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The environmental due diligence required for loans that will be securitized into commercial mortgage backed securities (CMBS) does not differ much from that required by most other types of lenders. This consists of a Phase I Environmental Site Assessment (ESA) that meets the requirements of the American Society for Testing and Materials (“ASTM”) and is conducted by a reputable environmental consultant. In most cases the report must have been conducted within 12 months of loan origination.
In the last two years we have seen a significant increase in the number of deals where lenders and borrowers are forgoing a Phase II and going right to either the first bullet point (a 125% – 150% hold back of the cost to cure) or to the third bullet point (environmental insurance).
To read the rest of this blog on GlobeSt, click here.
July 07, 2025
The Spanish government has approved a new set of mandatory fire safety regulations specifically for industrial properties, through Royal Decree 164/2025. This law introduces sweeping changes to how fire prevention systems must be designed, installed, maintained, and audited.
July 03, 2025
In this latest GlobeSt article, Erika Haberlen discusses how tech-enabled solutions can transform your due diligence process and empower your team with data that drives long-term value.
July 02, 2025
More Than Just a Box on the Due Diligence Checklist, Zoning Reports Can Help Protect Collateral Value. By Wes Skinner, CHMM, Principal and National Client Manager, published on June 25, […]
