Underground oil tank

[David H.]

Hello BP 

I have a question about underground oil tank. I want to make offer on a three family property that has an underground oil tank in New Jersey. All I know is that it the tank is there I don't know if it was filled or was being used. I have to replace heating with gas boilers. This is a buy and hold property. I will be purchasing the property using a hard money lender and refinancing with a portfolio lender. Do portfolio lenders have restrictions on underground oil tanks? Any information or insight on the topic would be helpful. Thank You