Is the $10M portfolio cap negotiable?

No. It is a hard limit on Silt's current sheet; portfolios above it need to be split across more than one loan.

Does the $10M cap include properties financed elsewhere?

No. It applies to the loan amount on the pool being financed with Silt, not the investor's total real estate holdings.

Can reserves be lower than twelve months on a smaller portfolio?

The twelve-month standard applies once a file is underwritten as a portfolio loan rather than a single property, regardless of how few properties are in it.

Does scaling past ten doors ever lower the FICO floor?

No. The 660 floor is unchanged regardless of portfolio size.

Should I split a large portfolio into two loans?

This is a legitimate strategy near the $10M cap — discuss the trade-offs, including separate reserve pools, with the desk before structuring it.

LESSON 5 OF 65 MIN READ

What changes once an investor scales past ten doors?

Once an investor is financing a portfolio rather than a single property, three things change from a standard DSCR file: pricing can reflect the reduced servicing cost of one blanket loan rather than several separate notes, reserve requirements step up to twelve months of PITIA across the pool instead of six, and the total loan size is bounded by a hard $10M portfolio cap on Silt's current sheet. None of the underlying DSCR mechanics change — the floor is still 0.75, the pricing bands still run through 1.20, and the FICO floor is still 660 — but the scale of the file changes how those mechanics are applied and what the desk asks for before closing.

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.

What pricing credit is available for scale?

A blanket loan across a portfolio is cheaper for a lender to originate and service than the equivalent number of individual notes, and pricing can reflect that where the pool's aggregate DSCR and leverage otherwise support it. This is a function of structure and volume rather than a published line-item discount, so the pricing conversation happens once the pool is scoped rather than off a rate sheet in isolation — ask the desk to price the portfolio as a blanket loan and compare it against pricing the same properties individually before deciding which structure to use.

Why do reserves double to twelve months on a portfolio?

A single-property DSCR loan on Silt's sheet requires six months of PITIA in reserve. A portfolio loan requires twelve, reflecting the larger absolute exposure and the reality that a vacancy or repair on one property in a ten-door pool is a routine event rather than an edge case. Reserves are calculated against the pool's total monthly PITIA, not per property, so the dollar figure required rises directly with the number and size of properties in the pool — this is usually the single largest cash-to-close item an investor underestimates when scaling.

What is the actual ceiling on loan size?

Silt's sheet caps a single-property DSCR loan at $3M and a portfolio loan at $10M in aggregate. That $10M figure is a hard limit, not a soft guideline — a portfolio that would otherwise qualify on DSCR and leverage still cannot be financed above that ceiling on one blanket note. An investor approaching that limit has a structural choice to make well before the tenth or eleventh property: split the pool into two blanket loans, finance the newest acquisitions individually, or bring in a partner and additional equity to keep leverage within the remaining room under the cap.

Does unit count itself impose a separate limit?

Each property in the pool is still bound by the 1–10 residential unit rule that applies to any DSCR loan — a 40-unit apartment building does not become eligible by being folded into a portfolio. The $10M cap and the twelve-month reserve requirement govern the portfolio as a whole; the unit-count rule governs each property within it. A pool of ten single-family homes and a pool of two ten-unit buildings can both be eligible, provided every individual property clears the 1–10 unit test on its own.

How does credit and reserve documentation change at scale?

The FICO floor of 660 and the underlying documentation — entity formation, leases, tax bills, insurance binders — do not change with portfolio size, but the volume of paperwork clearly does. Twelve months of PITIA across, say, fifteen properties is a meaningfully larger reserve balance to evidence than six months on one property, and bank statement review takes correspondingly longer. Investors scaling quickly benefit from keeping reserves in a small number of clearly documented accounts rather than spread across many, since underwriting has to source and verify every account shown.

What is the practical planning takeaway?

Model the twelve-month reserve requirement and the $10M ceiling before acquiring the next property, not after signing a contract. An investor who is financing individually up to nine or ten doors and only then considers a blanket loan should price both structures side by side, because the reserve step-up and the portfolio cap are the two variables most likely to change which structure makes sense at a given portfolio size.

A twelve-property pool approaching the ceiling

Properties in pool	12 single-family rentals
Combined value	$4.6M
Loan amount at 75% LTV	$3.45M
Remaining room under $10M cap	~$6.55M before hitting the ceiling
Combined monthly PITIA	$21,400
Reserves required (12 months)	$256,800
Single-property equivalent reserves (6 months, if financed separately)	$128,400
FICO floor	660, unchanged from a single-property file

Illustrative figures only. Reserve amounts and available room under the portfolio cap depend on the actual pool composition and are confirmed by the desk.

WHAT WE NEED FROM YOU

Portfolio rent roll. Every property in the pool, in the format from the earlier lesson.
Twelve months of bank statements. To evidence reserves at the portfolio level.
Entity documents. Covering the entity or entities holding title across the pool.
Per-property tax, insurance and HOA figures. Feeding both the individual and pooled PITIA.
Schedule of real estate owned. A summary of the investor's full portfolio, inside and outside this pool.

FREQUENT QUESTIONS

Is the $10M portfolio cap negotiable?: No. It is a hard limit on Silt's current sheet; portfolios above it need to be split across more than one loan.
Does the $10M cap include properties financed elsewhere?: No. It applies to the loan amount on the pool being financed with Silt, not the investor's total real estate holdings.
Can reserves be lower than twelve months on a smaller portfolio?: The twelve-month standard applies once a file is underwritten as a portfolio loan rather than a single property, regardless of how few properties are in it.
Does scaling past ten doors ever lower the FICO floor?: No. The 660 floor is unchanged regardless of portfolio size.
Should I split a large portfolio into two loans?: This is a legitimate strategy near the $10M cap — discuss the trade-offs, including separate reserve pools, with the desk before structuring it.

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