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By David Ghazaryan, Mortgage Broker, NMLS 1486726 · iQRATE Mortgages, Company NMLS 1862492 · Updated November 12, 2026
Quick answer: A portfolio loan for a real estate investor is a non-agency loan on an investment property. The lender sets its own rules instead of following Fannie Mae's. That is why it can fit buyers who own several rentals or hold property in an LLC. It can also fit buyers whose income does not show well on a standard loan. For McKinney properties, iQRATE Mortgages is a licensed Texas mortgage broker. We compare portfolio, DSCR, bank statement, blanket and bridge programs from many wholesale lenders. On complex files we reach out to more than 100 lenders. We are a broker, not the lender. Start your application or call (702) 766-3744.
David Ghazaryan has 5.0 stars from 87 reviews on Experience.com (October 2026). He is a real estate investor himself. In his words: "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." David also says: "I have been a mortgage broker for more than 15 years. Every file has a moment where it could go either way."
Agency loans follow rules from Fannie Mae and Freddie Mac. A portfolio, or non-QM, loan follows the rules of the lender that funds it. Those rules differ by lender, so it pays to shop them. One lender may take an LLC and another may not. One may use rent to qualify you, and another may use bank deposits.
Fannie Mae's published rules show where agency financing starts to run out for a growing investor. Its multiple financed properties policy caps how many financed properties one borrower can carry, and its minimum reserve requirements add cash-on-hand requirements as the count of financed properties grows. Its general borrower eligibility rules also govern who can be on the loan. Past those limits, look at a portfolio program next. Do the same if your tax returns show less income than you have.
These are general program descriptions, not rate or term quotes. Each lender sets its own guidelines, and availability for a Texas property is confirmed on your file.
| Loan type | What the lender leans on | Usually fits | Main trade-off |
|---|---|---|---|
| Single-property portfolio (non-QM) loan | The lender's own guidelines for credit, assets and the property | A rental buyer who is past agency limits or does not fit agency rules | Pricing is usually higher than agency loans |
| DSCR loan | Rent compared with the full monthly payment | Rental buyers whose returns show less income than they really have | Rent must cover the payment, and a prepayment penalty is common |
| Bank statement loan | Deposits on bank statements | Self-employed buyers, including some investment purchases | Income review still applies |
| Blanket loan | The combined value and income of several properties | Investors consolidating a group of rentals under one loan | Releasing one property from the loan usually requires a paydown |
| Bridge or fix-and-flip loan | The property and your plan | Buying a property that needs work before it can rent | Short term, then a refinance or a sale |
| Conventional investment loan | Personal income, tax returns and debt-to-income | Your first few rentals when documented income carries them | Agency limits on financed properties and reserves |
For the full DSCR walkthrough, see the DSCR loans page for McKinney. For the program overview across Texas, Nevada, California and Florida, see the portfolio loans page.
David looks at the whole deal, not only the rate. He checks cash invested, monthly costs, reserves, prepayment penalties and the exit plan. He also says this about appraisals: "You can close a DSCR deal with just about any problem as long as you put a bit more down. That's why we always tell clients the rate and down payment are tentative until the appraiser's value and rent come in." The table below shows how the plan changes as the number of rentals grows. Want it applied to your deal? Apply now.
| Where you are | Question to settle first | Why it matters for the loan |
|---|---|---|
| Buying your first or second rental | Can your tax returns carry the payment? | If yes, a conventional investment loan may price better. If write-offs shrink your income, rent-based programs are the alternative. |
| Adding rentals beyond the agency comfort zone | How many properties are financed in your name today? | Fannie Mae's financed-property and reserve rules, linked above, are where agency financing tightens. |
| Holding properties in an LLC | Does the lender allow entity vesting? | Some do, with a personal guarantee. Set up the entity before closing, not during underwriting. |
| Consolidating several rentals | Do you want one loan or separate loans? | A blanket loan simplifies the paper but can make a single sale harder. |
| Planning to sell or exchange | When is your likely exit? | A prepayment penalty that runs past your exit turns a good rate into an expensive one. |
Whatever program you pick, the carrying cost decides whether the deal works. These lines are specific to McKinney-area rentals, and each one belongs in your own underwriting before you offer.
| Line | What to know | Source |
|---|---|---|
| City, school and county tax | For 2025, the City of McKinney rate is $0.415513, McKinney ISD is $1.1043 and Collin County is $0.149343 per $100, about $1.67 per $100 combined before exemptions, Collin College and any MUD or PID. A rental does not get the homestead exemption. | Collin County 2025 tax rate worksheet, Community Impact on the McKinney ISD rate |
| School district | A McKinney address can be zoned to McKinney, Frisco, Prosper, Allen, Melissa or Lovejoy ISD, so two rentals at the same price can carry different tax bills. | iQRATE McKinney mortgage broker page, Texas Comptroller property tax overview |
| PID or MUD assessments | Some newer communities add an assessment on top of property taxes. Pull the parcel's exact bill before you offer. | Parcel tax bill |
| Valuation | Learn how Texas appraisal districts value property before you estimate the rental's tax bill. | Texas Comptroller on valuing property |
| Insurance | North Texas hail claims push premiums and deductibles up, especially on older roofs. Get a landlord policy quote first. | iQRATE McKinney mortgage broker page, Texas Department of Insurance |
| Transfer tax and state income tax | Texas has neither, so there is no transfer-tax line at closing. | iQRATE McKinney page |
The conforming limit for a one-unit home in Collin County is $832,750 in 2026, per the FHFA conforming loan limit map and the FHFA 2026 announcement. It matters when you compare an agency loan with a portfolio loan on the same purchase. Loan sizes on non-agency programs are set by each lender.
These are the McKinney areas and ZIP codes iQRATE lends in. The notes are checks that affect a portfolio rental. They do not describe any closed iQRATE loans.
| Area | ZIP | Check before you add it to a portfolio |
|---|---|---|
| Historic Downtown McKinney | 75069 | Older homes around the square; roof age, insurance quote and historic overlay rules for exterior work |
| Stonebridge Ranch | 75070, 75071 | Master-planned HOA; dues and leasing rules |
| Craig Ranch | 75070 | HOA dues plus any special district assessment |
| Eldorado | 75070 | Established area with HOA-run communities; confirm leasing rules |
| Tucker Hill | 75071 | HOA dues plus any special district assessment |
| Trinity Falls | 75071 | Newer community in north and west McKinney; ask about PID or MUD and confirm the ISD |
| Painted Tree | 75071 | Newer community in north and west McKinney; ask about PID or MUD and confirm the ISD |
| Erwin Farms | 75071 | Confirm the ISD and any HOA dues |
McKinney keeps growing north and west along US-75 and the Sam Rayburn Tollway, and many buyers relocate for jobs in Plano, Frisco and Allen. For owner-occupied loans and the full tax and ZIP background, see the mortgage broker page for McKinney. Questions about an area? Call or text (702) 766-3744.
A prepayment penalty is a charge for selling or refinancing within a set period. A longer period generally buys better pricing, and a shorter or no penalty generally costs more. Credit extended mainly for a business purpose is exempt from Regulation Z, which is why investment loans can carry one. In David's words: "A loan that saves you money today can become expensive if you need to refinance or sell before a prepayment penalty expires." Get these answers in writing on the term sheet:
Some portfolio lenders let you take title in an LLC. The lenders iQRATE uses for LLC closings require a personal guarantee, and every guarantor goes through credit and identity checks. Expect to provide the articles, operating agreement, EIN letter and proof of good standing. The Texas Secretary of State is the starting point for Texas entity filings, and the IRS explains how to get an EIN. Rental income and expenses go on Schedule E. The IRS explains it on these pages: Schedule E, Publication 527, Topic 414 and Topic 415. David has prepared more than 6,000 tax returns. He reads investor files the way an owner reads them. Send us your documents through the application. Ask your attorney and CPA if an LLC suits you. This is general information, not tax or legal advice.
Portfolio rules are not standard. One lender may say no to a property, and another may say yes. A broker shops your file to many lenders, not one menu. David says: "On a complicated deal, I'll personally email more than 100 lenders and sift through what comes back. It's a lot of work, so I do it once the client is committed, with a full application and documents in hand." There is no official ranking of portfolio lenders. Judge each one by fit with your plan: entity rules, prepayment choices, reserves, condo rules and closing speed. Each lender sets its own terms.
This is a de-identified Las Vegas file from David's desk, not a local closing. A client came to us after the financing on her brand-new Las Vegas investment property fell apart. To get the builder's incentives she had to apply through the builder's preferred lender, and that lender denied her. Because she had satisfied the builder's requirement, the builder agreed to honor the incentives if she found outside financing. We arranged a DSCR mortgage that used the property's rental income, applied the incentives toward a rate buydown, and closed in less than three weeks, with a debt-service coverage ratio of approximately 1.00. David's takeaway: "a lender's denial doesn't necessarily mean a good investment opportunity is dead." Past results do not guarantee future outcomes.
These are real reviews, quoted word for word. They describe working with David Ghazaryan and the iQRATE team overall. They come from other markets. None is 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."
— Kassandra Arthur, Google review (company-wide, other market)
"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."
— Nnamdi Chima, Zillow review (other market: Olympia, WA)
"Great professional work! Because of exceptional coordination from Andrei and the team, our escrow was closed seamlessly several days earlier. All our questions and concerns were addressed promptly. My husband and I would highly recommend this team to whoever is looking for a new mortgage or refinancing."
— Oksana Kozlova, Google review (company-wide, other market)
Yes. iQRATE Mortgages (NMLS 1862492) is licensed in Texas and arranges investment-property loans for McKinney properties as a broker, comparing many wholesale lenders. Availability and terms are confirmed on your file.
A DSCR loan is one kind of portfolio, or non-QM, loan. It qualifies on the property's rent compared with its full monthly payment. Other portfolio programs lean on bank statements, assets or several properties together. See the DSCR loans page for McKinney.
It depends on the program. A conventional investment loan uses your documented income. Some portfolio programs, such as DSCR, generally do not require tax returns, though you still need credit, assets, an appraisal and proof of insurance.
Some lenders allow it, always with a personal guarantee. Conventional agency loans generally do not. Have your entity documents ready before closing.
Agency financing limits the number of financed properties per borrower, per the Fannie Mae policy linked above. Non-agency programs set their own limits, which is why investors with larger portfolios often look at portfolio loans.
Often yes. Periods and structures vary by lender, from long periods to none, and each choice prices differently. Read the prepayment rider before you sign.
Generally no. Section 50(a)(6) of the Texas Constitution limits cash-out loans on a homestead. A cash-out refinance on a non-owner-occupied rental is not a homestead loan.
It depends on the address. McKinney addresses can sit in the McKinney, Frisco, Prosper, Allen, Melissa or Lovejoy school districts, each with its own tax rate, so confirm the district for the exact parcel.
No. Texas has no real estate transfer tax. Title insurance premiums are set by the Texas Department of Insurance.
Only if the use is allowed. Many McKinney HOAs ban rentals under 30 days, so check the HOA and city rules first, and plan the loan around long-term rent if short stays are not allowed.
It depends on the appraisal, the insurance quote and the entity documents. The appraisal is usually the longest step, so we order it right away. Timing is not guaranteed.
Send us the address and your plan. We will confirm the school district and any PID or MUD, review your documents and shop portfolio lenders, then tell you plainly whether the deal works. Apply now or call or text (702) 766-3744. Related pages: serial investor loans, portfolio loans overview, McKinney DSCR loans and McKinney mortgage broker.
iQRATE Mortgages LLC · 6360 S Rainbow Blvd Ste 101, Las Vegas, NV 89118 · Licensed in Nevada, California, Texas and Florida · Company NMLS 1862492 · David Ghazaryan, Mortgage Broker, NMLS 1486726 · (702) 766-3744. Equal Housing Opportunity. iQRATE is a mortgage broker, not a lender. Investor loans are for business purposes only and are not for a home you or your family will live in. Not all borrowers qualify. This page is general information and is not a commitment to lend. Programs, rates and terms vary by lender and change without notice, and are subject to credit, property and underwriting approval. Client files are de-identified and are not local closings. Local tax and program facts come from the public sources linked above and are not legal or tax advice.
