Palm Bay has been one of Florida's busiest places for new single-family construction, and many investors have bought newly built homes on its scattered lots alongside older block homes in Port Malabar. A blanket loan can bring those homes, plus rentals in Melbourne and up the coast, under one payment.
In short: LendingStreet offers blanket portfolio loans that combine five or more Palm Bay and Brevard County rentals, each 1 to 8 units, into one loan with one closing and one payment. The loan qualifies on total rent against the total payment for all properties, uses portfolio pricing and includes release provisions so you can sell individual homes. No W-2s or tax returns are needed, and LLC borrowers are standard.
Palm Bay was largely platted decades ago as the Port Malabar development, with thousands of residential lots laid out ahead of demand. Builders have filled many of those lots in recent years with three- and four-bedroom concrete block homes, and investors have bought them one or several at a time. Older 1980s and 1990s block homes in northeast Palm Bay add lower prices.
Beyond Palm Bay, investors add rentals in West Melbourne, Melbourne's Eau Gallie area near Florida Tech, Rockledge and Cocoa near the Port Canaveral corridor, and Titusville near Kennedy Space Center, where the commercial space build-out has supported rental demand.
Tenants include aerospace and defense workers, Patrick Space Force Base personnel, healthcare staff and families priced out of beachside housing.
Newer homes usually come with newer roofs, modern wind-resistant construction and fewer repair questions, which can lower insurance premiums. Mixing them with older, lower-priced homes can balance the portfolio: the new homes carry lower insurance and maintenance, and the older homes bring a lower cost basis.
One thing to watch: newly built homes often show only a land value on the first tax bill. Budget taxes on the full value of the completed home, since that is what the next bill will reflect.
This example is illustrative and not a quote. An investor owns seven rentals worth $2,150,000 combined, renting for $15,250 a month. Taxes on full value without homestead exemptions are about $3,225 a month, insurance about $1,400 and HOA dues on one townhome $240.
At 70% of value, the blanket loan would be $1,505,000 and the total payment about $15,388, for a portfolio DSCR of about 0.99x, just under the 1.0x standard minimum. At 65% of value, the loan is $1,397,500 with estimated principal and interest of about $9,772, a total payment of about $14,637 and DSCR of about 1.04x. At 60%, the payment falls to about $13,885 and DSCR rises to about 1.10x. Florida taxes and insurance are why Space Coast portfolios often settle at lower leverage.
| Property | Value | Monthly rent | HOA |
|---|---|---|---|
| Palm Bay 2019 build | $320,000 | $2,250 | $0 |
| Palm Bay 2021 build | $335,000 | $2,350 | $0 |
| Palm Bay 1980s block home | $285,000 | $2,050 | $0 |
| West Melbourne townhome | $295,000 | $2,100 | $240 |
| Melbourne Eau Gallie home | $340,000 | $2,350 | $0 |
| Rockledge home | $310,000 | $2,200 | $0 |
| Titusville home | $265,000 | $1,950 | $0 |
| Portfolio total | $2,150,000 | $15,250 | $240 |
| Payment at 70% / DSCR | $15,388 | 0.99x | |
| Payment at 65% / DSCR | $14,637 | 1.04x | |
| Payment at 60% / DSCR | $13,885 | 1.10x |
A release provision lets you sell one property and pay down a set release amount, usually more than that home's share of the loan, while the rest stays financed. The remaining portfolio must still meet the program's DSCR and leverage requirements after the sale.
Investors who bought new homes in Palm Bay sometimes plan to sell a few to owner-occupants after values rise. Ask how release amounts are calculated before you close so those sales fit your plan.
Hurricane wind coverage is the main insurance cost in Brevard County. Insurers look at roof age, wind mitigation features and construction type. Most Palm Bay homes are concrete block, and a wind mitigation inspection on each property can lower premiums.
Some areas near Turkey Creek, the lagoon, the St. Johns River marshes and low-lying parts of Titusville and Cocoa are in flood zones. Check the flood map for every address.
Many Palm Bay homes rely on septic systems, and some areas use private wells. Lenders review property condition, and a failing septic system can affect value and rentability. Keep records of inspections and pumping for each property in the portfolio.
Brevard County has also put more focus on septic systems because of water quality in the Indian River Lagoon. Rules and incentives for upgrades can change, so check with the county for properties near the lagoon.
Investors do not receive the homestead exemption. Non-homestead property has a 10% annual cap on assessed value increases for non-school taxes, which resets on sale, so homes you have owned longer may carry lower assessed values than recent purchases.
Florida charges documentary stamp tax on new notes and an intangible tax on new mortgages, which apply to a blanket refinance, and deed stamps when you buy new properties for the portfolio.
Much of Palm Bay's older housing has no HOA, which keeps carrying costs down and leasing rules simple. Newer master-planned communities in Palm Bay, West Melbourne and Viera often do have associations, and some limit the number of rentals, require tenant registration or set minimum lease terms. HOA dues count in the portfolio payment.
Review each association's rules before you add a home to the package. A rental cap reached after you buy can make it hard to re-lease a home or sell it to another investor later.
A blanket loan works well when you want one payment and one maturity, or want to pull cash out across the whole portfolio. Individual DSCR loans can make more sense if you plan to sell several homes soon. Our comparison guide covers both, and some programs allow a multi-state portfolio if you also own rentals outside Florida.
To start, send a list of addresses, values, rents, roof ages, flood zones and loan balances with the form below, or call (877) 298-1001.
Five or more investment properties, each with 1 to 8 units.
Yes. Mixing newer and older homes is common and can balance insurance and maintenance costs across the portfolio.
New homes often show only land value on the first bill. Once the completed home is assessed, taxes reflect its full value. Budget on that figure.
Yes. Properties across Brevard County can be combined, and some programs allow properties in other states.
It lets you remove a property from the loan when you sell it by paying a set release amount. Terms vary by program.
Yes, on some programs. Cash-out goes up to 75% LTV and often lower on larger balances, and the portfolio must still meet the DSCR requirement.
No. Blanket DSCR loans qualify on the properties' rent.
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