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 Luxury Housing Community Reduces Annual Flood Insurance Expense & Improves Property Value

$221K+ in Added Property Value

Luxury Housing Community Reduces Annual Flood Insurance Expense & Improves Property Value - Middletown, NY

In this case study, we will explore how NFE helped a luxury multifamily property in Middletown, NY, in saving on flood expenses and enhancing property value by $221K+. The Client's insurance broker recommended NFE to alleviate the financial burden of increasing flood insurance premiums. Through a comprehensive engineering review and flood expert survey, NFE secured a LOMA for the Client, leading to a win-win situation for all parties.

Image of Multifamily property for Lender Mandates Removed For A Multifamily Building in Oklahoma City, OK

$120,000 in Added Property Value

Lender Mandates Removed For A Multifamily Building in Oklahoma City, OK - Oklahoma City, OK

Discover how NFE successfully removed a multifamily building in Oklahoma, OK, from a complex A flood zone. After conducting a thorough Flood Expert Survey, we obtained FEMA's approval for a LOMA, saving the client nearly $7,200 per year on flood insurance and boosting property value by approx. $120,000.

Image of Multifamily property for Multifamily Property Saves $25K+

$400,000 in Added Property Value

Multifamily Property Saves $25K+ - Chesapeake, VA

NFE saves Chesapeake, VA multifamily property $25K+ in insurance expenses and increases property value with comprehensive FES and FEMA-approved building removal via LOMA. Boost NOI and property value with NFE's flood expertise.