In accordance to SBA’s SOP 5010 5 (C), when obtaining a 504 or 7a Loan SBA requires an Environmental Investigation of all commercial Property upon which a security interest such as a mortgage, deed of trust, or leasehold deed of trust is offered as security for a loan or debenture. The type and depth of an Environmental Investigation to be performed varies with the risks of Contamination. Here i... Read More »
The SBA published their latest update their environmental policy in SOP 50 10 5 (C). The SOP revisions take effect on October 1st, 2010 we should all bone up on a few of the new elements of SOP 5010 5 (C) (pages 199 – 206 & 310 – 317). One now technical, but important point, is that the Reliance Letter has had a revision and the Reliance Letter from SOP 5010 5 (B) will no longer be a... Read More »
Typically, when a lender is considering a real estate secured loan collateralized by a gas station, the environmental risk associated with the real estate can be a major factor in the lending decision. Read More »
My previous experience with gas stations comes from a regulatory standpoint where the focus for evaluating the USTs was compliance. Currently, as an environmental professional, the evaluation of a gas station for a lender, involves more than just compliance when performing a Phase I ESA on gas station. The Energy Act of 2005 required that all USTs not inspected since 1998 to be inspected by August... Read More »
