Case Study

Multifamily

Refinancing Saved, Excess Flood Insurance Mandate Removed, and $1MM+ in Property Value Added for Terre Haute, IN, Multifamily Property

Terre Haute , IN

Image of Multifamily property for Refinancing Saved, Excess Flood Insurance Mandate Removed, and $1MM+ in Property Value Added for Terre Haute, IN, Multifamily Property

$1MM+ in Added Property Value

Solutions Found:

LOMA

Flood Expert Survey

Solutions Value: $65,000+ NOI Increase | $1MM+ in Added Property Value

NFE Solution: FES, LOMA

Our Client, an owner of a multifamily property in Terre Haute, IN, was in the middle of refinancing the property when a surprising lender mandate for National Flood Insurance Program (NFIP) AND excess flood insurance coverage nearly derailed their plans. Having worked with NFE in the past, their insurance agent referred this Client to us to review the property and hopefully find a solution to make the numbers work and allow the Client to secure approval for the loan.

Solution: NFE gathered the relevant documents and performed the initial desktop review, which identified a high likelihood that many buildings would qualify for removal from the Special Flood Hazard Area (SFHA) through a Letter of Map Amendment (LOMA). To fully confirm the solution, additional property-specific data was required. The Client agreed to have NFE perform a Flood Expert Survey (FES) of the property. After an exhaustive review of the new data, NFE's engineers qualified 29 of the 36 buildings for a LOMA.

The entire project was expedited through FEMA, and the LOMA was secured in under two weeks, just in time to save the refinance!

Net Operating Income (NOI) & Property Value Impact: Our solution not only saved the refinancing process for the Client but also created a substantial $65,250 boost to NOI. The LOMA also increased property value by a whooping $1MM+!

In conclusion, this case study embodies how NFE’s comprehensive engineering reviews can facilitate overcoming lender hurdles, generate significant savings, and enhance property value.

View Other Case Studies

Image of Multifamily property for Multifamily Property in Hampton, VA Improves NOI by $11K+

$185,000 in Added Property Value

Multifamily Property in Hampton, VA Improves NOI by $11K+ - Hampton, VA

Get cost-cutting strategies for your flood zone properties. Read how National Flood Experts helped a client save over $11K annually in flood insurance premiums and added $185K in property value following their complimentary engineering review and Flood Expert Survey.

Image of Multifamily property for Affordable Housing Community Wins Big

≈$137K in Property Value Added

Affordable Housing Community Wins Big - Brewster, MA

Learn how National Flood Experts helped a property management client increase the value of their multifamily affordable housing property in Brewster, MA, by nearly $137,000. Through NFE’s comprehensive engineering review, three buildings were successfully removed from the high-risk “A” flood zone, eliminating the lender mandate for flood insurance and decreasing annual expenses by $8,000+ while increasing property value.

Image of Residential property for $130K+ in Added Property Value Across TX Portfolio

$8K in Insurance Mandate Removed

$130K+ in Added Property Value Across TX Portfolio - Multiple, TX

See how NFE's expertise helped one of the largest Real Estate firms in South Texas explore options to reduce flood insurance premiums and add over $130K in property value to their portfolio of properties.