EDR’s LoanCheck® products provide a cost-effective and sensible approach to managing environmental risk on small balance loans. This includes loans backed by the U.S. Small Business Administration that require a Record Search with Risk Assessment or conventional commercial loans that may not require a full-scale Phase I site assessment.
EDR LoanCheck® RSRA is designed to meet the specific underwriting requirements for SBA loans, while LoanCheck® Plus is intended for conventional loans. Both reports offer an easy to understand risk rating (low or elevated) and include an opinion from an environmental professional.
- Used for SBA-backed, small balance, low risk transactions that require an SBA Records Search with Risk Assessment
- Includes: Radius Map Report and 3 historical reports (EDR’s Sanborn Maps, City Directories and Aerial Photos)
- Low or Elevated risk rating
- Report results designated “Elevated Risk,” the Lender must escalate to a Phase I ESA
- Used for Conventional, small balance, low risk transactions (non-SBA guaranteed)
- Includes: Radius Map Report and 2 historical reports (EDR’s Sanborn Maps and City Directories)
- Low or Elevated Risk rating.
- Report results designated “Elevated Risk,” the lender has the autonomy to pursue a variety of escalation options (e.g. Regulatory File Review, Interviews, Site Visit, Phase I ESA) or proceed “as-is”
The primary difference between the two products is the addition of aerial images to LoanCheck RSRA. Aerial images help to meet the SBA’s guidelines related to historical research.
Both LoanCheck® products take advantage of EDR’s Lightbox technology, a tool that enhances the quality of the environmental opinion provider’s review.
WHAT IT'S USED FOR
LoanCheck® RSRA is designed to meet the requirements of the Small Business Administration’s Record Search with Risk Assessment environmental investigation.
LoanCheck® Plus is used for conventional, small balance, low risk transactions (non-SBA guaranteed).