The Houston area has recently suffered some of the heaviest flooding on record. The catastrophic, paralyzing flooding has killed a reported eight people, flooded more than 1,000 homes and caused more than five billion dollars of damage city-wide. Neighborhoods, particularly on the west and northwest sides of town, received as much as 17 to 18 inches of rainfall, with an expected 2 to 3 inches still to come.
To assess how this flooding affects our clients, Noble Capital Loan Operations Department has assembled a strategic task force comprised of employees, third party inspectors and local partners (i.e. insurance companies, appraisers, etc.) The team’s purpose is to survey and assess potential risks to Noble’s loan portfolio in the Houston area. Currently, Noble has confirmed that all of its Houston properties have appropriate insurance, therefore, any properties that suffer flood damage will be able to make claims to repair damages that occur. In addition to working closely with our partners, we have maintained close communication with our borrowers throughout this historic situation. To date, we have not had reports of any significant damage to investment properties in our portfolio and we are working to confirm with clients that we have not been able to connect with.
Moving forward, our team plans to make site visits to each home in our Houston portfolio in the upcoming days. The team will prioritize areas most affected by the floods, working our way to the less susceptible properties. An update will be made at the upcoming State of the Company meeting for our PLN members with an investment collateral interests in the Houston area.
We thank you for your patience and will do everything in our power to report any updates in a timely manner.