Many San Francisco landlords have owned the same flats and houses for decades. Their tax bills are low, their rents are partly controlled, and their equity is large. A blanket loan can refinance that kind of portfolio under one note, one closing and one payment.
In short: LendingStreet makes blanket portfolio loans for San Francisco investors who own five or more rentals of 1 to 8 units each, in the city or across the Bay Area. The loan is qualified on the portfolio's combined rent against its combined payment, taxes and insurance, with one closing, one payment and release provisions when you sell a property. In San Francisco, in-place rents under rent control and long-held Prop 13 tax bills both shape how much the portfolio can borrow.
The typical borrower owns a mix of two-unit flats and single-family homes, often bought years apart, with separate loans maturing at different times. Others have started buying across the bay in Oakland, San Leandro, Richmond or Vallejo because prices per door are lower there, and want the whole group under one loan.
Common reasons to consolidate: pulling cash out of long-held properties without five separate closings, replacing several short-term or maturing loans, or cleaning up a portfolio before transferring it to the next generation's LLC.
In the city, portfolio owners often hold buildings in the Outer Sunset, Parkside, Outer Richmond, Excelsior, Portola, Visitacion Valley, Bernal Heights and the Bayview, where two-unit buildings and single-family homes on standard lots are common. Across the bay, Temescal, Dimond, Fruitvale, Maxwell Park and the Laurel district in Oakland add rentals with higher rent relative to price.
Mixing city and East Bay properties can help portfolio DSCR, because the East Bay homes usually carry more rent per dollar of value than San Francisco flats.
Oakland has its own rent and eviction rules, and so do several other East Bay cities. Each property is underwritten on its own leases and local rules, then rolled into the portfolio total.
Many San Francisco buildings with two or more units built before mid-1979 fall under the city's rent ordinance, which limits annual increases for existing tenants. Single-family homes and condos are generally exempt from the price limits, but eviction protections can still apply.
Underwriting uses the rent actually in place for occupied units. A unit leased years ago at a controlled rent counts at that rent, not today's market rent. Bring a current rent roll and leases for every unit so the portfolio is sized correctly the first time.
California reassesses property when it changes ownership, not when it is refinanced. A building bought fifteen years ago may carry a tax bill far below what a new buyer would pay. Because taxes go straight into the DSCR, a refinance of long-held properties often supports more leverage than a new purchase of the same buildings.
One caution: moving properties into a new LLC, or changing who owns the LLC, can trigger reassessment in some cases. Talk to a tax advisor before you retitle anything for the loan.
This example is illustrative and not a quote. An owner refinances three San Francisco properties and two Oakland properties held for many years. Taxes reflect older Prop 13 assessments, not current market value. Insurance is estimated at $240 a month per property.
At 50% of combined value, the blanket loan is $3,200,000. Estimated principal and interest is about $21,830 a month, and the total with taxes and insurance is about $26,288. Against combined rent of $28,300, the portfolio DSCR is about 1.08x. At 55% of value the DSCR falls to about 0.99x, which is why Bay Area portfolios are often sized below the maximum LTV.
| Property | Value | Monthly rent | Annual taxes |
|---|---|---|---|
| Outer Sunset 2-unit | $1,500,000 | $6,900 | $9,200 |
| Excelsior single-family | $1,150,000 | $4,300 | $4,100 |
| Bernal Heights 2-unit | $1,700,000 | $7,600 | $7,400 |
| Oakland Temescal 2-unit | $1,100,000 | $5,600 | $8,800 |
| Oakland Dimond single-family | $950,000 | $3,900 | $9,600 |
| Total | $6,400,000 | $28,300 | $39,100 |
A blanket loan includes release provisions. When you sell one property, part of the sale proceeds pays down the loan and that property is released from the lien while the rest of the portfolio stays in place. The release amount is set in the loan documents and varies by program.
Plan releases with the remaining portfolio in mind, and with your tax advisor, since a sale also has capital gains consequences. Selling the East Bay homes that carry the most rent can leave the remaining San Francisco flats with a lower DSCR, so the release amount may need to be larger. See our guide to blanket loan release clauses.
A blanket loan means one closing, one payment and one maturity date. Separate loans give each property its own terms and make selling one building simpler. Owners who expect to sell several properties over a few years sometimes prefer individual loans.
For many San Francisco owners the deciding factor is paperwork. One appraisal package, one title process and one set of closing documents for the whole group is far simpler than five separate refinances spread over a year.
Send a schedule of properties with address, unit count, rent roll, current loan balances, tax bills and insurance. Note which units are rent controlled and which are vacant, and tell us whether you expect to sell any property in the next few years so releases can be planned from the start. Call (877) 298-1001 or use the form below to start.
Five or more investment properties, each with 1 to 8 units. A two-unit building counts as one property.
Yes. Properties across the Bay Area can be combined, and on some programs properties in more than one state can be included.
At the rent actually being paid. Underwriting uses the in-place lease, so long-term tenants at controlled rents count at those rents.
A refinance does not trigger reassessment in California. A change in ownership can, and that can include some transfers into or between LLCs. Check with a tax advisor.
The standard minimum is 1.0x on combined rent against combined payment, taxes and insurance. Sub-1.0 programs exist for some borrowers.
Yes. Release provisions let you sell one property, pay down the loan by the release amount, and keep the rest of the portfolio under the loan.
There is no stated maximum. Larger balances get more review, and maximum LTV can be lower on large portfolios, varies by program.
Yes, cash-out is available up to 75% LTV on some programs, though Bay Area rent levels usually support less.
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