor loans are business-purpose loans on non-owner-occupied property. Send your schedule through the form below or call (877) 298-1001, and we will run portfolio DSCR and the effect of a release. For properties elsewhere in the state, see our Tennessee blanket loan page.
At least five investment properties, each 1 to 8 units.
Yes. Properties in different counties can go on one blanket loan, and some programs include other states.
Often, since each has its own deed. It depends on the program, so send the HPR documents.
No. The loan is qualified on the combined cash flow of the portfolio.
You pay the release price set in the loan documents and that home comes off the lien.
The Urban Services District and General Services District carry different combined rates.
Yes, within cash-out leverage limits and as long as the portfolio still clears the minimum ratio.
No. The loan qualifies on the portfolio's rental income.
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