All Forum Posts by: AJ Ard

I started with First Regional Bank in California approx. 20 years ago. They were taken over by FDIC and sold to Sterling. Sterling Trust changed their name to Equity Trust.

They can be a little slow to deal with but when you gain experience with their system they can be relatively quick at turn around on mortgage investments in my experience.

Looking at a hotel property to due a private loan. Phase 1 Study did not inspect units for radon, asbestos, etc. Underground storage tanks were discovered from 1980's. Owner has estimates to remove tanks from licensed contractor. Phase 1 recommended phase 2 be done. Trying to get feel for frequency of environmental studies done on commercial properties and if phase 2 done specifically for underground storage tanks would additional study need to be done on individual structures?

Would any lender not require phase 2 in similar situation?

What would be considered a clean environmental report on this property?

Also would be interested in any answer to lender liability for clean up if needed?