San Antonio is one of the largest single-family rental markets in Texas, built on military families, hospital workers and a steady flow of new residents. Investors here often own eight or twelve homes spread around Loop 410 and 1604, and a blanket loan turns that scattered portfolio into one financing.
In short: LendingStreet finances five or more San Antonio-area 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. In Bexar County, property taxes are the biggest expense after the loan payment, so accurate tax bills for every property drive the portfolio ratio.
Military demand shapes many portfolios. Homes near JBSA-Randolph in Converse, Live Oak, Universal City and Schertz, near JBSA-Lackland on the west and southwest sides, and near JBSA-Fort Sam Houston on the near northeast side rent to service members and civilian staff, often with housing allowances that support steady rent.
Other common areas include the Southside near Brooks and Texas A&M-San Antonio, Kirby and the far east side, and northwest neighborhoods near the Medical Center and UTSA. Newer tract homes in Converse, Von Ormy and Medina Valley sit alongside older 1950s and 1960s houses closer to downtown.
A blanket loan adds the rent of every property and compares it with the total payment, including taxes, insurance and any HOA dues. A strong duplex near Fort Sam Houston can carry a single-family home with a weaker ratio.
In San Antonio, the tax bill on each property can be as large as a third of the principal and interest payment, so use the actual current bills. Do not rely on a seller's bill that includes a homestead exemption or over-65 freeze.
Military rentals add one more wrinkle. Permanent change of station orders can end leases with short notice, and turnover tends to cluster in the summer moving season. A portfolio spread across several bases and civilian neighborhoods is less exposed to a wave of move-outs at one installation.
This example is illustrative and not a quote. An investor refinances seven single-family homes and a duplex worth $1,855,000 in total, renting for $14,125 a month. Taxes total $3,555 a month and insurance $1,065.
At 75% of value the blanket loan is $1,391,250, estimated principal and interest is about $9,491 and the total payment about $14,111, a portfolio DSCR of about 1.00x, right at the line with no room for a tax increase. At 70% the loan is $1,298,500, the payment about $13,478 and the DSCR about 1.05x. Taxes make up a large share of the payment, which is why protesting values each year can matter as much as the loan terms.
| Property | Value | Monthly rent | Monthly tax |
|---|---|---|---|
| Single-family, Converse | $235,000 | $1,750 | $450 |
| Single-family, Live Oak | $255,000 | $1,850 | $490 |
| Single-family, Westside near Lackland | $195,000 | $1,550 | $375 |
| Single-family, Southside near Brooks | $220,000 | $1,650 | $420 |
| Duplex, near Fort Sam Houston | $285,000 | $2,300 | $545 |
| Single-family, Universal City | $245,000 | $1,800 | $470 |
| Single-family, Northeast side | $230,000 | $1,725 | $440 |
| Single-family, Kirby | $190,000 | $1,500 | $365 |
| Total | $1,855,000 | $14,125 | $3,555 |
The Bexar Appraisal District sets values, and owners can protest each spring. With a portfolio of eight or more homes, annual protests can lower total taxes enough to improve the portfolio ratio. Many investors hire a property tax consultant who handles protests for all their properties.
Texas has also temporarily limited annual appraisal increases on many non-homestead properties valued at $5 million or less. Check whether it applies to each property and when it expires, because tax bills could rise faster after it ends.
San Antonio has a deep pool of first-time buyers and military families, so selling an individual house is common. A release provision lets you sell one property and pay the loan down by its release price, which the loan documents set, without refinancing the rest.
After the release, the remaining portfolio must still clear the program's DSCR. Selling the strongest-renting house can tighten the ratio of what remains, so run the numbers before you list.
Hail and wind storms are routine in South Texas, and many policies carry percentage-based wind and hail deductibles. For a portfolio, ask whether a blanket insurance policy makes sense. Expansive clay soils mean foundation repairs are common on older homes; note any past repairs and warranties.
Properties near Leon Creek, Salado Creek and other flood-prone drainages may be in mapped flood zones and need flood insurance.
Texas does not charge a state real estate transfer tax or mortgage recording tax, which keeps closing costs lower than in many states. Title insurance premiums in Texas are set by the state, and each property on the loan needs its own title work.
Some suburban subdivisions carry MUD or PID assessments on the tax bill, and HOA dues apply in many newer communities. Include both in the payment.
Check HOA leasing rules, too. Some newer subdivisions on the edges of the metro limit the number of rentals or require minimum lease terms, and a violation can lead to fines that eat into a portfolio's cash flow.
Before you apply, gather the latest Bexar Appraisal District notices for every property. Knowing which values you plan to protest this year helps the team model the portfolio on realistic taxes.
Separate loans keep each property independent, which can help if you plan to sell several soon. A blanket loan offers one payment and portfolio pricing. Our comparison page covers the trade-offs, and some programs allow properties in multiple states for investors who also own elsewhere in Texas or beyond.
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 and come back with options.
Five or more investment properties, each with 1 to 8 units.
Yes. Properties in different cities and counties can be on one loan.
They are usually the largest expense after principal and interest. Use actual bills without homestead exemptions for every property.
Many investors do, every year. Lower values mean lower taxes and a stronger portfolio ratio.
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, 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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