Case Study

Multifamily

Refinance Requirement for Flood Insurance Avoided

Boise, ID

Image of Multifamily property for Refinance Requirement for Flood Insurance Avoided

Slashing Refinance Red Tape

Solutions Found:

LOMA

Solutions Value: Refinance Red Tape Avoided

NFE Solution: LOMA

Our Client, an owner of a multifamily property in Boise, ID, was refinancing the property when a surprising lender mandate for flood insurance threw a wrench in their plans. NFE provided a comprehensive solution to the Client's challenges. First, NFE gathered the relevant documents and performed the complimentary desktop engineering review, qualifying all three buildings for removal from the Special Flood Hazard Area (SFHA) via a Letter of Map Amendment (LOMA).

The NFE team prepared an airtight case and submitted it to the Federal Emergency Management Agency (FEMA). Thanks to NFE's efforts, the LOMA was approved in less than a month, removing the buildings from the high-hazard flood zone, eliminating the lender's flood insurance requirement, and clearing the red tape for the owners to proceed with the refinance.

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