Upon acquisition of one of our Mobile Home Parks we hired a local environmental engineer to complete a Phase 1 report… everything came back CLEAN!
During our refinance, the agency lender required another Phase 1 report to be done by one of their ‘APPROVED VENDORS’!
The refinance Phase 1 report found UNDERGROUND STORAGE TANKS which we didn’t know about!
We were forced to remove these 50 year old storage tanks before the refinance loan would go through.
We learned the hard way to ALWAYS USE AGENCY LENDER APPROVED VENDORS for our 3rd party reports upon acquisition so that this doesn’t happen again.
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The information provided is for informational purposes only and should not be considered investment advice, nor a guarantee of any kind. There are no guarantees of profitability, and all investment decisions should be made based on individual research and consultation with registered financial and legal professionals. We are not registered financial or legal professionals and do not provide personalized investment recommendations.