Case Study

Multifamily

Maximizing Property Value via Letter of Map Amendment

Longview, TX

Image of Multifamily property for Maximizing Property Value via Letter of Map Amendment

Flood Insurance Mandates Removed

Solutions Found:

LOMA

Solutions Value: Flood Insurance Mandates Removed & Property Value Improved

NFE Solution: LOMA

A cold call from National Flood Experts paid off big for this Client, a nationally recognized purchaser and operator of multifamily complexes throughout the Southern and Southeastern United States.

Based on past successful projects and area data, NFE's in-house research team pre-qualified the Client's Longview, TX, multifamily property as having a high likelihood of cost-saving solutions. NFE contacted the property owner to share our services and what we thought may be possible for their property.

Although this particular property did not carry a loan and therefore wasn't mandated to carry flood insurance, the owner recognized the potential to significantly increase the property value if any of the buildings qualified for removal from the Special Flood Hazard Area (SFHA) via Letter of Map Amendments (LOMA). The owner was excited to proceed with the complimentary desktop engineering review to see what might be possible.

NFE's engineering team reviewed property elevation certificates provided by the Client against in-house data and confirmed that four of the five buildings qualified for removal from the SFHA. NFE's team obtained all required sign-offs, communicated with the City of Longview's floodplain administrator, and submitted the final LOMR-F application to FEMA for approval. Thanks to the engineering team's expertise, the application was approved in only 31 days!

The approved LOMR-F officially reclassified the four buildings into an X zone. This solution unquestionably adds significant property value, a major asset, should the current owners decide to refinance or sell the property.

View Other Case Studies

Image of Multifamily property for $50K+ in Flood Insurance Mandates Removed for Multifamily Property

$1.2MM in Added Property Value

$50K+ in Flood Insurance Mandates Removed for Multifamily Property - Fort Myers, FL

Read about National Flood Experts' success in helping a multifamily property owner in Ft. Myers, FL, remove all buildings from the flood zone through Letter of Map Amendment (LOMA). NFE's solutions improved the property value by $1.2M and removed over $50,000 in lender mandates. Discover how NFE's innovative approach and expertise can help you identify flood insurance cost savings.

Image of Multifamily property for Property Reclassified to X-Zone Prior to Acquisition

NOI Boost on Day 1 of Ownership

Property Reclassified to X-Zone Prior to Acquisition - Canton, MI

A 36-building mulitfamily property experienced a significant boost to NOI on Day 1 of ownership due to a rush review and LOMA success by the National Flood Experts team. Thanks to the LOMA, the new owners were not required to place lender-mandated flood insurance and excess flood insurance on the property - talk about major savings and red tape avoided!

Image of Multifamily property for 17 of 21 Buildings Removed from SFHA

$50K+ in total savings

17 of 21 Buildings Removed from SFHA - Mobile, AL

NFE was successful in qualifying 17 of 21 multifamily buildings in Mobile, AL for removal from the SFHA, resulting in nearly $50K NOI increase for the property owners.