Environmental Data Resources Helps Lenders and Businesses Meet New SBA Requirements for Investigating Loan Properties for Contamination Risk
Posted on: Wednesday, 30 July 2008, 09:00 CDT
MILFORD, Conn., July 30 /PRNewswire/ -- Environmental Data Resources, Inc. (EDR), the leading provider of U.S. environmental risk information, today announced new tools and educational programs to help lenders and small businesses adapt to increased environmental due diligence screening guidelines for commercial real estate properties.
On August 1, 2008 the U.S. Small Business Administration (SBA) will put into effect its revised and streamlined standard operating procedure (SOP 50-10) for its lender and development company loan programs. The new guidelines include significant changes to environmental due diligence requirements that call on lenders and development companies to investigate properties for contamination risk. The new guidelines were developed to protect property owners, lenders and the SBA from risk exposure to properties that are contaminated, pose a health threat and require costly remediation.
Specifically, the SBA's new "Records Search with Risk Assessment" investigational requirements apply to all properties with a loan value exceeding $150,000 where current or prior uses are not associated with an environmentally sensitive industry. The search must include the same environmental databases that are searched during traditional Phase I environmental site assessments.
EDR has worked closely with the lender and environmental consultant community to create an efficient process for complying with the new "Records Search with Risk Assessment" guidelines. Specifically, EDR has designed its LoanCheck Plus solution to meet or exceed each of the SBA's requirements for:
- Searching government databases to identify properties already flagged as contaminated.
- Searching historical-use records for indications of former property uses that may have resulted in an increased risk of contamination.
- Applying an assessment performed by a qualified environmental professional concluding whether the property is at "high risk" or "low risk" for contamination.
"We hope to foster understanding and provide education about the SBA's new environmental policy," said Derek Ezovski, Managing Director of EDR's Property Due Diligence Group. "The SBA has done a great job by updating its policy to make it easier to use for lenders and development companies, and to align its policy with other recent developments in the industry like the EPA's All Appropriate Inquiries rule. Our goal is to provide a solution that enables lenders to maximize the benefits that they gain from the new SBA policy."
For additional guidance on complying with the new SBA operating procedure, please visit: http://www.edrnet.com/sba.
Environmental Data Resources, Inc. (EDR) is the leading national provider of environmental risk information services and related workflow applications in the United States. As the innovator of the most comprehensive database of environmental and historical land use information, the company provides reports, subscription services and other solutions to help its customers assess and manage environmental risk. EDR customers include commercial and residential real estate professionals, environmental consultants, lenders, corporations, attorneys and government agencies. Established in 1991, EDR is headquartered in Milford, Connecticut with regional offices located throughout the United States. EDR is wholly owned by DMG Information Inc., the business information division of Daily Mail and General Trust, plc (DMGT). For more information, visit http://edrnet.com/.
Media information and interviews: Joe McGurk Office: 203.378.1152 ext. 121 Mobile: 917.214.1437 Email: jmcgurk@cjpcom.com
Environmental Data Resources, Inc.
CONTACT: Joe McGurk for Environmental Data Resources, Inc.,+1-203-378-1152 ext. 121, Mobile, +1-917-214-1437, jmcgurk@cjpcom.com
Web site: http://edrnet.com/http://www.edrnet.com/sba
Source: PRNewswire
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