Question 1

My rentals span West Palm Beach, Boynton Beach and Lake Worth Beach. Does one blanket loan make sense when the submarkets are so different?

Accepted Answer

Yes, and that spread is exactly the case for a blanket facility. Palm Beach County has 39 municipalities on 39 different tax stacks, and the value spread across just those three cities alone runs from a $402,831 home value index in Boynton Beach to $441,314 in Lake Worth Beach, with West Palm Beach in between at $403,887, as of June 2026. Each city also carries its own millage: roughly 20.45 total mills in West Palm Beach against 18.15 in Lake Worth Beach and 20.01 in Boynton Beach. Managing three separate mortgages across three separate tax and insurance cycles is more paperwork than managing three doors under one portfolio loan with a single payment.

Question 2

Insurance in this county is expensive. How does that factor into underwriting a portfolio across several cities?

Accepted Answer

It is the single biggest carry variable in a Palm Beach County portfolio, and it does not move the same way in every submarket. As of March 2026 the state regulator put the county's average homeowners premium including wind at $6,323, the highest of any mainland Florida county and second only to the Florida Keys. That is $348 above Miami-Dade and $187 above Broward, so the common assumption that Miami-Dade is the expensive one runs backwards here. Condo unit-owner premiums add another layer at $2,311 on average, on top of the association's own master policy. We underwrite the blanket facility on the actual premium for each address in your file, not a single county average.

Question 3

Part of my portfolio is condo units. Does the county's milestone inspection law change how a lender looks at a blanket loan?

Accepted Answer

It changes how we look at the individual buildings, not the blanket structure itself. Florida requires a milestone inspection for any condominium or cooperative building three habitable stories or more by December 31 of the year it turns 30, and every 10 years after, with a local option to move that to 25 years near salt water. A structural integrity reserve study is required on the same three-story threshold, and associations can no longer vote to waive reserves for structural items; funding now runs through a special assessment, a line of credit, or a loan. The county's older garden-condo stock is repricing on this: Century Village is down 15.1% year over year and Palm Springs 10.3%, against a single-family decline of only 0.6% countywide. A condo unit behind on its inspection or reserve funding is exactly the kind of file a blanket portfolio lender can still work with when it would be non-warrantable for agency financing. See how we underwrite individual rental units for the building-level detail.

Question 4

If I sell one property out of the portfolio, does the rest of the loan have to be refinanced?

Accepted Answer

No. The property releases from the blanket loan and the rest of the facility stays in place. That structure matters more here than in a flatter market: Palm Beach County's active listings fell 20.4% year over year to 10,613 as of July 2026, the sharpest inventory contraction of any Florida metro we track, and days on market improved from 86 to 80. A tightening market is a better one to sell into, and a release provision lets you take that door off the books without disturbing your financing on the doors you keep.

Question 5

How does buying rental doors across the Glades communities versus the coastal cities affect one loan?

Accepted Answer

It widens the value bands inside your own portfolio, and we underwrite each door on its own number. A Belle Glade rental runs around $290,000, South Bay around $227,000 and Pahokee around $210,000, against $403,887 in West Palm Beach and $575,479 in Boca Raton, all inside the same county. The Glades sit in a genuine agricultural economy, roughly $1.397 billion in county-wide agricultural sales as of the 2019-2020 data, and rent for a different tenant profile than the coastal cities. A blanket loan can hold both ends of that spread in one facility as long as each property's income and value are underwritten on its own terms.

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