Solutions Value:≈$31K in Lender Mandates Removed, Adding $500,000 in Property Value
NFE Solutions: FES; LOMA
National Flood Experts' engineering review revalidated a multifamily property's Letter of Map Amendment (LOMA) compliance, including newly built structures, removing lender mandates for flood insurance, and saving over $31,000 in premiums in Houston, TX.
A newly acquired multifamily property in Houston, TX, was faced with hefty lender mandates (including excess!) as the lender did not recognize an existing LOMA due to the addition of new structures on the property.
The owner's insurance agent introduced them to National Flood Experts. The NFE team visited the site and performed a Flood Expert Survey (FES) to gather current data. The FES proved worthwhile, with the data revalidating the existing LOMA while also qualifying the new buildings for removal from the SFHA. After providing the LOMA, the lender removed all mandates for flood insurance! The project made a huge impact on the property value, with an increase of $500,000.
NFE's solutions proved to be essential in boosting NOI early, providing significant savings, and adding a substantial increase in property value for the new owners.
