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.

View Other Case Studies

Image of Multifamily property for NJ & NY Multifamily Properties Save $105K+

$1.75MM+ in Added Property Value

NJ & NY Multifamily Properties Save $105K+ - Multiple, NY

In this case study, a New Jersey-based Commercial Real Estate Developer partnered with National Flood Experts (NFE) to reduce annual flood premiums and increase the property value of their multifamily properties in NJ & NY. NFE successfully removed flood insurance mandates from 15 buildings, resulting in approximately $105,000 in annual cost savings and over $17.5 million in increased property value.

Image of Commercial property for Commercial Property Saves $11K

$350K in Added Property Value

Commercial Property Saves $11K - Philadelphia, PA

Learn how NFE helped a mixed-use commercial property along the Schuylkill River in Philadelphia, PA save ≈$11K/year in flood insurance premiums and added $350K in property value by removing 6 of the 14 buildings from the flood zone through FEMA's LOMA process, all in less than 45 days!

Image of Commercial property for Vermont Shopping Center’s Annual Premium Reduced by $15K+

Shopping Center Saves $15K

Vermont Shopping Center’s Annual Premium Reduced by $15K+ - Manchester Center, VT

Learn how NFE’s engineering review identified a consulting scenario that helped a real estate investment firm reduce the annual flood insurance premium for a Manchester City, VT, shopping center by more than $15,000.