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 Commercial Development Firm Adds $111K in Property Value

$111,000 in Added Property Value

Commercial Development Firm Adds $111K in Property Value - Tucson, AZ

In Tucson, AZ, a client had $5,500 per year in flood insurance expenses on two apartment buildings in the AE flood zone. SPOILER ALERT: Not anymore.

Image of Multifamily property for OH A-Zone Property Saves $48K In Annual Premiums

≈$814K in Property Value Added

OH A-Zone Property Saves $48K In Annual Premiums - Lebanon, OH

Learn how National Flood Experts helped a top Affordable Housing Owners increase the value of their multifamily property in Lebanon, OH, by more than $814,000. Through NFE’s comprehensive engineering review, four buildings were successfully removed from the high-risk “A” flood zone, eliminating the lender mandate for flood insurance and decreasing annual expenses by $48,000+ while also increasing property value.

Image of Multifamily property for LOMA Success for Randolph, MA, Affordable Housing Community

≈$123K in Property Value Added

LOMA Success for Randolph, MA, Affordable Housing Community - Randolph, MA

Explore how National Flood Experts helped an affordable housing community in Randolph, MA, increase the value of their property by nearly $137,000, remove lender mandates for several buildings, and improve annual NOI by $7,300+. Through NFE’s comprehensive engineering review, three buildings were successfully removed from the high-risk “A” flood zone.