Do all properties in a portfolio refinance need to close on the same day?

No. Staged closings, funding property by property or county by county, are common on larger or geographically spread portfolios.

What happens if one payoff statement expires before closing?

It is reissued for a new date — this is routine, but it is a common cause of delay if not tracked closely across several existing loans.

Can I refinance some properties in a pool and leave others out?

Yes — a portfolio refinance does not need to include every property an investor owns, only those being refinanced together.

Does a cash-out refinance across a portfolio use the same 75% cap as a single property?

Yes, the 75% cash-out cap applies at the portfolio level on Silt's sheet, alongside the 80% rate-and-term cap.

Should I use one title company for every property?

Where the same company operates across all the relevant counties this can simplify coordination, but local counsel review in each jurisdiction still matters — confirm with your attorney.

LESSON 6 OF 65 MIN READ

How does refinancing a portfolio of rentals actually work?

Refinancing a portfolio means paying off several existing loans and replacing them with one blanket note, or with individually refinanced loans that are then bundled — and the mechanics are dominated by coordination rather than by anything unusual in the DSCR underwriting itself. Every existing lender needs an accurate, dated payoff statement, title has to be cleared and insured separately in each county the properties sit in, and the more properties and counties involved, the more likely the closing happens in stages rather than on a single date. None of this changes the DSCR test or the pricing bands; it changes how long the process takes and how many moving parts have to line up before funding.

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.

How do you sequence payoffs across several existing loans?

Each property being refinanced typically carries its own existing loan, often with different servicers, different payoff formats and different per-diem interest calculations. Payoff statements are only valid for a fixed window — commonly ten to thirty days — so they need to be ordered close to the anticipated closing date, not months in advance, and refreshed if the closing slips. Where properties are cross-collateralized under an existing blanket loan of their own, payoff of that note may need to happen as a single event covering every property it secures, which constrains how the new loan can be sequenced around it.

Why does title work multiply across counties?

Title is examined and insured at the county level, so a portfolio spread across, say, four counties in two states means four separate title searches, four sets of local recording requirements, and potentially four different closing agents or underwriters. Recording fees, transfer taxes and closing practices vary by jurisdiction, and title exceptions specific to one property — an old lien, an easement, an HOA lien — have no bearing on the others and are resolved independently. This is the most common reason a portfolio refinance takes longer than a single-property one even when the underwriting itself is straightforward.

What does a staged closing actually look like?

Rather than funding every property on the same day, a staged closing releases funds property by property, or county by county, as each one clears title and its payoff is confirmed. The loan documents and the aggregate DSCR are set for the full pool up front, but funding follows as each piece is ready — which keeps a single slow county from holding the entire portfolio hostage to one delayed payoff or title curative issue. Staged closings are common on larger or more geographically spread portfolios and are worth planning for from the outset rather than assuming a single closing date.

Does the aggregate DSCR test change on a refinance versus a purchase?

No — the same aggregate DSCR mechanics described earlier in this course apply, with current or updated rent, taxes and insurance figures feeding the pooled ratio instead of purchase-contract figures. What does change is the loan-to-value basis: a rate-and-term refinance caps at 80% of current value on Silt's sheet, while a cash-out refinance across the portfolio caps at 75%, and seasoning on any recently acquired property in the pool is assessed the same way it would be on a single-property cash-out refinance.

What should an investor gather before starting a portfolio refinance?

An updated rent roll in the format covered earlier in this course, current payoff authorization for every existing loan, and a property-by-property list of which county and title company will handle each closing. Getting payoff authorizations moving early matters more on a portfolio refinance than on a single property, because a single unresponsive existing servicer can hold up the payoff calculation for one property without affecting the rest — provided the closing is structured to allow staging rather than requiring everything to fund simultaneously.

Is legal review different on a multi-county closing?

Real estate law and recording requirements vary by state and by county, and an attorney experienced in the relevant jurisdictions should review title work and closing documents for each property — this is not something a single closing attorney can necessarily do competently across every county in a large portfolio. Tax treatment of a portfolio refinance, particularly around cost basis and any 1031 considerations tied to properties recently acquired, is a question for a CPA and is outside what any lender can advise on.

A six-property refinance across three counties

Properties	6 rentals across 3 counties, 2 states
Existing loans being paid off	6 separate notes, 4 different servicers
Payoff statement validity window	10–30 days, refreshed as needed
New structure	One blanket DSCR loan across all 6 properties
Title work	3 separate county-level searches and policies
Closing structure	Staged — funded county by county over roughly two weeks
New loan LTV basis	80% rate-and-term / 75% cash-out
Aggregate DSCR at close	Re-tested on current rent and PITIA figures

Illustrative sequencing only. Actual timing depends on the responsiveness of existing servicers and the title requirements of each county involved.

WHAT WE NEED FROM YOU

Payoff statements. Current, dated authorizations from every existing lender being paid off.
Updated rent roll. Reflecting current rents, taxes and insurance across the pool.
Title commitments. One per county, ordered early given the number of jurisdictions involved.
Insurance binders. Updated per property, naming the new lender's mortgagee clause.
Entity and authorization documents. Confirming who can sign payoff authorizations and closing documents for the entity.

FREQUENT QUESTIONS

Do all properties in a portfolio refinance need to close on the same day?: No. Staged closings, funding property by property or county by county, are common on larger or geographically spread portfolios.
What happens if one payoff statement expires before closing?: It is reissued for a new date — this is routine, but it is a common cause of delay if not tracked closely across several existing loans.
Can I refinance some properties in a pool and leave others out?: Yes — a portfolio refinance does not need to include every property an investor owns, only those being refinanced together.
Does a cash-out refinance across a portfolio use the same 75% cap as a single property?: Yes, the 75% cash-out cap applies at the portfolio level on Silt's sheet, alongside the 80% rate-and-term cap.
Should I use one title company for every property?: Where the same company operates across all the relevant counties this can simplify coordination, but local counsel review in each jurisdiction still matters — confirm with your attorney.

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Portfolios and blanket loans Aggregate DSCR Leverage and LTV All answers