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 MD Multifamily Property - $48K NOI Increase

$48,000 NOI Increase

MD Multifamily Property - $48K NOI Increase - Dundalk, MD

A 60 building property just outside of Baltimore, MD, saved $48,000 in flood insurance premiums after our engineering review qualified 11 buildings for removal from the flood zone, removing the lender mandate for flood insurance.

Image of Multifamily property for Refinance Requirement for Flood Insurance Avoided

Slashing Refinance Red Tape

Refinance Requirement for Flood Insurance Avoided - Boise, ID

Discover how a multifamily property owner in Dover, DE, eliminated the need for flood insurance coverage while maximizing their refinance. NFE’s engineering review helped the owners overcome restrictions while also increasing property value.

Image of Multifamily property for Multifamily Property Increases NOI by $10K

$166,000 in Added Property Value

Multifamily Property Increases NOI by $10K - Overland Park, KS

Discover how a multifamily property owner in Overland Park, KS, added approximately $166,000 in property value and increased NOI by nearly $10,000 by working with National Flood Experts (NFE) thanks to an introduction from their insurance broker.