Solutions Value: $14.7K+ in Annual Premium Savings and $245K+ in Added Property Value
NFE Solution: LOMA; FES
From overwhelming challenges to remarkable success, National Flood Experts secures $14.7K in savings and $245K in added value for an Atlanta, GA, based property management firm for their Clarkston, GA, multifamily property.
Challenge: A property management and real estate investment firm faced challenges due to the flood zone designation for a Clarkston, GA, property, with the lender required them to maintain expensive flood insurance policies for two buildings.
Solution:
NFE conducted a thorough desktop engineering review of the property. To confirm potential solutions, a Flood Expert Survey (FES) was required. The data collected from the FES revealed valuable insights and data. Based on the findings, NFE qualified both buildings for a Letter of Map Amendment (LOMA). Upon approval, the LOMA would remove the lender mandate for flood insurance and provide long-term cost savings for the client.
Cost Savings: The successful removal of the lender mandate for flood insurance resulted in $14.7K in annual flood insurance premium savings, instantly increasing the NOI.
Property Value Increase:
In addition to the cost savings, the removal of the flood zone designation had a positive impact on the properties' value. Assuming a 6% CAP rate, the properties experienced an estimated $245K increase in property value.
Conclusion:
By leveraging NFE's expertise, the client was able to navigate the LOMA process with ease and achieve substantial financial benefits.
If you are facing similar challenges related to flood insurance, consider engaging with NFE to explore options. NFE's proven track record and specialized flood expertise can help you unlock cost savings and increase the value of your properties.
