Case Study

Multifamily

Lender Mandates Removed For A Multifamily Property in Spartanburg, SC

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 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.

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 Mississippi Multifamily Property Successfully Removed from Flood Zone

$225,000 Added Property Value

Mississippi Multifamily Property Successfully Removed from Flood Zone - Starkville, MS

Discover how an introduction to NFE from their insurance broker helped a Multifamily Property in Starkville, MS, save $13,500 in flood insurance premiums and add $225,000 in property value. Working with NFE to uncover savings opportunities is a win for insurance agents and policyholders.