Environmental Concerns for Lenders/Site Development
Phase One Environmental Site Assessments are often required to be performed prior to loaning money on a property, but what exactly does that entail? This lunch and learn takes the lender/developer through the Phase One process and explains the types of things that SCI considers to be “red flags” on a property. The so-called “red flags” are items that represent the potential for the presence of petroleum, toxic or hazardous substances, and other concerns that can make development especially difficult and costly. Additionally, key non-scope items are discussed which include asbestos, lead-based paint and mold, all, or a portion of which, are part of various lenders/retailer’s due diligence process.