New York portfolios range from Buffalo and Rochester two-family homes to Albany rowhouses, Hudson Valley rentals and small buildings in the five boroughs. Investors with five or more rentals can bring them under one blanket loan.
In short: Yes, LendingStreet finances blanket portfolio loans in New York for investors with five or more rental properties, each with 1 to 8 units, under one loan qualified on the portfolio's combined rent. In New York, mortgage recording tax, rent stabilization in some 6-8 unit buildings and the state's tenant protection laws are the items to understand before you assemble a package.
A blanket portfolio loan puts five or more investment properties, each with 1 to 8 units, under one mortgage. Instead of separate notes, escrow accounts and due dates, you have one closing, one payment and one set of loan documents. Pricing is set for the whole portfolio.
Underwriting looks at the portfolio's combined cash flow: total rent against total principal, interest, taxes, insurance and any HOA dues. A weaker property can be carried by stronger ones, as long as the combined ratio clears the program minimum, which is 1.0x on standard programs. Loans start at $150,000 with no stated maximum, and max LTV varies by program and portfolio size.
Upstate cities supply most of the state's affordable rental portfolios. Buffalo is known for its two-family doubles, Rochester and Syracuse have large single-family and two-family stocks, and Albany, Troy and Schenectady have brick rowhouses and small multifamily. These properties often carry strong rent relative to price, along with older systems that need inspection.
The Hudson Valley, from Newburgh and Poughkeepsie to Kingston, has grown as a rental market for commuters and remote workers. In New York City, 1-8 unit properties such as two- and three-family homes in Queens, Brooklyn and the Bronx can fit a blanket loan, while 9+ unit buildings are commercial and handled separately.
This example is illustrative and not a quote. An investor owns three Buffalo two-family doubles, two Rochester single-family homes and a Syracuse two-family. Together the six properties are worth about $1,435,000, rent for $13,450 a month and carry about $3,420 a month in taxes and insurance.
At 70% of combined value, the blanket loan is about $1,004,000. Estimated principal and interest on a 30-year schedule is about $7,020 a month, so the total monthly obligation is about $10,440 and the portfolio DSCR is about 1.29x, above the 1.0x standard minimum. On its own, the Rochester SFR would carry an allocated balance of about $132,934 and a ratio of about 1.18x; inside the blanket, the stronger properties help carry it. Upstate property taxes are a large share of the taxes-and-insurance column, and mortgage recording tax would apply in Erie, Monroe and Onondaga counties based on each county's share of the loan.
| Property | Value | Monthly rent | Taxes + insurance / mo |
|---|---|---|---|
| Buffalo double, West Side | $285,000 | $2,700 | $640 |
| Buffalo double, North Buffalo | $310,000 | $2,850 | $680 |
| Buffalo double, Black Rock | $245,000 | $2,400 | $580 |
| Rochester SFR | $190,000 | $1,650 | $470 |
| Rochester SFR | $175,000 | $1,550 | $450 |
| Syracuse two-family | $230,000 | $2,300 | $600 |
| Portfolio total | $1,435,000 | $13,450 | $3,420 |
New York charges a mortgage recording tax on new mortgages, and the rate is higher in New York City and the surrounding commuter counties than upstate. On a blanket loan covering several counties, the tax is generally figured on the portion of the loan allocated to each county. On a refinance, some or all of the tax may be avoided by assigning the existing mortgage, so ask your title company early.
The state also charges a transfer tax on deeds, New York City adds its own, and higher-priced residential purchases carry an additional tax. Property taxes vary widely by town and school district, and many upstate municipalities reassess on irregular schedules. Use current bills for each property.
Selling a rental out of a blanket loan is handled through a partial release. The loan documents assign each property a share of the balance and set a release price, typically above that share, that you pay down when the property sells. The rest of the portfolio stays in place under the same loan.
Plan releases with the remaining portfolio in mind. If you sell the property with the best rent-to-value, the remaining ratio drops, so it helps to model the portfolio after the sale before you list the property.
The 2019 Housing Stability and Tenant Protection Act tightened rules statewide on deposits, late fees and evictions. The 2024 Good Cause Eviction law applies in New York City and in localities that opt in, which has included several upstate cities. In New York City, rent stabilization generally covers buildings with six or more units built before 1974, so a 6-8 unit building may have regulated rents that underwriting will use as is.
Rochester requires a certificate of occupancy for rentals, Buffalo has a rental registry and many other cities require registration or inspections. New York City's short-term rental law requires registration and the host's presence for stays under 30 days, so whole-unit nightly rentals are not a workable plan there.
The case for a blanket loan is simplicity and coverage: one payment, one set of documents, and a combined ratio that lets a lower-performing house ride along with stronger ones. It suits investors who want to stop managing a dozen separate loans.
The case for individual loans is flexibility. Each property can be sold or refinanced on its own without a release price, and a problem with one loan does not touch the others. If you expect to sell several properties in the next few years, keep them out of the blanket.
A complete package keeps the appraisals and underwriting moving. Call (877) 298-1001 or use the form below to get a quote on your New York portfolio.
Yes. LendingStreet finances blanket portfolio loans on non-owner-occupied investment property in New York, from $150,000 with no stated maximum. Our investor loans are business-purpose loans on non-owner-occupied property.
Generally yes, figured on the share of the loan allocated to each county. On a refinance, assigning the existing mortgage may reduce it. Confirm with your title company.
A 6-8 unit building can be included, but regulated rents are underwritten as they are, not at market. Know each unit's status before you apply.
Five or more investment properties of 1 to 8 units each. Properties with 9 or more units are commercial and go through a different program.
Total monthly rent divided by the total monthly payment, including principal, interest, taxes, insurance and HOA dues. Standard programs want 1.0x or better.
Yes. LLC borrowers are standard. If properties sit in several LLCs, ask how the program handles multiple entities.
No stated maximum. Loans start at $150,000, and larger portfolios get more review and may have a lower max LTV.
Yes. One- to eight-unit properties in the five boroughs can fit, subject to the same coverage test. Buildings with 9+ units are commercial.
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