Case Study

Multifamily

Chicago Multifamily Dodges $75k/year Bullet

Chicago, IL

$75K Lender Mandate Removed

Solutions Found:

LOMA

Solution Value: $75,000

NFE Solution: Letter of Map Amendment

What happens when your property gets mapped into a Special Flood Hazard Area (SFHA)? Typically, the lender will require flood insurance if there is a loan on the property, and that added expense is never a welcome surprise to property owners!

After being newly mapped into an SFHA, their lender alerted a Chicago property that they had 45 days to place flood, total replacement cost, and business income insurance. Quotes were coming back at nearly $75,000/year. Talk about sticker shock!

View Other Case Studies

Image of Multifamily property for Property Management Company Increases NOI by $40.5K

$40.5K NOI Increase

Property Management Company Increases NOI by $40.5K - New Orleans, LA

This Multifamily property got a major NOI boost in The Big Easy, adding $40,511 back to the property's operating budget!

Image of Multifamily property for Multifamily Property Avoids Flood Insurance Requirements at Closing

$165K in Added Property Value

Multifamily Property Avoids Flood Insurance Requirements at Closing - Shepherdsville, KY

Learn how a multifamily property in Kentucky saved $10,000+ on flood insurance mandates and increased property value by $165,000. NFE's expertise qualified all buildings for a Letter of Map Amendment (LOMA), helping the client avoid unnecessary and hefty flood insurance requirements while facilitating a smooth closing.

Image of Condominium property for Condo Association | $10k in Savings

$73K premium increase avoided!

Condo Association | $10k in Savings - Sarasota, FL

A Condo HOA's premium was set to increase from $17,000/year to potentially $90,000+; our team qualified a scenario that resulted in a premium of only $7,000/year.