In Seattle, high prices and moderate rents mean many single rentals barely carry their own payment. A blanket loan lets the stronger-yielding homes in Tacoma, Everett and south King County help carry the expensive ones in the city.
In short: LendingStreet's blanket portfolio loans combine 5 or more Seattle-area investment properties, each with 1 to 8 units, into one loan with one closing and one payment, qualified on the portfolio's combined cash flow rather than your tax returns. Release provisions let you sell one property and pay down its share, and some programs can include properties outside Washington. Because Seattle rent-to-price ratios are tight, most Puget Sound portfolios work best at moderate leverage.
Many Seattle investors started with a city house or townhome they bought years ago, then added rentals where prices were lower: south King County cities such as Renton, Kent, Auburn and Federal Way, Pierce County around Tacoma and Lakewood, and Snohomish County cities such as Everett, Lynnwood and Marysville.
Inside Seattle, rental portfolios often include single-family homes in Beacon Hill, Columbia City, Rainier Valley, Delridge and Greenwood, plus townhomes in Ballard, Fremont and the Central District built on unit-lot subdivisions. Each townhome on its own lot counts as a separate property for a blanket loan.
A blanket loan adds up rent from every property and compares it with the total payment, including taxes and insurance. In Seattle, where a $900,000 house might rent for a little over $4,000 a month, that single property may not reach 1.0x at high leverage. Duplexes and homes in Tacoma or Everett often produce more rent per dollar of value and lift the pool.
The tradeoff is that leverage on a Seattle-heavy portfolio is often lower than on a portfolio in a cheaper market. The example below shows why.
This example is illustrative and not a quote. An investor owns six rentals in Seattle, Tacoma, Everett, Renton and Kent valued at $4,350,000 with combined rent of $22,450 a month. Taxes total about $3,320 and insurance about $840 a month.
At 75% LTV the blanket loan is $3,262,500, estimated principal and interest is about $22,812, and the total payment near $26,972 gives a DSCR of about 0.83x, below the 1.0x standard minimum. At 65% LTV the loan is $2,827,500, principal and interest about $19,770, the total near $23,930 and the DSCR about 0.94x.
| Property | Value | Monthly rent | Monthly taxes |
|---|---|---|---|
| Beacon Hill single-family | $900,000 | $4,200 | $640 |
| Ballard townhome | $820,000 | $3,900 | $590 |
| Tacoma Hilltop duplex | $640,000 | $3,900 | $520 |
| Everett single-family | $610,000 | $3,150 | $470 |
| Renton single-family | $700,000 | $3,400 | $560 |
| Kent duplex | $680,000 | $3,900 | $540 |
| Total | $4,350,000 | $22,450 | $3,320 |
Seattle requires rental properties to be registered under its Rental Registration and Inspection Ordinance, with periodic inspections. The city also has just-cause eviction rules and requires long advance notice before any rent increase. Washington passed a statewide cap on annual rent increases in 2025 that applies to many residential rentals, with exemptions including newer buildings.
Tacoma, Burien and other cities have their own tenant protections. When you build a rent roll for a blanket loan, use rents you can actually charge under those rules, not a hoped-for increase.
Each property carries an allocated share of the blanket loan. When you sell one, the release clause sets the payoff to free it, often above its allocated share, and the remaining pool must still meet the DSCR requirement afterward. Selling the highest-yielding duplex can therefore be harder than selling a low-yield city house.
Washington's real estate excise tax on a sale is graduated, with higher tiers on more expensive properties, plus a local portion. Factor that into any plan to sell properties out of the pool.
Long-time Seattle owners often hold properties bought a decade or more ago with large equity and several separate mortgages at different terms. A blanket cash-out refinance can consolidate those loans into one payment and pull equity for the next purchase, with cash-out up to 75% LTV depending on the program and on the portfolio clearing the DSCR at the new payment.
Because Seattle yields are tight, the amount of cash you can take is usually limited by rent, not value. Run the portfolio at a few loan amounts before you decide, and remember that paying off a low existing loan with a new one changes your monthly cost.
Cash-out seasoning rules vary by program, so recently purchased properties may be valued on cost rather than current value. Our seasoning guide explains how that works.
Many Seattle investors buy cash-flow rentals in Spokane, Boise, Phoenix or the Midwest because local yields are thin. Some blanket programs can include properties in more than one state, which lets an investor manage a scattered portfolio on one loan. Our multi-state portfolio page explains how that works.
Separate DSCR loans let each property stand alone and can be easier when you plan to sell often. But in Seattle, an individual high-priced rental may fall short of 1.0x and need a sub-1.0 program or a large down payment. A blanket loan pools the cash flow so stronger properties can help.
Our comparison of blanket and individual DSCR loans covers the tradeoffs, and our Washington blanket portfolio page covers statewide details.
Our investor loans are business-purpose loans on non-owner-occupied property. To get a quote, share the addresses, purchase price or estimated value, leases and timeline using the form below, or call (877) 298-1001. We review the file and return a structure that fits the numbers.
Yes. Properties in King, Pierce, Snohomish and other counties can sit under one loan, as long as each is a 1-8 unit investment property.
Because rents are low relative to prices. At high leverage, the payment can exceed the rent, so a lower loan amount is often needed to reach 1.0x.
Yes. A townhome on its own unit lot is a separate property and counts toward the five-property minimum.
On some programs, yes. Multi-state blanket loans can include properties in more than one state.
Each property has an allocated loan amount. The release clause sets the payoff to free a property when you sell, and the remaining pool must still qualify.
No. The loan qualifies on rental income. The minimum credit score is 620 and LLC borrowers are standard.
Each Seattle rental should be registered as required. Unregistered properties can raise questions during underwriting.
Yes, up to 75% LTV depending on the program, but in Seattle the amount is usually limited by rent. The pool must still meet the DSCR minimum at the new payment.
2-3 competing quotes from 30+ capital sources. No credit pull. No commitment.
By clicking, you provide express written consent to be contacted by LendingStreet (NMLS #1734316) via SMS, phone, or email, possibly using automated technology, regarding your loan inquiry. Reply STOP to opt out. Consent is not required to obtain services. See our Privacy Policy and Terms.