Question 1

What is the minimum number of properties for a blanket loan?

Accepted Answer

Two properties minimum. Below two properties, a single-property DSCR loan is cleaner and usually has better pricing.

Question 2

Is there a maximum number of properties in a blanket?

Accepted Answer

There is no fixed maximum — we've structured blankets across 20, 50, and 100+ property portfolios. The right upper bound depends on the aggregate loan amount, your overall exposure, and servicing complexity. Larger portfolios get more due diligence on the aggregate DSCR and property quality.

Question 3

Can I sell an individual property out of the blanket?

Accepted Answer

No. Our blanket loans do not have partial-release provisions. If you want to sell a property inside the blanket, you refinance the remaining properties into a new loan that pays off the original blanket. This is an important structural difference from some blanket products — we keep the loan structure simpler, which supports better pricing, at the tradeoff of less flexibility for selling individual assets.

Question 4

Are the properties cross-collateralized?

Accepted Answer

Yes. All properties in the blanket secure all of the debt. In a default scenario, we can look to any or all properties for recovery. This is standard for blanket lending and is part of why we can price them competitively — the aggregated collateral reduces our risk on any single property.

Question 5

Can I refinance a single property out of the blanket into its own loan?

Accepted Answer

Yes, but it requires a full refinance of the blanket. You cannot pull one property out while the rest remain under the original loan. If your strategy is to hold most of the properties long-term and rotate one in and out, a blanket loan may not be the best structure — individual DSCR loans on each property would give you that flexibility.

Question 6

Can I mix property types (SFR + multifamily + commercial) in one blanket?

Accepted Answer

No. We do not blanket mixed property types together. Our blankets are single-property-type portfolios — all SFR, all 2-4 unit, all 5+ unit multifamily, etc. This keeps underwriting and appraisal standards consistent across the pool. If your portfolio has mixed types, we'd structure multiple loans organized by property type.

Question 7

Can the properties be in different states?

Accepted Answer

Yes. We blanket portfolios across multiple states as long as each state is within our active lending footprint (45 states). State-specific variations in title, recording, and lender requirements are handled at closing.

Question 8

How is DSCR calculated on a blanket?

Accepted Answer

We calculate DSCR on the aggregate portfolio — total rental income across all properties divided by the total PITIA (principal, interest, taxes, insurance, HOA) of the new blanket loan. Individual properties with weaker DSCR can be offset by stronger ones, as long as the portfolio aggregate meets our guidelines.

Question 9

Can I add a property to an existing blanket later?

Accepted Answer

Adding a property requires a modification of the blanket loan or, more commonly, a refinance into a new larger blanket that includes the added property. Mid-term additions are possible but involve underwriting the addition, a property appraisal, and loan documentation updates.

Question 10

What's the minimum aggregate loan amount for a blanket?

Accepted Answer

Our blanket minimum is $100,000 aggregate — the same minimum that applies to our specialty programs generally. Most blanket loans we close are materially larger than the minimum; very small aggregate-loan-amount blankets are rare because the closing costs are similar regardless of size.

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