Records Search with Risk Assessment (RSRA)

  • An environmental screen of a Property for potential risk
  • Target Property
  • Adjoining/Abutting Property(ies)
  • SBA requirement for 7a and 504 loans over $150,000
  • SBA 50 10 5(j) : Lender and Development Company Loan Programs Standard Operating Procedure
  • Non-environmental sensitive properties (North American Industry Classification System (NAICS))
  • Private lenders adopting as requirements
  • To protect the interests of all parties.

RSRA Goal and Objectives

  • Help lenders protect the interests of all parties
  • Financially
  • Clients investment
  • Identifies risk
  • “Low Risk”
  • “Elevated Risk”
  • Quick report turn-around
  • 2-3 days

Today’s Situation

  • Properties appear to be “clean”
  • Old/Abandoned Underground Storage Tanks (UST)
  • Title/Deed search does not show environmental liens
  • Catastrophic events
  • Floods
  • Onsite or adjoining/abutting property Spills
  • Property Conversions
  • Unknown Brownfields areas
  • Farmlands
  • Inherited property restructuring
  • Refinancing
  • Expansion
  • Never may have had a risk assessment.

How Did We Get Here?

  • Typically Phase I Environmental Site Assessments (ESAs) were they only option (1970s-Present)
  • Superfund Cleanup Acceleration Act of 1998 (ASTM E1527)
  • Currently ASTM E1527-13
  • Transaction Screen Assessments (TSAs) introduced 2004
  • Currently ASTM E1528-05
  • Referred as a Limited Phase I ESA
  • Records Search with Risk Assessment (RSRA)
  • Currently SBA 50 10 5(j) (2018-Present)
  • Screen for risk

 

How Did We Get Here?

Phase I ESA

⁺Does release landowner/lender liability (ILO)⁺A Technically exhaustive report
⁺Physical site visit
⁺All Appropriate Inquiry (AAI Rule)
⁺The assessing firm must meet qualifications (EPA/ASTM/SBA)
₋The long wait for reports (30 – 45+ days)
₋Expensive ($1,800+)
₋Can be hard to understand
₋Assessing firm must meet qualifications (EPA/ASTM/SBA)

 

How Did We Get Here?

Transaction Screen Assessment (TSA)

⁺Physical site visit
⁺All Appropriate Inquiry (AAI Rule)
⁺Reduces landowner/lender liability (ILO) Risk
₋Long wait for reports (20 + days)₋Expensive ($1,000+)₋Can be hard to understand₋Assessing firm must meet qualifications (EPA/ASTM/SBA)
₋Does not release landowner/lender liability (ILO)
₋Limited Phase I ESA

 

How Did We Get Here?

Record Search with Risk Assessment (RSRA)

⁺Reduces landowner/lender liability (ILO) Risk
⁺Quick reports 2-3 days
⁺Easy to understand
⁺SBA Requirements met
⁺Cost effective ($450+)
₋No physical site visit₋Does not release landowner/lender liability (ILO)₋Limited screen

 

Thank you!!!

We thank you very much and look forward to helping you and your clients!

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Alpha Building Inspections is a professional home inspection company that is a member of Inter-NACHI and holds state licenses in Home Inspections, and certification in Wood Destroying Organisms, Well / Water Testing and Radon Gas Testing in Greater Derry, Concord, Hudson, Merrimack & Manchester New Hampshire.

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