A Lender Who’s Not Scared By Environmental Issues
Imagine if you will, you’ve identified the ideal property in the ideal location and you have financing all lined up. It’s been a steady journey to get to this point but you kept your head down and did the work. Everything is ready, 3rd parties are ordered and the lender is ready.
Then the Phase 1 environmental comes back.
Turns out your property was used to clean experimental missiles during WW2, or it used to be the turn junction for a railway back in 1897 when they would drain the oil from the trains straight into the dirt.
We love history, and reading environmentals showing what’s been done on a site is fascinating. But, it’s also head-smashingly frustrating. Back in 1897 they didn’t care/know (they probably “understood” but we’ll leave it for now) that you shouldn’t dump oil straight onto the ground, but they did. Now, in 2022 it’s a big problem, and your lender just pulled the rug out from under your deal because one of the easiest ways to scare off a lender is to show them a bad environmental report.
Your options are limited at this point unless you have a lender that understands challenging environmental reports. A lender, like the one we want to tell you about today.
This non-recourse bridge lender will look at deals nationwide with environmental issues provided you have an understanding of the remediation cost and timing.
This group isn’t scared of tackling properties with environmental issues and they’re based in CA so that’s really saying something. What’s more, they aren’t going to kick you when you’re down.
- Loan Sizes: $3M Min – $100M Max
- Rate: 30 Day SOFR + 5’s
- Term: 12 – 48 Months
- Lender Fees: 1-2 Points
- Geography: Nationwide
- Recourse: Non-Recourse
- Property Types: All