The Salt Lake Valley has grown quickly, and so have the portfolios of investors who bought west-side houses and Ogden duplexes over the last fifteen years. Utah's tax rules quietly help long-term rentals here, and a blanket loan lets you put that advantage to work across the whole portfolio.
In short: LendingStreet finances five or more Salt Lake Valley investment properties, each 1 to 8 units, under one blanket DSCR loan qualified on the portfolio's combined cash flow. You get one closing, one payment, portfolio pricing and release provisions when you sell a property. Because long-term rentals occupied by tenants as their primary residence can qualify for Utah's residential property tax exemption, the tax line on a Salt Lake portfolio is often lighter than investors from other states expect.
On the city's west side, Rose Park, Glendale, Poplar Grove and Fairpark have modest postwar homes and some duplexes, close to downtown, the airport and the industrial areas along I-215. Across the county line of the city, West Valley City, Kearns, Magna and Taylorsville offer ranches and split-levels that rent to families.
Many portfolios also include properties in Ogden, about 40 minutes north, where prices are lower and older duplexes and fourplexes are common, as well as Murray, Midvale and South Salt Lake. Higher-priced areas such as Sugar House, the Avenues and Holladay show up less in portfolios because yields are thinner.
Utah taxes a primary residence at 55% of market value through the residential exemption. A long-term rental can qualify when it is the tenant's primary residence, and counties may ask the owner to sign a residential declaration. That makes Utah long-term rentals cheaper to hold, on the tax line, than in many states.
For a blanket loan, check that each property is actually receiving the exemption. If a property is vacant, used as a short-term rental or the declaration was never filed, it may be taxed on full value, which can lower the portfolio ratio. Use each property's current bill from the Salt Lake, Weber or Davis County assessor.
This example is illustrative and not a quote. An investor consolidates five single-family homes and an Ogden duplex worth $2,585,000 in total, renting for $13,550 a month. With the residential exemption on every property, taxes total $1,085 a month and insurance $645.
At 65% of value the loan is $1,680,250, estimated principal and interest about $11,462 and the total payment about $13,192, a portfolio DSCR of about 1.03x. At 60% the loan is $1,551,000, the payment about $12,311 and the DSCR about 1.10x. If none of the homes had the exemption, taxes would be about $1,973 a month and the 60% DSCR would fall to about 1.03x.
Two lessons come out of this. First, Salt Lake prices are high relative to rents, so portfolio refinances here tend to land at 60% to 65% of value rather than the program maximums. Second, the exemption is worth real money: losing it on every property would cost this investor several hundred dollars a month and most of the cushion.
| Property | Value | Monthly rent | Monthly tax with exemption |
|---|---|---|---|
| Single-family, Rose Park | $425,000 | $2,150 | $175 |
| Single-family, Glendale | $410,000 | $2,100 | $170 |
| Single-family, West Valley City | $440,000 | $2,250 | $185 |
| Single-family, Kearns | $415,000 | $2,150 | $175 |
| Single-family, Magna | $430,000 | $2,200 | $180 |
| Duplex, Ogden | $465,000 | $2,700 | $200 |
| Total | $2,585,000 | $13,550 | $1,085 |
Utah does not record sale prices publicly, so appraisers rely on MLS data and other private sources. On a portfolio, each property is typically valued, and appraisers in fast-growing areas such as West Valley City and Magna usually have plenty of recent MLS sales to work with.
Older Ogden duplexes and mixed areas can take more work. Give the team a list with addresses, unit counts, rents, lease dates and any recent improvements, and have interior access available for every property.
Utah state law prevents cities from enacting rent control, so rent increases are set by the lease and the market. Utah's landlord-tenant law still sets notice requirements and habitability standards, and some cities have good landlord programs or rental business licenses with inspections.
Salt Lake City, West Valley City and Ogden each have their own rental licensing requirements. Confirm that every property in the portfolio is licensed where required, because unlicensed rentals can lead to fines that affect your cash flow.
Investors in the valley often sell a home or two as prices rise and keep the rest. A release provision lets you pay down the loan by a property's release price, set in the loan documents, and keep the remaining properties under the blanket loan.
After a release, the remaining portfolio still has to clear the program's DSCR. Selling the strongest-renting property first can tighten the ratio of what remains, so model it before you list.
The Wasatch Fault runs along the east side of the valley, and earthquake coverage is generally a separate, optional policy. Older brick homes, especially unreinforced masonry, can be more expensive to insure. The lender will want standard coverage on every property; earthquake coverage is your decision, but it is worth pricing for a large portfolio.
Separate DSCR loans keep each property independent, which can be simpler if you plan to sell several soon. A blanket loan offers one payment and portfolio pricing. Our comparison page lays out the trade-offs, and some programs allow properties in more than one state, useful for investors who also own in Idaho or Nevada.
Send your rent roll, tax bills and loan balances through the form below or call (877) 298-1001. The team will run the portfolio at a few loan amounts, check the tax figures and the exemption status of each property, and come back with options.
Five or more investment properties, each with 1 to 8 units.
Long-term rentals occupied by a tenant as a primary residence can qualify. Short-term rentals do not. Check each property's tax record.
Yes. Properties in different cities and counties can be on one blanket loan.
No. State law prevents cities from adopting rent control, though landlord-tenant rules and local rental licensing still apply.
Yes. A release provision lets you pay that property's release price, as long as the rest still qualifies.
No. Blanket DSCR loans qualify on the portfolio's rent.
Yes, within program LTV limits and as long as the portfolio clears the minimum DSCR. Seasoning varies by program.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
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