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By David Ghazaryan, Mortgage Broker (NMLS 1486726), iQRATE Mortgages (company NMLS 1862492). Updated November 12, 2026.
A portfolio loan is a mortgage a lender keeps on its own books instead of selling to Fannie Mae or Freddie Mac, so the lender sets its own rules for the investor and the property. Rental buyers near Las Vegas usually look for one when a conventional loan stops fitting: they are approaching Fannie Mae's cap of 10 financed properties, they want to buy in an LLC, their tax returns understate their income, or the property (a non-warrantable condo, a five-unit building, a mixed-use asset) falls outside agency guidelines. iQRATE Mortgages is a mortgage broker, not a lender. We compare more than 100 banks and private lenders for each file and arrange the loan with the lender that funds it. Everything on this page is general information and not a commitment to lend; every loan is subject to credit, property and underwriting approval.
Start an investor application or call (702) 766-3744. Our office is at 6360 S Rainbow Blvd, Suite 101, Las Vegas, NV 89118. For the statewide overview, see our portfolio loans guide; this page covers the Las Vegas valley rental market specifically.
"Portfolio loan" is used loosely. In practice there are several structures, and the right one depends on how many doors you own, how you hold title and how long you plan to keep each property. Terms vary by lender and program.
| Structure | How it works | Usually fits | Watch for |
|---|---|---|---|
| Single-property portfolio or DSCR loan | One loan on one rental, qualified on the rent compared with the full property payment rather than your personal income | LLC buyers, self-employed owners, buyers past the agency property count | Prepayment penalties are common; appraiser's market rent drives the ratio |
| Blanket (multi-property) loan | One loan written across several properties at once | Owners consolidating several rentals under one lender and one payment date | Release clause: whether you can sell one property without paying off the rest |
| Cross-collateralized loan | Properties you already own back a new purchase | Investors with equity who want to buy again without selling | One default or one delayed sale can affect every property in the pledge |
| Bank statement or P&L investor loan | Income documented from deposits or a profit-and-loss statement | Self-employed investors whose returns show heavy write-offs | Each lender sets its own expense factor and document period |
| Hard money or bridge loan | Short-term financing based on price, rehab plan and exit | Flips, heavy rehabs and acquisitions that must close before long-term financing is ready | You need a refinance or sale plan before you sign |
| Conventional (agency) investment loan | Standard Fannie Mae or Freddie Mac underwriting on a non-owner-occupied property | The first several rentals, when personal income and credit are strong | Financed-property count and reserve requirements rise as the portfolio grows |
Our program pages go deeper on each: DSCR loans, loans for investors with 10 or more financed properties and the portfolio loan overview.
Fannie Mae's selling guide allows a borrower to have up to 10 financed properties when the new loan is for a second home or investment property and runs through Desktop Underwriter. Your own home counts if it carries a mortgage, and a 2-4 unit building counts as one property. Reserve requirements also step up as the number of financed properties grows. Read the source rules yourself: Fannie Mae B2-2-03, multiple financed properties, B3-4.1-01, minimum reserves and B2-2-01, borrower eligibility.
| Your situation | Why conventional may stop working | Option to compare |
|---|---|---|
| Approaching the 10-property count | Agency financed-property limit | DSCR, blanket or portfolio loans; see serial investor loans |
| Buying in an LLC | Agency loans generally lend to individuals | Business-purpose DSCR loan closing in the entity name |
| Tax returns understate income | Debt-to-income uses taxable income | DSCR, bank statement or P&L program |
| Building of five or more units | Such buildings are typically treated as commercial, outside the residential count | Commercial or portfolio lenders |
| Non-warrantable condo or condo-hotel unit | Project fails Fannie Mae or FHA review (HOA reserves, investor ownership, litigation, single-entity ownership) | DSCR or portfolio lender that finances non-warrantable projects |
| Contract must close faster than agency timelines allow | Full agency documentation takes time | Bridge or hard money with a defined exit |
Las Vegas REALTORS reported a September 2026 median of $470,000 for existing single-family homes across Southern Nevada, flat from a year earlier, and $290,000 for condos and townhomes. Months of supply was about 5, and cash sales were 23.5% of all sales, so cash buyers compete with financed offers. Source: Las Vegas REALTORS September 2026 report (PDF). For a ZIP-by-ZIP value table, see our Las Vegas mortgage broker page, which carries the Zillow Home Value Index figures so we do not repeat them here.
Las Vegas-area submarkets investors often ask about include Summerlin and Centennial Hills in the northwest, Enterprise and Mountain's Edge in the southwest, Spring Valley, Henderson and Strip-adjacent Paradise condos. Many addresses with a "Las Vegas" mailing city sit in unincorporated Clark County, which matters for property-tax district and short-term rental rules. For investor-specific data nationwide, see the Realtor.com investor report, October 2026.
| Topic | What the official source says | Why it matters for a portfolio |
|---|---|---|
| Property-tax cap | The Clark County Assessor applies a 3% cap on the tax bill for an owner-occupied primary residence; other property, including most rentals, gets a cap of up to 8% (Clark County Assessor) | Budget rental cash flow with the higher cap, not the owner-occupant cap |
| Real property transfer tax | Governed by NRS chapter 375, with some transfers exempt, including certain transfers to an entity the owner wholly owns (Nevada Department of Taxation; NRS 375) | Ask your escrow officer how a move into an LLC is treated before you retitle |
| Recording | Deeds and deeds of trust record with the Clark County Recorder (how to record) | Ask your escrow officer how recording works for each property a loan covers |
| Short-term rentals, City of Las Vegas | A license is required, the owner generally must occupy the home, and rentals must be 660 feet apart (City of Las Vegas) | Do not underwrite nightly rents until you confirm the rules for that parcel |
| Short-term rentals, unincorporated Clark County | The application period closed in August 2023 (Clark County Regulated Business) | Use long-term rent for the loan unless you have verified approval |
| Homestead exemption | Protects equity in your own home from most creditors; you must record a declaration (NRS 115) | It does not shelter rentals and does not protect against your mortgage lender |
These are general descriptions, not legal or tax advice. Confirm entity, tax and licensing questions with your attorney, CPA and the agencies above. When you are ready to compare lenders for a rental, start an application or call (702) 766-3744.
The FHFA 2026 conforming limits for Clark County are $832,750 for one unit, $1,066,250 for two, $1,288,800 for three and $1,601,750 for four. Clark County is not a high-cost area. A loan above the limit for its unit count is a jumbo loan, which moves the file out of agency guidelines. See the FHFA announcement and the conforming loan limit data. Portfolio and DSCR lenders set their own maximums, which vary by lender and program. Not sure which side of the line your purchase falls on? Apply here or call (702) 766-3744.
Approval is only one question; the financing terms decide how the deal performs. Use the checklist below before you sign, and read David's comments further down on why he looks at the whole transaction.
| Question | Why it matters |
|---|---|
| Is there a prepayment penalty, how long does it last and how is it calculated? | Common on investor and DSCR loans; it changes your cost of selling or refinancing early |
| Is the rate fixed or adjustable, and is there an interest-only period? | Determines how your payment can change and whether it rises when principal payments begin |
| Does a blanket loan include a release clause? | Decides whether you can sell one property without paying off the whole group |
| Is the loan cross-collateralized? | One property's problem can reach the others |
| Which rent figure does the lender use: lease or appraiser's market rent? | A lower appraised rent can pull the coverage ratio below what the lender requires |
| Is the loan recourse or non-recourse, and who must sign? | Affects personal liability and how an LLC borrower is treated |
| What reserves are required per property? | Reserves are cash you must keep after closing |
Compare total costs on written Loan Estimates for owner-occupied loans; business-purpose investor loans have their own disclosures, so ask each lender what you will receive and when.
One file shows how this works, told without names. A client came to us after the financing on a brand-new investment property fell apart. The builder was offering unusually generous incentives but required her to apply through its preferred lender. She did exactly that, and the builder's lender denied her. Because she had satisfied the requirement, the builder agreed to honor the incentives if she obtained outside financing. We arranged a DSCR loan qualified on the property's rental income rather than her personal debt-to-income, and the incentives went toward a rate buydown. The coverage ratio was about 1.00, and the loan closed in less than three weeks. The lesson: a denial does not necessarily end a good opportunity. The loan program was only half the answer; the other half was the contract. She had done what the builder required by applying through its preferred lender, and that is what kept the incentives alive. Before you sign with a builder, ask in writing what happens to the incentives if the preferred lender declines you, whether outside financing is allowed and by what date, and have your real estate attorney review the answer. This is general information, not legal advice.
Two more files from our desk. In fall 2024 an investor closed two southwest Las Vegas condos on DSCR loans on the same day, about five weeks after submission. On one unit the appraiser's market rent came in low and the coverage ratio slid from 0.98 to 0.82; the fix was keeping the loan-to-value where it was with a larger down payment, plus a complete condo package (HOA questionnaire, master insurance policy and a CPA letter for the business deposits). So ask a lender early which rent it uses (lease or appraiser's estimate), what coverage ratio it needs and what happens if the appraisal lands under your lease. And over winter 2021-2022 a Las Vegas-area investor put equity from a small rental portfolio to work with five conventional cash-out refinances, staggered over a few weeks, that closed together for about $1.35 million in total. Each property needs its own appraisal, title file and reserves, so list every property with its mortgage statement, lease and insurance declaration first, start with the simplest files and tell your broker your deadline. Cash-out terms and seasoning rules differ by lender. Figures are rounded and details removed; past results do not guarantee future outcomes, and nothing here promises a result on your file.
| Loan path | Income and property documents | Assets and entity documents |
|---|---|---|
| DSCR or portfolio (business purpose) | Lease or rent schedule; property details; appraisal ordered by the lender | Entity documents if buying in an LLC; statements on other mortgaged properties; proof of funds for reserves |
| Conventional investment loan | Two years of tax returns with Schedule E; pay stubs and W-2s if employed | Two months of bank statements; mortgage statements on all financed properties |
| Bank statement investor loan | 12 or 24 months of business or personal statements (varies by lender) | Business license or CPA letter |
| Condo purchase | HOA questionnaire, master insurance policy, budget | Reserve study if the lender asks |
Send the whole package at once; a complete file lets the lender underwrite once instead of asking for documents piece by piece. Our Las Vegas mortgage broker page has the full step-by-step closing timeline for owner-occupied purchases.
The statements below are David Ghazaryan's own first-person words, taken from his answers to our investor questions and from the files he describes on iQRATE's Las Vegas pages. Details are removed and figures rounded to protect client privacy.
"I have been a mortgage broker for more than 15 years. Every file has a moment where it could go either way."
"The lesson I took from that transaction is that a lender's denial doesn't necessarily mean a good investment opportunity is dead. Sometimes the solution is understanding the purchase contract, preserving the buyer's negotiating position, and choosing a financing program that fits the actual investment."
"I started in mortgages in 2005 and have done tax preparation since 2008, so I read these files the way an underwriter will."
"One thing being a real estate investor has taught me is that getting a loan approved and making a good investment are two different things."
"I've seen investors spend weeks negotiating a purchase price and then barely examine the financing terms."
"They focus on the interest rate. I look at the entire transaction: cash invested, monthly carrying costs, reserves, prepayment penalties, and the exit strategy."
"A loan that saves you money today can become expensive if you need to refinance or sell before a prepayment penalty expires."
"I'm interested in whether the financing supports the investment strategy, not simply whether a lender will approve it."
"These are real files from my desk. Names and details are removed, and figures are rounded to protect client privacy. Past results do not guarantee future outcomes."
Want a lender comparison built around your portfolio? Start your application or call David's team at (702) 766-3744.
David Ghazaryan owns iQRATE Mortgages. He entered the mortgage industry in 2005, founded a tax practice in 2008 and has prepared more than 6,000 tax returns. He is also a real estate investor, so investor files get looked at the way an owner looks at them: rent, taxes, insurance and HOA dues first, then the loan. Self-employed and 1099 investors often have returns that understate what they really earn, and reading a return the way a tax preparer does is how we find the program that fits.
Public profiles: Google 5.0 from 77 reviews, Yelp 5.0 from 51, Zillow 5.00 from 9, and 5.0 from 87 reviews on Experience.com (October 2026). See our Zillow lender profile. Affiliated business arrangement: iQRATE Mortgages LLC, Red Rock Realty LLC and iQTAXX Tax Services.
These are company-wide reviews from other markets and loan types, quoted word for word. They describe working with David and the iQRATE team overall; they are not about this city or a promise about your loan.
"Andrei and David were so great! They're helpful and communicated everything with me through the whole process. I am so pleased and look forward to using iqrate for my future investment properties. 10/10 Will be reccomending to friends."
"David handled the purchase of my investment duplex in Olympia - Washington State. He came recommended by my realtor, and was very attentive, closed on time, and communicated clearly."
"The best experience that I have ever had with mortgage company, David and his team are awesome and they always keep me updated on a daily basis about my mortgage process. They are professional, down to earth, helpful and they always available to answer all your questions. Thank you David and iQRate mortgages"
A mortgage the lender keeps on its own books rather than selling to Fannie Mae or Freddie Mac, so the lender sets its own investor and property rules. Terms vary by lender and program.
Not always. A DSCR loan qualifies the property on its rent compared with its full payment. A portfolio loan describes who holds the loan. Many portfolio and non-QM investor loans use DSCR underwriting, but others use bank statements or conventional-style documentation.
Fannie Mae allows up to 10 financed properties for a second home or investment loan run through Desktop Underwriter, with reserve requirements that rise along the way. See the Fannie Mae selling guide links above. Past that, investors usually look at DSCR or portfolio financing.
Often yes with business-purpose DSCR and portfolio programs; agency loans generally lend to individuals. Ask your attorney and escrow officer about title, transfer tax exemptions and insurance before you retitle an existing property.
It depends on the parcel's jurisdiction and the lender. The City of Las Vegas requires a license and has owner-occupancy and spacing rules; unincorporated Clark County closed its application period in August 2023. Confirm the rules for the address before underwriting nightly rents.
A fee for paying the loan off early, common on investor and DSCR loans. Ask the lender how long it lasts and how it is calculated each year, and match it to your plan to sell or refinance.
No. iQRATE Mortgages is a mortgage broker. We arrange your loan with a wholesale lender that funds it, and we can choose among many lenders for each file. Nothing here guarantees approval, a rate or a closing date.
Call (702) 766-3744 or apply online. Tell us how many properties you own, how title is held, your income type and your exit plan.
Tell us your portfolio, and we will compare lenders whose rules fit it. Apply now or call (702) 766-3744. Related pages: portfolio loans, serial investor loans, DSCR loans and Las Vegas mortgage broker.
iQRATE Mortgages LLC, Company NMLS 1862492. David Ghazaryan, Mortgage Broker, NMLS 1486726. 6360 S Rainbow Blvd, Suite 101, Las Vegas, NV 89118. (702) 766-3744. Equal Housing Opportunity. iQRATE is a mortgage broker and does not fund loans. Investor loans are for business purposes only, on non-owner-occupied properties. Programs and terms vary by lender and are subject to credit, property and underwriting approval. This page is general information, not a commitment to lend, and not legal or tax advice. Dollar figures cited are from the public sources linked on this page and are not an offer of credit.
