Case Study

Multifamily

Multifamily Property Avoids Flood Insurance Requirements at Closing

Shepherdsville, KY

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

$165K in Added Property Value

Solutions Found:

Flood Expert Survey

LOMA

SolutionsValue: $10,000+ Flood Insurance Cost Avoided with an Increase Property Value of $165,000

NFE Solutions: FES, LOMA

Our Client was under contract to purchase a multifamily complex in Shepherdsville, KY. The property had an existing Letter of Map Amendment (LOMA) that included some, but not all, buildings. During the due diligence period, the lender notified the buyer that they would require flood insurance on all buildings on the property not included in the existing LOMA.

National Flood Experts (NFE) performed a desktop engineering review, and the reviewers were confident that with on-site data collected via a Flood Expert Survey (FES), the entire property would qualify for removal from the Special Flood Hazard Area (SFHA).

Following the FES, NFE qualified all buildings on the property for a LOMA, leading to $10,000+ in flood insurance savings, immediately increasing the property value by $165,000. Most importantly, it removed the lender mandate for flood insurance facilitating a smooth closing for the Client.

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