A Providence portfolio is often a row of triple-deckers. An investor who started with one in Elmwood or the West End may now own five or six across Providence, Pawtucket and Central Falls, each with its own loan. A blanket loan puts them on one note with one payment.
In short: LendingStreet offers blanket portfolio loans for investors with 5 or more rentals (each 1 to 8 units) in Providence and across Rhode Island. The loan qualifies on combined portfolio rent against the combined payment, closes once and includes release provisions so a property can be sold without refinancing the rest. No W-2s or tax returns are required, LLC borrowers are standard and portfolio pricing applies.
Providence's three-story, three-unit houses were built in large numbers in the late 1800s and early 1900s for mill and factory workers, and whole blocks of them still stand in Elmwood, the West End, Olneyville, Silver Lake, Mount Pleasant, Elmhurst, Wanskuck and South Providence. Pawtucket, Central Falls and parts of Cranston and East Providence have the same stock.
Many of these buildings have changed hands among local investors several times, and it is common to find a single owner holding a cluster of them within a few blocks, which makes management easier. Because each triple-decker produces three rents, a portfolio of five or six can hold 15 to 18 units while still being financed as residential 1 to 8 unit properties. That makes Providence one of the most natural blanket loan markets in New England.
| Neighborhood or city | Typical holdings | Portfolio notes |
|---|---|---|
| Elmwood, South Providence | Triple-deckers, two-families | Strong per-unit cash flow |
| West End, Armory, Olneyville | Triple-deckers | Rising rents, older systems |
| Mount Pleasant, Elmhurst | Two- and three-families | Near Providence College |
| Pawtucket, Central Falls | Triple-deckers | Lower prices, separate city taxes |
| Cranston, Warwick | Single-family, two-families | Lower turnover, suburban tenants |
The loan adds up rent from every unit in the portfolio and divides it by one combined payment: principal and interest on the blanket loan plus each property's taxes, insurance and any dues. The program minimum is generally 1.0x, and sub-1.0 options exist on some programs.
Providence taxes non-owner-occupied residential property at a higher effective rate than owner-occupied homes, which receive a homestead exemption. When you buy from an owner-occupant, the tax bill can rise after the sale. Use investor-level tax figures for every property, not the seller's bill. Pawtucket, Central Falls and Cranston have their own rate structures, so pull each city's current bill rather than applying one figure across the portfolio. Insurance on older wood-frame triple-deckers can also run higher than on newer buildings, especially with older roofs, porches or wiring.
This example is illustrative and not a quote. An investor owns three Providence triple-deckers (in Elmwood, Silver Lake and the West End), a two-family in Mount Pleasant, a triple-decker in Pawtucket and a single-family in Cranston, 17 units in all. Combined rent is $27,600 a month, combined taxes and insurance are $6,500 a month, and the properties are valued at $3,030,000.
At 70% LTV the blanket loan is $2,121,000, with estimated principal and interest of about $15,195. The total payment is about $21,695, and portfolio DSCR is about 1.27x. The Cranston house and the Mount Pleasant two-family produce less rent per dollar of value than the triple-deckers, but on a blanket loan they are carried by the portfolio as a whole.
| Property | Monthly rent | Taxes and insurance |
|---|---|---|
| Elmwood triple-decker | $5,400 | $1,250 |
| Silver Lake triple-decker | $5,100 | $1,200 |
| Mount Pleasant two-family | $3,900 | $1,050 |
| West End triple-decker | $5,700 | $1,300 |
| Pawtucket triple-decker | $4,800 | $1,050 |
| Cranston single-family | $2,700 | $650 |
| Portfolio total | $27,600 | $6,500 |
Each property carries an allocated loan amount set at closing. To sell one, you pay its release price, typically the allocation plus a premium, and that building comes off the loan. The remaining portfolio needs to meet the ratio after the release.
If you plan to sell the Cranston house or trade up from one triple-decker to a larger building, tell us at the start so the allocations match the plan. Our blanket loan release clause guide covers how release prices work.
Releases also help when one building needs a major renovation you would rather do with separate financing. Releasing it from the blanket keeps the rest of the portfolio on stable long-term debt.
Most Providence triple-deckers were built before 1978, and Rhode Island's lead hazard law requires pre-1978 rental units to meet lead-safe standards with a valid certificate. Missing certificates can create problems at refinance and with tenants, so gather them for every unit before you apply.
Providence also has a registration requirement for non-owner-occupied rental properties. Confirm each property is registered and that any open code violations are resolved, since they can surface in title or appraisal review.
Rhode Island municipalities update property values on a regular cycle, with statistical updates between full revaluations, so tax bills can move noticeably in an update year. Providence, Pawtucket, Central Falls and Cranston each set their own rates.
On a sale, Rhode Island's realty conveyance tax is usually paid by the seller. Moving properties between your LLCs before a refinance can raise conveyance tax questions, so check with your attorney first.
Ask each city for the date of its next update so you know which properties may see a higher bill soon.
Triple-deckers bought in Providence years ago at much lower prices often carry substantial equity. A blanket cash-out refinance can pull some of it out in one closing, within program leverage limits that are often lower than on a single-property loan. Many owners use that cash to buy the next building, and some programs can later add properties or allow holdings in more than one state, such as Massachusetts properties across the line in Attleboro or Fall River.
One blanket loan means one closing, one payment and portfolio pricing; separate DSCR loans keep each building independent and can be easier if you plan to sell several at once. Our blanket loan vs individual DSCR loans comparison explains the trade-offs. Send a rent roll with addresses, rents, tax bills and loan balances, call (877) 298-1001 or use the form below.
Five or more investment properties, each with 1 to 8 units. Five triple-deckers qualify.
Yes. Properties in different cities can be combined, and the ratio is measured across the portfolio.
Providence taxes non-owner-occupied homes at a higher effective rate than owner-occupied homes with the homestead exemption. Use investor tax figures.
Rhode Island requires lead-safe certification for pre-1978 rental units. Have them ready for every unit.
Yes. Release provisions let you sell one property by paying its release price.
Some programs allow properties in more than one state.
No. The portfolio's rent is used to qualify.
Yes, within program limits that are often lower than on a single-property loan.
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