Two to fifteen rentals of one to four units
Rental properties of one to four units each, all in the same state. Every property is appraised, and each must be worth at least the program’s minimum.
Portfolio rental loans
Portfolio loans for rental properties: several rentals, one loan.
Some programs let an investor finance several rental properties with one loan, one closing and one monthly payment, based on the rent the properties bring in together rather than your personal income. No tax returns or pay stubs; credit, assets, experience and the appraisals are still checked. For business purposes only.
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- Direct, licensed mortgage lender
- NMLS #103098
- Equal Housing Lender
What would you like to do?
Pick the one closest to you. A few short questions follow, and a licensed loan officer gets back to you.
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Fidelity Residential · NMLS #103098 · Equal Housing Lender
- Direct, licensed lenderNMLS #103098. Check our licences on NMLS Consumer Access.
- One loan, one closing, one paymentSeveral rental properties under a single mortgage.
- The rents do the workNo tax returns or pay stubs for the income.
- A licensed loan officerA real person works through the portfolio with you.
The basics
How a portfolio rental loan works
A portfolio rental loan, also called a blanket loan, is one mortgage secured by several rental properties at once: from two to fifteen properties of one to four units each, all in the same state. Instead of a separate loan, closing and payment for each property, there is one loan, one closing and one monthly payment.
It is a rental-income loan. The rents from all the properties together must cover the loan payment by a set margin, and each property’s rent must cover its own share of the payment by the same margin. No tax returns, pay stubs or debt-to-income ratio are used; your credit, your assets, your record as a landlord and an appraisal of every property are still checked.
Title is held by a business entity, such as a limited liability company, and its owners give a personal guarantee. When you sell or refinance one of the properties, it can be released from the loan without paying the whole loan off, on terms set in the loan documents.
Who it suits
- Experienced investors with a year or more of owning and managing rental property
- Owners of several rentals in one state who want one loan and one payment instead of many
- Investors who hold title in a company, with the owners giving a personal guarantee
- Investors who plan to sell or refinance one property at a time, with the rest staying in the loan
Not for a property you will live in, for rentals let by the night or week, or for buildings of five or more units.
The loan
What a portfolio (blanket) loan covers
One mortgage across the properties, with each property keeping its own share of the loan.
Release of a property
Each property carries its own share of the loan. When you sell or refinance one, it can be released from the loan without paying the whole loan off, by paying down more than that property’s share, on terms set in the loan documents.
Cash-out for business purposes
Cash-out is available for business purposes, within limits that depend on how much is borrowed against the combined value. Cash taken out for personal use is not allowed.
How a cash-out refinance worksBusiness purpose investor loans are for investment property only. A single rental is financed on our DSCR loan; a building of five to ten units gets its own five to ten unit loan.
Requirements
What the program asks for
The rents replace your income, not the rest of the file. Each figure below is the easiest tier of the program we use; the tiers do not all apply to the same loan, and the terms for your portfolio depend on your file.
- The properties. Two to fifteen properties of one to four units each, all in the same state.
- Loan amounts. From $250,000 to $2,000,000.
- Loan-to-value. Up to 75% of the combined value, depending on credit score and loan size.
- The rents. Together, the rents must cover the loan payment by 1.10 times, and each property’s rent must cover its own share of the payment by 1.10 times. No personal income is used.
- The appraisals. Every property is appraised, and each must be worth at least $150,000.
- Release of a property. Individual properties can be released from the loan when sold or refinanced, on terms set in the loan documents: a paydown of 120% of that property’s share of the loan.
- Experience. For experienced investors: at least a year of owning and managing rental property in the last five years.
- Title. Title is held by a business entity, with a personal guarantee from its owners.
- Credit history. Four years must have passed since a foreclosure, short sale, deed-in-lieu or bankruptcy.
- Short-term rentals. Income from a property let by the night or week cannot be used.
- Cash-out. Available for business purposes, within limits that depend on loan-to-value.
The figures above were checked on 11 October 2026 against the program we use and will be reviewed by 11 November 2026. They are program limits, not an offer, a rate or a loan decision; programs change their terms without notice, and the terms for your portfolio depend on credit, the rents, the appraisals and underwriting review. Business purpose investor loans are for investment property only.
How it works
The steps to a portfolio rental loan
Tell us about the properties
The address, units and lease of each property, the entity that will hold title, and whether you are buying, refinancing or taking cash out. No income documents.
Credit, assets and experience
We check credit for each guarantor, you send statements for the down payment, closing costs and reserves, and you show your record of owning and managing rental property.
Appraisals and the ratios
Every property is appraised with a market rent schedule. We work out the ratio for the whole loan and for each property’s share of it.
Sign and close
You sign the business-purpose and occupancy statements and the personal guarantee. One closing covers every property, and from then on there is one monthly payment.
A worked example, in words. Say you own several single-family rentals in one state, each with its own mortgage and its own payment, and you want one loan, one payment, and some cash toward your next purchase.
- The properties. You list each property with its units and its current lease. None is let by the night or week, and all are in the same state.
- Title. The loan closes in the name of a business entity, such as a limited liability company, with its owners giving a personal guarantee. If the rentals are in your own name today, ask your attorney before you transfer them, because a transfer can matter for your current mortgages, your insurance and your title, and raise it with your loan officer early.
- The appraisals. Every property is appraised with a market rent schedule.
- The rents. The ratio is worked out for the whole loan and for each property’s share of it: the rents together must cover the loan payment by a set margin, and each property’s rent must cover its own share by the same margin.
- The cash. Cash-out is available for business purposes, within limits that depend on how much is borrowed against the combined value, and the lender asks how the cash will be used. Cash for personal use is not allowed.
- Closing and after. One closing pays off the separate mortgages, and from then on there is one monthly payment. If you later sell one of the rentals, it can be released from the loan by paying down more than its share, on terms set in the loan documents.
The rental deal analyzer and the DSCR calculator test a property’s rent against its payment with your own figures; both are estimates, not decisions. A single rental is financed on our DSCR loan. Rentals in New Jersey? See our non-QM lender page for New Jersey.
Documents
What documents you need
No tax returns or pay stubs. Most investors can start with these.
- A list of the properties with the current lease for each one
- Bank or investment statements for the down payment, closing costs and reserves
- Your record as a landlord: the rental property you have owned and managed
- Company documents for the entity that holds title, and the personal guarantee of its owners
- Your purchase contracts, when you are buying
- Photo identification for each guarantor
Before you apply: prepare the portfolio
- A rent roll: each property, its units, the tenant’s lease dates and the rent
- The latest mortgage statement for every property the new loan will pay off
- The current tax bill and an insurance quote for each property, with flood insurance where a property needs it, because both are part of the payment the rents have to cover
- Your plans for each property: which ones you may sell or refinance in the next few years, because a property leaves the loan on the release terms in the loan documents
- A word with your attorney before you move any rental from your own name into the company
Questions
Common questions about portfolio rental loans
How many properties can go in one loan?
From two to fifteen properties of one to four units each, all in the same state. A building of five or more units gets its own loan: see our five to ten unit loans.
Do the properties all have to be in the same state?
Yes. Every property in the loan must be in one state. Rentals in a second state would go under a separate loan.
Can I sell one of the properties later?
Yes. A property can be released from the loan when you sell or refinance it, without paying the whole loan off, by paying down more than that property’s share of the loan, on terms set in the loan documents.
Do I need experience as a landlord?
Yes. The program is for experienced investors with at least a year of owning and managing rental property in the last five years. Tell your loan officer about the properties you own now.
Can my company hold title?
Title is held by a business entity, such as a limited liability company, and its owners give a personal guarantee. Your loan officer tells you which company documents to send.
Can short-term rentals be included?
No. Income from a property let by the night or week cannot be used in a portfolio loan. For a single short-term rental, see our short-term rental loans.
Can I take cash out?
Yes, for business purposes, within limits that depend on how much is borrowed against the combined value. Cash taken out for personal use is not allowed.
Is there a prepayment penalty?
Many business-purpose rental loans carry a prepayment penalty in the first years, where the law allows one. Your loan officer explains the terms of this loan, including any penalty, before you decide.
What is a portfolio rental loan?
One mortgage secured by several rental properties at once, also called a blanket loan. Instead of a separate loan, closing and payment for each property, there is one loan, one closing and one monthly payment, based on the rent the properties bring in together rather than your personal income. It is a business-purpose loan for investment property.
Is a portfolio rental loan the same as a loan from a portfolio lender?
No; the word is used in two ways. A portfolio rental loan, on this page, puts several rentals under one loan. A portfolio lender is one that keeps loans on its own books and sets its own rules, which can help with homes and properties other programs turn down, such as some condominiums, co-ops and mixed-use buildings. Those loans are adjustable: the rate is fixed for a set number of years and then can change every year, so the payment can rise. See portfolio adjustable-rate loans.
Should I use one portfolio loan or a separate loan for each rental?
It depends on how you run the properties. One portfolio loan gives one closing and one payment, with the rents carrying the loan together. Separate rental-income (DSCR) loans keep each property on its own loan, so each can be sold or refinanced without touching the others. A standard conventional loan uses your own income, and the agencies limit how many financed properties one borrower can hold. Ask a loan officer to price the options for the same properties; see DSCR or conventional.
If one property is empty, does it affect the others?
The loan is one loan secured by every property in it, so the full payment is due each month whatever any one property earns, and a missed payment affects the whole loan. Keep reserves for vacancies and repairs, and read the loan documents with your attorney before you sign.
My rentals are in my own name. Can they go into a portfolio loan?
Title in a portfolio loan is held by a business entity, such as a limited liability company, with its owners giving a personal guarantee. Ask your attorney before you transfer a rental you already own, because a transfer can matter for your current mortgage, your insurance and your title, and raise it with your loan officer early. More in buying a rental in an LLC.
Do you lend in my state?
Fidelity Residential is licensed in many states. The full, current list is on NMLS Consumer Access (opens in a new tab), or call us at 732-686-9999. Business purpose loans follow their own list of states; a loan officer can confirm it for your properties.
Have a portfolio in mind?
Get a quote, apply online, or talk it through with a licensed loan officer.
This page is general information, not a commitment to lend. Programs, terms and eligibility depend on credit, property, rent and underwriting review and are subject to change without notice. Business purpose investor loans are for investment property only.
Reviewed by Robert Shamie, CEO, NMLS #241428 · Last reviewed:
Fidelity Residential (PFN Lending Group, Inc., NMLS #103098) is a direct mortgage lender licensed in 40 states and the District of Columbia, with 26 years in business.