Philadelphia may be the easiest big city in the country to build a rental portfolio one rowhome at a time. The hard part comes later: eight or twelve rowhomes, eight or twelve loans, rental licenses, lead certificates and tax bills all renewing on different dates. A blanket loan puts the financing side of that under one roof.
In short: LendingStreet's blanket portfolio loans combine five or more investment properties, each 1 to 8 units, into one loan with one closing and one monthly payment. The loan qualifies on the portfolio's combined rent, with no W-2s or tax returns, LLC borrowers standard and a 620 minimum credit score. Release provisions let you sell one rowhome without refinancing the rest, and portfolio pricing applies.
Philadelphia's housing is dominated by rowhomes and twins, many built between the 1880s and the 1950s on nearly identical lots for mill and factory workers. That uniformity makes portfolios easy to understand: similar sizes, similar rents and similar costs on each block. It also means investors often own several homes within a few blocks of each other.
Financing them one by one adds a closing, a title policy, a payment and a lender relationship for every door. A blanket loan replaces that with one note and one payment, and lets the strongest homes help carry the rest.
In North and Northeast Philadelphia, investors commonly hold rowhomes in Kensington, Port Richmond, Frankford, Mayfair, Tacony, Oxford Circle, Olney and Juniata, where prices are moderate and tenant demand is steady. In West and Southwest Philadelphia, Kingsessing, Cobbs Creek, Overbrook and Southwest's blocks near the airport are common. Germantown and parts of Northwest Philadelphia add larger twins and older homes split into two or three units.
Higher-priced areas like Fishtown, Graduate Hospital and Passyunk Square also appear in portfolios, usually as newer construction or renovated homes with higher rents and higher values.
This example is illustrative and not a quote. An investor owns seven rowhomes and one Germantown duplex, valued at $1,780,000 combined, with total rent of $13,550 a month. At 70% LTV the blanket loan is $1,246,000.
Estimated principal and interest on a 30-year loan is about $8,670. Real estate taxes across the eight properties total $2,076 a month, and insurance totals $1,050, for a total payment of about $11,796. Portfolio DSCR is about 1.15x.
Insurance on Philadelphia rowhomes reflects older roofs, shared party walls and older plumbing and wiring, so get a quote for every address rather than estimating.
| Property | Value | Monthly rent | Monthly taxes |
|---|---|---|---|
| Kensington rowhome | $215,000 | $1,650 | $250 |
| Frankford rowhome | $185,000 | $1,450 | $216 |
| Mayfair rowhome | $245,000 | $1,700 | $286 |
| Olney rowhome | $195,000 | $1,500 | $228 |
| Kingsessing rowhome | $175,000 | $1,400 | $204 |
| Cobbs Creek twin | $210,000 | $1,600 | $245 |
| Germantown duplex | $330,000 | $2,600 | $385 |
| Tacony rowhome | $225,000 | $1,650 | $262 |
| Total | $1,780,000 | $13,550 | $2,076 |
The blanket loan compares total rent with the total monthly payment, including principal and interest, real estate taxes, insurance and any HOA or condo dues. A rowhome with a newer tenant and higher rent can offset one with a long-term tenant paying below market, as long as the group clears the program minimum.
Vacant homes or homes mid-renovation can sometimes be included at market rent, but leased properties make the cleanest file. Sub-1.0 DSCR programs exist for portfolios that fall just short.
Philadelphia requires a rental license for each rental property, issued by the Department of Licenses and Inspections, and the city's lead law requires lead-safe or lead-free certification for many rentals built before 1978. Landlords who lack a valid license or certificate can face problems collecting rent and evicting, which matters to any lender looking at your income.
Before you apply, confirm each property's license is current, lead certificates are on file where required and there are no open L&I violations. One unresolved violation can hold up a portfolio closing. Self-managing landlords with scattered rowhomes often find the blanket application is a good moment to clean up these records across the whole portfolio.
A release clause lets you sell one property and remove it from the blanket lien by paying down an agreed amount, usually its allocated loan balance plus a release premium. Agree on the allocation and premium at closing.
Remember Philadelphia's realty transfer tax when you plan a sale. The combined city and state rate is high, and the split is negotiated in the contract, so it affects your net proceeds and how much you have left after the release payment.
Philadelphia's Office of Property Assessment values properties at market value and has issued citywide reassessments in recent years. A new assessment can raise taxes on several rowhomes in a portfolio at once, especially in neighborhoods where sale prices have climbed. Homestead exemptions belong to owner-occupants and drop off when an investor buys.
Check each property's current and proposed assessment, and use the higher figure when you test portfolio DSCR.
Investors who bought rowhomes years ago, when many Kensington and Frankford homes sold for a fraction of today's prices, often hold significant equity. A blanket cash-out refinance, up to 75% LTV on many programs and often lower on larger portfolios, can pull that equity out for new purchases while replacing several loans with one. Seasoning rules vary by program.
Properties can be in more than one state on some programs, so homes in South Jersey or Delaware County can sit on the same loan.
Send a schedule with each address, unit count, rent, lease dates, value, taxes, insurance and existing loan balance. The financing team will run portfolio DSCR, flag weak properties and propose release terms.
Our investor loans are business-purpose loans on non-owner-occupied property. Call (877) 298-1001 or use the form below to get a quote.
Five or more investment properties, each 1 to 8 units. A duplex or triplex counts as one property.
You should have them. Philadelphia requires a rental license for rentals, and missing licenses or lead certificates can affect your ability to collect rent.
Yes. A release clause sets the paydown needed to remove a property, usually its allocated balance plus a premium agreed at closing.
It changes your tax payment, which affects DSCR on future refinances and your cash flow. Use current assessments when you apply.
Yes. Some programs allow properties in more than one state on the same loan.
Yes, up to 75% LTV on many programs, often lower on larger portfolios. Seasoning rules vary by program.
No. It qualifies on the portfolio's rent. You provide leases, a rent roll, entity documents and bank statements.
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