West Virginia offers some of the lowest rental prices in the East, with portfolios built in Charleston, Huntington, Morgantown, Parkersburg, Wheeling and the Eastern Panhandle. Investors with five or more rentals can combine them in one blanket loan.
In short: LendingStreet offers West Virginia blanket loans that combine five or more investment properties of 1 to 8 units into one note, one closing and one payment, sized on combined rent rather than tax returns. West Virginia taxes non-owner-occupied residential property in a class with roughly twice the rate of owner-occupied homes, and mine subsidence and flood exposure are local insurance items.
With a blanket loan, every property in the package is pledged to a single note. That means one underwriting file, one appraisal process run across all the addresses, one closing and one monthly payment, with pricing set at the portfolio level rather than door by door.
The test is portfolio cash flow. Add up the rent from every property and divide by the combined payment, including principal, interest, taxes, insurance and HOA dues. Standard programs want at least 1.0x. Each property can have 1 to 8 units, the minimum credit score is 620 and no W-2s or tax returns are needed. Max LTV depends on the program and the size of the portfolio.
Morgantown is driven by West Virginia University, with student rentals and small multifamily near campus. Huntington, home to Marshall University, and Charleston, the capital, have older homes at low prices that can produce strong rent relative to value. Parkersburg and Wheeling offer similar pricing with smaller tenant pools.
The Eastern Panhandle, around Martinsburg, Charles Town and Inwood, has grown with commuters to the Washington, D.C. and Baltimore areas and carries higher prices than the rest of the state. Investors with properties across the line in Maryland or Virginia can ask about programs that cover more than one state.
This example is illustrative and not a quote. An investor owns two Morgantown rentals near WVU, two in Charleston, a Huntington duplex and a Martinsburg single-family home. Together the six properties are worth about $1,275,000, rent for $10,300 a month and carry about $1,940 a month in taxes and insurance.
At 70% of combined value, the blanket loan is about $892,000. Estimated principal and interest on a 30-year schedule is about $6,237 a month, so the total monthly obligation is about $8,177 and the portfolio DSCR is about 1.26x, above the 1.0x standard minimum. On its own, the Martinsburg SFR would carry an allocated balance of about $195,890 and a ratio of about 1.11x; inside the blanket, the stronger properties help carry it. The tax figures here reflect Class III rates for non-owner-occupied property, which are higher than those on owner-occupied homes.
| Property | Value | Monthly rent | Taxes + insurance / mo |
|---|---|---|---|
| Morgantown SFR near WVU | $230,000 | $1,800 | $330 |
| Morgantown duplex | $300,000 | $2,500 | $420 |
| Charleston SFR | $150,000 | $1,250 | $260 |
| South Charleston SFR | $140,000 | $1,200 | $250 |
| Huntington duplex | $175,000 | $1,600 | $300 |
| Martinsburg SFR | $280,000 | $1,950 | $380 |
| Portfolio total | $1,275,000 | $10,300 | $1,940 |
West Virginia assesses property at a 60% assessment ratio, and non-owner-occupied residential property falls in Class III, which is taxed at roughly twice the Class II rate that applies to owner-occupied homes. A former residence converted to a rental moves into Class III. Use current bills that reflect rental status. The state and counties charge an excise tax on deed transfers, which applies to purchases and some LLC transfers.
Many areas of the state sit over old coal mines, and West Virginia homeowners policies generally include mine subsidence coverage unless declined. River flooding is a real risk in the valleys, as the 2016 floods showed, so check flood zones for every property. Older homes may need roof or electrical updates before carriers will write them.
A release provision lets one property leave the blanket when it sells or gets its own refinance. You pay down the loan by that property's release price, which your loan documents set and which is usually higher than its allocated share, and the lender releases its lien on that address.
The properties that remain still have to support the loan, so think about which ones you may sell before you assemble the package. Keeping likely sales out of the blanket, or putting them on their own DSCR loans, can keep the remaining portfolio simpler.
West Virginia's landlord-tenant statutes govern leases, deposits and evictions, and there is no rent control. Morgantown runs a rental registration and inspection program, and other cities enforce housing codes. Confirm each property's registration status before applying.
Short-term rentals are a small share of most West Virginia portfolios, though they exist near the New River Gorge, Snowshoe and the Eastern Panhandle. Local zoning and lodging taxes apply. Check the county before counting nightly income.
A blanket loan fits best when the properties are stabilized and you plan to hold most of them for years. It cuts paperwork, gives you one payment to track and lets strong properties carry weaker ones in the coverage test.
Separate DSCR loans keep each property independent, which can make selling simpler and lets each property get terms based on its own numbers. Many investors use both: a blanket for the long-term core and individual loans for properties they expect to sell. For a deeper comparison, see blanket loan vs individual DSCR loans.
Pulling these together before you apply saves time across multiple appraisals. Send your property schedule through the form below, or call (877) 298-1001, to get a quote.
Yes. LendingStreet finances blanket portfolio loans on non-owner-occupied investment property in West Virginia, from $150,000 with no stated maximum. Our investor loans are business-purpose loans on non-owner-occupied property.
Non-owner-occupied residential property is Class III, taxed at roughly twice the Class II rate on owner-occupied homes.
Coverage for damage from old mine collapses. West Virginia homeowners policies generally include it unless declined; insurers will note it on quotes.
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.
Morgantown runs a rental registration and inspection program. Keep each property's registration current before you apply.
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