Blanket refinance across four doors versus four separate cash-outs

Take an operator with four small houses, all rehabbed and leased, where the refinance step has become the whole bottleneck and two of them are still sitting on bridge money. Combined appraised value across the four is about 980k. Existing debt on the group is 520k. Individually a DSCR lender will do 75 percent on each, which pencils to about 735k of new debt, call it 215k of gross proceeds. Except two of the houses are 115k and 130k in value, and most DSCR lenders carry a 100k minimum loan amount, so on the 115k house at 75 percent the loan is right at the floor and the pricing is ugly. A commercial shop offers a blanket loan across all four at 70 percent of the aggregate, so 686k, which is 50k less gross than the individual route. But it's one appraisal order, one set of closing costs instead of four (assume 4 to 5k each on the individual path, so 16 to 20k saved), one payment, and it doesn't care that two of the properties are small. The part that deserves the most scrutiny is the release language. A typical draft has a release price of 115 percent of the allocated loan amount per property, so selling any single house means paying down more than that house's share, and a cross-default clause covers all four. A portfolio that small shouldn't let one bad tenant in one house put the other three in default, yet that is what the paper appears to allow. For anyone who has run a blanket across a handful of single-family holds: does the release provision actually bind in practice, or does it only matter if a sale is planned? And does a blanket loan make the fifth acquisition harder because the whole group is now tied up as collateral for one lender?