Wichita is a market where investors often own ten or twenty houses rather than three or four, because prices allow it. A blanket loan turns that scattered set of small mortgages, or a portfolio bought with cash, into one loan and one payment.
In short: LendingStreet offers blanket portfolio loans that combine five or more Wichita-area rentals, each 1 to 8 units, into one loan qualified on the portfolio's combined cash flow, with one closing, one payment and release provisions when you sell a property. The $150,000 minimum applies to the total loan, so homes that would be too small to finance individually can be included. LLC borrowers are standard, no W-2s or tax returns are needed, and many owners from out of state use blanket loans for Wichita portfolios.
Many Wichita single-family rentals sell for $120,000 to $250,000. At 75% leverage, a house worth less than $200,000 produces a loan below our $150,000 minimum on its own. In the example below, 5 of the 10 homes would be too small to finance individually. Combined, they support one loan of well over $1M.
Wichita also draws investors from California, Colorado and Texas who buy several homes at once through local property managers. A blanket loan lets them finance the group with one set of documents.
Cash buyers are common here too. Investors who bought homes outright, often at auctions or from other landlords, can use a blanket cash-out refinance to recover capital for the next purchases while keeping the homes. Cash-out goes up to 75% LTV, and seasoning varies by program.
Inside the city, older homes in Riverside, Delano, College Hill, Crown Heights and the Fairmount area near Wichita State rent well, while lower-priced areas such as Planeview and parts of the south and north side offer strong rent-to-price ratios with more management time. West Wichita has streets of 1970s and 1980s duplexes.
Suburbs add newer, easier-to-manage homes: Derby near McConnell Air Force Base, Andover and Bel Aire to the east and northeast, Maize and Goddard to the west, Haysville and Park City to the south and north. These usually rent to families on 12-month leases.
Tenant demand is broad. Aviation plant workers, hospital staff, McConnell personnel and Wichita State employees all rent across the metro, and a portfolio that spreads homes across several suburbs and city neighborhoods is less exposed to a slowdown at any one employer.
The loan compares total rent from every property with the combined payment, including principal and interest, taxes and insurance. Moderate prices and steady rents mean Wichita portfolios often clear 1.0x at higher leverage than coastal markets. The standard minimum is 1.0x, and sub-1.0 programs exist for some files.
Underwriting uses in-place leases or a market rent estimate for vacant homes. Keep a current rent roll with lease dates and deposits.
Kansas landlord-tenant law sets the basic rules for deposits, notices and repairs statewide. Housing Choice Voucher leases are common in parts of Wichita, and documented voucher rent counts like any other lease.
This example is illustrative and not a quote. An investor holds ten rentals, nine houses and one duplex, worth $1,990,000 together and renting for $15,300 a month. Taxes total $2,295 a month and insurance $1,205.
At 75% of combined value the blanket loan is $1,492,000, with estimated principal and interest of about $9,926. The total payment is about $13,426, for a portfolio DSCR of about 1.14x. Each property carries an allocated loan amount.
| Property | Value | Monthly rent | Allocated loan |
|---|---|---|---|
| Riverside single-family | $185,000 | $1,450 | $138,704 |
| College Hill single-family | $230,000 | $1,650 | $172,442 |
| Delano single-family | $160,000 | $1,300 | $119,960 |
| Derby single-family | $245,000 | $1,750 | $183,688 |
| Haysville single-family | $170,000 | $1,350 | $127,457 |
| West Wichita duplex | $230,000 | $1,900 | $172,442 |
| Maize single-family | $255,000 | $1,800 | $191,186 |
| Planeview single-family | $115,000 | $1,050 | $86,221 |
| Park City single-family | $175,000 | $1,400 | $131,206 |
| Bel Aire single-family | $225,000 | $1,650 | $168,693 |
| Portfolio total | $1,990,000 | $15,300 | $1,492,000 |
A release clause lets you sell one property and keep the loan on the rest. You pay a release amount set in the loan documents, generally tied to the property's allocated balance plus any premium the program requires. In the example, selling the Planeview house would mean paying down at least about $86,221.
The remaining homes still need to meet the program's DSCR standard after a release. Selling a lower-rent property usually helps the ratio; selling a strong performer can hurt it.
Some investors plan to trade out of older city homes into newer suburban ones over time. Releases make that possible without refinancing the whole group, but each sale has to leave the remaining portfolio in good shape.
Kansas taxes residential property on an 11.5% assessment ratio, multiplied by the mill levy for each taxing district. Wichita, Derby, Andover, Maize and other cities each have different combined levies, and school districts vary too, so similar houses can carry different tax bills. Sedgwick County reappraises annually.
Use each property's current bill. Protest values you believe are too high, but expect underwriting to use the bill in hand.
Hail is the most common insurance claim in Wichita, and many policies carry percentage wind and hail deductibles. Roof age and material affect every premium in the portfolio. Some owners place all homes with one carrier to simplify renewals. Every property in the blanket needs a current policy, so gather declarations pages early.
Older homes in Planeview, Riverside and the north side may have original roofs and older wiring that make some carriers hesitant. Replacing a roof or two before you refinance can lower premiums across the group and make the whole file easier to insure.
In Wichita, the $150,000 minimum often decides this. Homes above about $200,000 can be financed individually, while smaller homes usually need to be part of a blanket. Owners with a mix sometimes put the smaller homes in a blanket and finance larger suburban houses separately. Properties in other states can join on some programs.
Our comparison guide covers the trade-offs, including how releases differ from selling a home with its own loan.
Send a schedule of properties with addresses, values, rents, taxes, insurance and loan balances. The financing team will run the portfolio DSCR and come back with options. Call (877) 298-1001 or use the form below. For the statewide view, see our Kansas blanket loan page.
Yes. The $150,000 minimum applies to the total blanket loan, not to each home.
Five or more investment properties, each with 1 to 8 units.
Yes. Homes in different Sedgwick County cities can share one blanket.
Yes. Many owners of Wichita portfolios live elsewhere and use local property managers.
You pay its release amount and the loan stays on the rest.
It affects insurance cost and availability, which count in the portfolio payment.
On some programs, yes. See our multi-state portfolio page.
No. Qualifying is based on rent, not personal income.
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.