RSRA: (Records Search with Risk Assessment)
The primary purpose of this Records Search and Risk Assessment (RSRA) (the Report) is to assist Client in its underwriting of a proposed mortgage loan on the Subject Property or other financial transaction, and to identify Potential Environmental Concerns (PECs) in connection with the Subject Property described in this Report.
ODIC conducts a limited investigation into historical use of the Property only using available Sanborn Fire Insurance Maps and historical city directory listing defined by SBA SOP 50-10 5c, and does not visit the Property for environmental site reconnaissance. Therefore, our opinion is strictly dependent on 1-mile regulatory federal/state regulatory record search database and resources used in this Report. ODIC renders no other opinion as to an environmental risk for the Property than interpretation of available above mentioned research.
The Records Search and Risk Assessment (RSRA) process consists of asking questions, contained within the transaction screen questionnaire, of owners and occupants of the property; and, to the extent reasonably ascertainable, conducting limited research regarding certain government records and certain standard historical sources. The questions asked of owners are the same questions as those asked of occupants.
When you order a Records Search with Risk Assessment (RSRA), the lender is required to do a site visit and fill out an EQ (Environmental Questionnaire) with the owner/occupant and submit with the RSRA report to SBA. (Please note that the SBA Reliance Letter is not to accompany a RSRA report.)
When a RSRA report comes back with High Risk, SBA requires that the lender must then proceed to a Phase I.
Asbestos Survey & Lead Survey
Odic conducts a limited survey, visual evaluation of accessible areas for the presence of suspect Asbestos Containing Materials (ACM’s) and Lead Based Paint (LBP) sampling from Limited Surveys. These surveys are very limited in scope and are used to detect the presence of these materials.
If Phase II Soil Testing finds the presence of contamination, the next step is to determine the size of the plume. This helps to create an estimate of the costs, as well as the best method to clean up the contamination. This requires more research, drilling and analyzing more soil samples.
We understand this can be a sensitive area regarding the costs, so we work with you to help you determine a budget you can work with over the life of the project.