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COMMERCIAL BANKING AND MORTGAGE LENDERS
Today’s banking industry faces the difficult task of assessing residential, commercial, institutional and other properties from two different viewpoints: the age old monetary value of the property and the possible environmental and other liability that property may bring to the bank. The Federal Environmental Protection Agency, along with the states’ environmental agencies, has continued to institute tighter standards involving environmental issues. The way to assure your bank that you are not taking on someone else’s liability is by conducting a Phase I Environmental Audit. When conducted the commercial` Phase I Environmental Audit reveals the environmental risks and liabilities associated with the property and boundary limits. Global Loss Control conducts Phase I Environmental Audits and Assessments and provides you with a detailed report that discusses the environmental risks of the property and risks associated with the properties beyond the risk property. The report identifies many different environmental concerns, including the past and present uses of the property, the types of hazardous materials which were used or are currently being used, the waste haulers used by the company, the environmental waste byproducts, and storage tanks found on the property. The narrative report with photos is written in an audit question and answer format, so it can be easily understood by everyone. Recommendations, historical maps, topographical maps, and photos of the property are included in each report. Our Phase I Environmental Audit also provides a search of various environmental, insurance and governmental databases. The search investigates areas surrounding the property at a range up to 1 mile, depending on the database. The report follows the American Society of Testing and Materials Standards for Environmental Site Assessments for Commercial Real Estate.
Another form of environmental auditing that can be conducted for a commercial real estate property is the Transaction Screen Questionnaire, a short form which reviews, determines and helps provide reliable information on a property. Global Loss Control will observe site conditions and conduct a property review of the business and the hazards represented at the property, with direction provided by the transaction screen questionnaire. We will conduct limited research regarding certain governmental records and standard historical resources. Similar databases are researched for environmental hazards, just as in the Phase I Environmental Audit.
The Environmental Phase I Audit has become a must in the Commercial Mortgage and Banking industry. If you have any questions, please feel free to contact us. Or use and submit the form below with your service requests.
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Last Updated July 2010 D J B