Many Raleigh investors built their portfolios one house at a time over the last decade, buying in Southeast Raleigh, Garner, Knightdale and Wake Forest as the metro grew. Prices have climbed since, so their loans are scattered, their equity is real, and a blanket loan is often the cleanest way to bring it all under one note.
In short: LendingStreet offers blanket portfolio loans for investors with 5 or more rentals (each 1 to 8 units) in Raleigh and across Wake County and the Triangle. The loan qualifies on combined portfolio rent against the combined payment, closes once, carries one payment and includes release provisions for selling individual properties. No W-2s or tax returns are needed, LLC borrowers are standard and portfolio pricing applies.
Inside the Beltline, rentals are expensive and often run thin on their own, so most Wake County portfolios lean on the suburbs and the eastern and southern parts of the city. Southeast Raleigh has older single-family homes and duplexes, North Raleigh has 1980s and 1990s townhomes and ranches, and Garner, Knightdale, Wendell, Zebulon, Fuquay-Varina and Wake Forest have newer homes in subdivisions, many built in the last 20 years.
Some portfolios also include properties in Durham or Johnston County, where prices are lower.
Rental demand across these areas comes from the same deep job base: state government, NC State, WakeMed and other health systems, and Research Triangle Park employers. Population growth has kept vacancy low in most of the county, though new apartment supply has softened rents in some submarkets.
| Area | Typical holdings | Portfolio notes |
|---|---|---|
| Southeast Raleigh | Older single-family, duplexes | Lower prices, stronger ratios |
| North Raleigh | Townhomes, ranches | HOA dues count in payment |
| Near NC State | Duplexes, small homes | Student and young professional tenants |
| Garner, Knightdale | Newer single-family | Family tenants, HOA rental rules |
| Wake Forest, Fuquay-Varina | Newer single-family | Higher rents, higher values |
In Raleigh, prices have risen faster than rents, so a blanket loan at high leverage often does not clear the program minimum. The investors who benefit most are those who bought years ago: their existing balances are well below today's values, and a blanket loan can pay off several separate loans at a moderate leverage while the ratio stays healthy.
Cash-out is available within program limits, which are often lower on blanket loans than on single properties, but every dollar of cash-out raises the payment the rents have to cover.
A rate-and-term blanket refinance that simply replaces existing loans often makes the most sense for Raleigh portfolios. It cuts the number of payments, can replace short-term debt with long-term debt, and keeps the ratio strong.
Portfolio DSCR adds rent from every unit and divides it by the blanket loan's principal and interest plus each property's taxes, insurance and HOA dues. The program minimum is generally 1.0x, with sub-1.0 options on some programs. A duplex near NC State or an older Southeast Raleigh house often carries more of the load than a newer Wake Forest home with higher taxes and HOA dues.
This example is illustrative and not a quote. An investor owns six rentals bought over several years: single-family homes in Southeast Raleigh, Garner, Knightdale and Wake Forest, a townhome in North Raleigh and a duplex near NC State. Combined rent is $13,600 a month, and taxes, insurance and HOA dues total $2,590. Today's combined value is about $2,290,000, and the six existing loans total about $1,300,000.
A blanket loan of $1,300,000 pays off all six loans, about 57% of value. Estimated principal and interest on a 30-year term is about $9,313, the total payment is about $11,903 and portfolio DSCR is about 1.14x.
Pushing to 70% LTV for cash-out would raise the loan to $1,603,000, the payment to about $14,074 and DSCR would fall to about 0.97x, below the 1.0x minimum. The consolidation works; a large cash-out does not, at these rents.
| Property | Monthly rent | Taxes, insurance, HOA |
|---|---|---|
| Southeast Raleigh single-family | $2,050 | $390 |
| North Raleigh townhome (incl. HOA) | $1,900 | $460 |
| Raleigh duplex near NC State | $3,000 | $490 |
| Garner single-family | $2,100 | $380 |
| Knightdale single-family | $2,150 | $400 |
| Wake Forest single-family | $2,400 | $470 |
| Portfolio total | $13,600 | $2,590 |
Each property gets an allocated loan amount at closing. To sell one, you pay its release price, usually the allocation plus a premium, and it comes off the loan while the rest stay in place. The remaining portfolio still needs to meet the ratio.
Raleigh investors often plan to sell an appreciated property, such as a home near NC State or in Wake Forest, and keep higher-yield homes. Tell us up front so the allocations match. Our blanket loan release clause guide explains how release prices work.
Wake County's reappraisal effective January 1, 2024 raised values sharply across the county. Tax rates were adjusted afterward, but many investors still saw higher bills. Raleigh, Garner, Knightdale, Wake Forest and other towns each add their own municipal rate on top of the county's, so use each property's actual bill.
North Carolina's deed excise tax applies to transfers and is usually paid by the seller. Moving properties between your LLCs before a refinance can raise questions about transfers and title, so talk with your closing attorney first. North Carolina closings are typically handled by attorneys.
Many newer Wake County subdivisions have HOAs, and some have adopted rental caps, minimum lease terms or approval processes for leasing. A property in an HOA that restricts rentals can complicate a blanket loan, so collect covenants for every HOA property before you apply.
Rental caps usually allow existing rentals to continue but limit new ones, so a home that is rented today may be fine while a vacant one in the same community could face a waiting list. Ask the HOA management company for the current leasing rules and any pending changes before closing.
A blanket loan gives one closing, one payment and portfolio pricing; separate DSCR loans keep each property independent. Our blanket loan vs individual DSCR loans comparison explains the trade-offs, and some programs allow properties in more than one state if you own in South Carolina or Virginia. Send a rent roll with addresses, rents, tax bills and balances; call (877) 298-1001 or use the form below.
Five or more investment properties, each with 1 to 8 units.
Yes. Properties in different Wake County towns can be combined.
Prices have risen faster than rents. Moderate leverage or a sub-1.0 program often works better.
It raised many tax bills, and taxes count in the payment. Use current bills.
Yes. Release provisions let you sell one property by paying its release price.
Yes. Rental caps or minimum lease terms can affect a property's eligibility.
No. The portfolio's rent is used to qualify.
Some programs allow properties in more than one state.
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