Does every property in a pool need to hit the 0.75 DSCR floor individually?

Not necessarily — this depends on the lender and structure. The aggregate ratio is what Silt prices against; confirm any per-property floor with the desk.

Can a pool include one vacant property?

Yes, using the appraiser's market rent for that unit, provided the aggregate ratio still clears the floor once it is included.

Will I be told which property is dragging the pool down?

Ask for the per-property breakdown alongside the pooled term sheet — the summary figure alone will not show it.

Does aggregate DSCR change if I add a property later?

Adding a property to an existing blanket loan generally requires a modification or a new loan; the pool is re-tested at that point.

Is aggregate DSCR the same thing as a blended cap rate?

No. DSCR compares rent to debt service; a cap rate compares net operating income to value. They answer different questions.

LESSON 4 OF 65 MIN READ

How does aggregate DSCR work on a portfolio loan?

Aggregate DSCR sums the monthly rent across every property in the pool and divides it by the sum of every property's PITIA, producing one ratio for the loan rather than a separate pass or fail on each address. That structure is what lets a blanket loan close at all — most portfolios contain at least one thinner-margin property — but it also means a single underperforming or vacant unit can sit inside a pool that still clears Silt's 0.75 floor and prices at par above 1.20 in aggregate. Reading only the pooled number without checking each property individually can leave a weak asset undiagnosed until it starts driving a shortfall in the whole loan's cash flow.

THE NUMBERS

Minimum DSCR	0.75 (0.75–0.99 prices at +62.5 bps, 70% LTV cap)
Maximum LTV	80% purchase or rate-and-term · 75% cash-out
FICO floor	660 (below that the desk does not lend)
Loan size	$100K – $3M single · $10M portfolio
Reserves	6 months PITIA · 12 months on a portfolio
Prepay options	5-4-3-2-1 par · 3-2-1 +25 bps · 1-yr +50 bps · none +87.5 bps
Typical days to close	21–30 days from a signed term sheet
Rate sheet	Silt Rate Desk — Market Composite Sept 2026 · effective 2026-09-01

ILLUSTRATIVE — published program floors, not a quote or a commitment to lend. Subject to underwriting, appraisal and final credit approval.

Why pool the ratio instead of testing each property alone?

A blanket loan is underwritten and priced as a single credit decision, so the desk needs a single figure that describes the whole pool's ability to cover its combined payment. Summing rent and summing PITIA across every property, then dividing, produces that figure in a way that is directly comparable to a single-property DSCR test and prices against the same bands — 0.75 to 0.99, 1.00 to 1.19, and 1.20 and above. It also reflects economic reality: the properties are collectively servicing one blended payment, not five separate ones.

How exactly does one weak door hide inside a strong pool?

Because the numerator and denominator are both sums, a property whose individual DSCR is 0.70 can be absorbed by two or three properties running at 1.40 or higher, producing a pooled ratio comfortably above 1.20. The pool passes, the pricing is favourable, and the loan closes — but the weak property is still carrying negative cash flow every month, funded in effect by the stronger properties' surplus. That arrangement is not a defect in the structure, but it does mean the investor should know which property in the pool that is, rather than discovering it later.

Worked maths — a four-property pool

Four properties with monthly rents of $2,600, $1,750, $1,900 and $2,100 total $8,350 in monthly rent. Their PITIA figures are $1,950, $1,700, $1,520 and $1,680, totalling $6,850. Aggregate DSCR is $8,350 ÷ $6,850 = 1.219, which clears 1.20 and prices at par. Individually, however, the second property's DSCR is $1,750 ÷ $1,700 = 1.03 and would price in the 1.00–1.19 band alone, while the third property at $1,900 ÷ $1,520 = 1.25 is comfortably carrying the pool. The pooled figure is accurate and the loan is approvable, but the two properties are not equally healthy.

Does the desk look at individual properties at all?

Yes. Underwriting reviews each property's rent, taxes, insurance and PITIA individually as part of building the pool, and the rent-roll submission described earlier in this course requires per-property figures rather than a blended total. The aggregate ratio governs pricing and the pass/fail decision, but the file is not built or reviewed as a single blended number from the outset — an investor reading only the summary term sheet, however, may never see the per-property breakdown unless they ask for it.

Why does this matter for the investor after closing?

A pool passing at 1.22 in aggregate gives no signal about which property would be first to cause trouble if rents softened or a tenant vacated. Understanding the per-property contribution lets an investor watch the actual risk in the portfolio — typically the property with the thinnest individual margin — rather than only the blended monthly statement. It also matters directly for release provisions: selling the strongest property in a pool, as covered in the previous lesson, can pull the aggregate ratio down sharply even though the pool passed comfortably at origination.

Is there a minimum an individual property must clear inside a pool?

This varies by lender and by structure. Some portfolio programs set a floor on the weakest individual property in addition to the aggregate test, to prevent a single badly underwater door from being carried indefinitely by the rest; others rely solely on the aggregate figure. Confirm which approach applies to your file with the desk before assuming every property in a pool needs to clear the same 0.75 floor on its own.

Four properties, one pooled ratio

Property A rent / PITIA	$2,600 / $1,950 (DSCR 1.33)
Property B rent / PITIA	$1,750 / $1,700 (DSCR 1.03)
Property C rent / PITIA	$1,900 / $1,520 (DSCR 1.25)
Property D rent / PITIA	$2,100 / $1,680 (DSCR 1.25)
Total monthly rent	$8,350
Total monthly PITIA	$6,850
Aggregate DSCR	1.22
Pricing band	1.20+ · par
Weakest individual property	Property B at 1.03

Illustrative figures only. Pooled DSCR governs pricing on Silt's sheet; individual property figures are reviewed during underwriting but do not each need to clear the aggregate band separately.

WHAT WE NEED FROM YOU

Per-property rent roll. The seven-column format from the earlier lesson in this course.
Per-property tax and insurance figures. Used to build both the individual and pooled PITIA.
Leases or rent schedules. For each property, to confirm the rent figure used.
Pooled term sheet. Shows the aggregate DSCR and the pricing band it lands in.
Per-property breakdown. Ask the desk for this alongside the pooled term sheet.

FREQUENT QUESTIONS

Does every property in a pool need to hit the 0.75 DSCR floor individually?: Not necessarily — this depends on the lender and structure. The aggregate ratio is what Silt prices against; confirm any per-property floor with the desk.
Can a pool include one vacant property?: Yes, using the appraiser's market rent for that unit, provided the aggregate ratio still clears the floor once it is included.
Will I be told which property is dragging the pool down?: Ask for the per-property breakdown alongside the pooled term sheet — the summary figure alone will not show it.
Does aggregate DSCR change if I add a property later?: Adding a property to an existing blanket loan generally requires a modification or a new loan; the pool is re-tested at that point.
Is aggregate DSCR the same thing as a blended cap rate?: No. DSCR compares rent to debt service; a cap rate compares net operating income to value. They answer different questions.

Apply

How DSCR is calculated Release provisions DSCR calculator All answers