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Record Search with Risk Assessment
Records Search with Risk Assessment (RSRA) is an inexpensive service to quickly evaluate the risk rating for a property. All RSRA Reports are completed by a qualified Environmental Professional.
As part of our RSRA process, a review of government and historical records, the NAICS code of the property, and an Environmental Questionnaire are carried out for ecologically sensitive operations that take place on-site or on properties in the surrounding area. Our professionals look through and evaluate this information before deciding whether the property poses a "High Environmental Risk" or a "Low Environmental Risk." The RSRA approach does not involve any sort of on-site physical inspection. If a "High Environmental Risk" discovery is made, than a comprehensive Phase I Environmental On-Site Assessment can be used to investigate and evaluate the discovery further. Which could be required for SBA lenders in the event that the RSRA identifies environmental risks.
SBA's Standard Operating Protocol (SBA SOP) states that RSRA can be used when the loan amount is over $150,000 and the property type is not listed on SBA's NAICs Codes list of Environmentally Sensitive Industries. Additionally, the SBA NAICs Codes list of Environmentally Sensitive Industries must not apply to the industry. Previously, people used to refer to these businesses as Frequently Polluting Industries (FPIs). The SBA has stipulated that these are the basic conditions that must be met. Naturally, you have the option of going above and beyond the requirements set forth by the SBA. Which is the practice of the vast majority of lenders.