For $30, Banks Can Get an Environmental Snapshot
Henry, Shannon, American Banker
A low-cost product that helps bankers determine the environmental risk posed by a property was introduced this week.
Designed by Environmental Risk Information and Imaging Services in Alexandria, Va., the product literally gives bankers an environmental picture of a property and the surrounding area, based on data from federal, state, and county records.
"ERIIScore" -- named after the firm's acronym -- can be done on any commercial or residential property in the U.S.
The $30 price tag for the analysis is a fraction of the cost for a full-blown environmental impact study, which can run from $1,500 to $3,000.
While the report doesn't replace such investigations, the firm's president, Dan prickett, said it saves bankers money by helping them decide which properties need more study.
"Lenders need less-expensive tools to screen lots of properties," Mr. Prickett said.
Most bankers now do all or nothing, he said, leaving them either in the dark about risk or out a lot of money. …