Banking & Financial Industry
Lending institutions often have concerns regarding properties with suspected or documented environmental impact. However, in accordance with the applicable portion of the Code of Federal Regulations, 40 CFR Part 280, Subpart I, Lender Liability
, the lender would not be held responsible for corrective action at a site if the institution acquired the site through or incident to foreclosure.
Additionally, the environmental condition of a property must be documented prior to acquiring a property to limit the potential liability for the environmental concerns. For any property that is suspected to have environmental impacts, GOS would recommend that a Phase II Environmental Site Assessment (ESA)
GOS has successfully assisted numerous banks and other financial institutions through new property transactions and refinancing of existing loans. GOS has assisted many clients in navigating these issues and is adept at facilitating these transactions through communications amongst buyers, sellers, brokers, agents and lending institutions.
Through identifying and characterizing potential environmental liabilities using Phase I and Phase II ESA, and understanding the risk associated with these liabilities, GOS can provide the required information to facilitate any property transaction. Contact us
today to set up an appointment.