Case Study

Multifamily

Lender Mandates Removed For A Multifamily Property in Spartanburg, SC

Spartanburg, SC

Image of Multifamily property for Lender Mandates Removed For A Multifamily Property in Spartanburg, SC

$228,000 in Added Property Value

Solutions Found:

Flood Expert Survey

LOMA

Solutions Value: $13.7K in Annual Premium Savings | $228K+ in Added Property Value

NFE Solution: FES, LOMA

A cold call from National Flood Experts paid off big for this Client, owner of a multifamily property in Spartanburg, South Carolina.

Based on past successful projects and area data, NFE's in-house research team pre-qualified the Client’s 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.

NFE performed the initial desktop review, which that four buildings would most likely 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 all four buildings for a LOMA.

As a result, the lender's mandate for NFIP and excess flood insurance were removed, saving the Client nearly $14,000 in flood insurance premiums and increased property value by nearly $230,000.

By successfully removing the flood insurance mandate through the LOMA process, NFE showcased its commitment to providing effective flood zone solutions and delivering financial benefits to clients.

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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.

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Helping our clients save $ is always fulfilling but assisting a YMCA in saving $18,000 per year on insurance premiums was even more satisfying!