Virginia portfolios often span several regions: single-family rentals and townhomes in Northern Virginia, older homes in Richmond, military-driven rentals across Hampton Roads and lower-priced homes in Roanoke and Lynchburg. Five or more can share one blanket loan.
In short: LendingStreet can put five or more Virginia rentals, each with 1 to 8 units, under one blanket DSCR loan that qualifies on total portfolio rent, with release provisions when you sell. Virginia charges a recordation tax on deeds of trust, so a new blanket loan carries a recordation cost based on the loan amount, plus local rental inspection rules in some cities.
A blanket loan is a single DSCR mortgage secured by a group of rentals, at least five properties with 1 to 8 units each. You close once, make one payment and deal with one servicer, and the pricing reflects the portfolio as a whole.
Qualification runs on the debt service coverage ratio for the entire group: combined rent divided by the combined monthly payment, which includes taxes, insurance and any association dues. Standard programs look for 1.0x or better, and sub-1.0 programs exist for some files. LLC borrowers are standard and loans start at $150,000. Max LTV varies by program.
Northern Virginia, including Fairfax, Prince William and Loudoun counties, has the highest prices, with many rentals in townhome communities that carry HOA dues. Hampton Roads, from Norfolk and Virginia Beach to Chesapeake, Newport News and Hampton, has one of the largest military populations in the country, giving steady demand near the naval and joint bases.
Richmond and its suburbs, such as Henrico and Chesterfield, offer mid-range prices and older homes in neighborhoods like Church Hill and Northside. Roanoke, Lynchburg and Danville have lower prices with stronger rent-to-value, and Charlottesville and Blacksburg have university-driven markets.
This example is illustrative and not a quote. An investor owns three Hampton Roads rentals, two in Richmond and a Northern Virginia townhome. Together the six properties are worth about $2,000,000, rent for $13,750 a month and carry about $2,410 a month in taxes and insurance.
At 65% of combined value, the blanket loan is about $1,300,000. Estimated principal and interest on a 30-year schedule is about $9,090 a month, so the total monthly obligation is about $11,500 and the portfolio DSCR is about 1.20x, above the 1.0x standard minimum. On its own, the Prince William County townhome would carry an allocated balance of about $292,500 and a ratio of about 1.06x; inside the blanket, the stronger properties help carry it. The townhome line includes its HOA dues, and Virginia recordation tax would apply to the new loan amount.
| Property | Value | Monthly rent | Taxes + insurance / mo |
|---|---|---|---|
| Norfolk SFR | $310,000 | $2,200 | $370 |
| Chesapeake SFR | $360,000 | $2,450 | $410 |
| Newport News SFR | $260,000 | $1,950 | $330 |
| Richmond SFR, Northside | $320,000 | $2,250 | $380 |
| Henrico SFR | $300,000 | $2,150 | $360 |
| Prince William County townhome | $450,000 | $2,750 | $560 |
| Portfolio total | $2,000,000 | $13,750 | $2,410 |
Virginia charges a state recordation tax on deeds and deeds of trust, and many localities add their own. For a blanket loan, the tax on the deed of trust is figured on the loan amount, generally allocated by where the properties sit. Sellers pay a separate grantor tax on sales. Ask your title company for estimates early.
Many Virginia localities reassess property every year, so tax bills track the market closely. Insurance is moderate inland, but Hampton Roads properties carry flood and wind exposure, and Norfolk and parts of Virginia Beach have significant flood zones. Check flood status for every coastal property.
Blanket loans include release provisions so you can sell or refinance one property without paying off the whole loan. Each property carries an allocated share of the balance, and the release price, set in your loan documents, is usually more than that share so the remaining loan stays well secured.
Before you sell, run the numbers on the properties that stay. Removing a strong performer can pull the remaining portfolio's ratio down, and release terms are written to protect the coverage on what is left. Our guide to the blanket loan release clause walks through how this is typically structured.
The Virginia Residential Landlord and Tenant Act applies statewide, and state law preempts local rent control. Several cities, including Richmond and Norfolk, use rental inspection districts in which rentals must be inspected and registered. Confirm whether any property sits in such a district.
Short-term rentals are regulated locally. Arlington and Fairfax require the operator to live in the home, so non-owner-occupied nightly rentals are not workable there, while Virginia Beach allows them in specific overlay areas. Check locally before counting nightly income.
One blanket loan makes the most sense for a stable group of rentals you intend to keep, especially when a few of them would struggle to qualify alone. The combined coverage test, single closing and one servicer are the main advantages.
Individual DSCR loans can be better for properties you expect to sell soon, a property that needs its own cash-out, or a portfolio so spread out that one appraisal process would be slow. A split approach is common, and nothing stops you from keeping both kinds of loans.
Have these ready when you request a quote. To price a Virginia portfolio, use the form below or call (877) 298-1001.
Yes. LendingStreet finances blanket portfolio loans on non-owner-occupied investment property in Virginia, from $150,000 with no stated maximum. Our investor loans are business-purpose loans on non-owner-occupied property.
Yes. Recordation tax applies to the deed of trust based on the loan amount, with state and local portions. Ask your title company for the estimate.
Some cities, including Richmond and Norfolk, use rental inspection districts. Check whether any property is inside one.
Five or more investment properties of 1 to 8 units each. Properties with 9 or more units are commercial and go through a different program.
Total monthly rent divided by the total monthly payment, including principal, interest, taxes, insurance and HOA dues. Standard programs want 1.0x or better.
Yes. LLC borrowers are standard. If properties sit in several LLCs, ask how the program handles multiple entities.
No stated maximum. Loans start at $150,000, and larger portfolios get more review and may have a lower max LTV.
Arlington and Fairfax require the operator to live in the home, so non-owner-occupied nightly rentals usually do not qualify there.
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.