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What the bank may require
By admin | December 4, 2007
No matter what the economy is doing, it’s always a good idea to own the building that you operate your business from. Choosing the type of property or space that’s right for your business is something that only you and your management can do. One of the important details to keep in mind as you begin to narrow down your search is the environmental health of the property and building your new space may be located in or on. Since most small businesses obtain a loan from the SBA to finance the purchase of their building, you should know that the bank handling the SBA loan for you will most likely require a Phase I ESA or at least a Transaction Screen before authorizing the funds for the loan. This environmental due diligence clearly protects the financial insterests of the bank, though it also provides another data point for a prudent buyer. Knowing more about an invenstment prior to buying never hurt anyone and you shouldn’t consider the process a speed bump. Choosing the right environmental consulting firm for your environmental due diligence is as important as choosing a good building inspector.
Topics: Transaction Screen |