Environmental Desktop RSRA Reports
Environmental Desktop Reports, also known as, RSRA (Record Search Risk Assessment), are a faster, low cost version of a full Phase 1 Environmental Site Assessment. It's purpose is to quickly determine whether the property is of "Low", "Elevated" or "High" risk for lending purposes and investors hedging their investment during due diligence periods.
How fast are reports? RSRA reports can be delivered as quick as 48 hours, whereas a Phase 1 ESA takes up to 15 days for report delivery.
What's the difference in cost? An Environmental Desktop Report costs $700-$900, while a full Phase 1 ESA averages $1950-$2500.
What's the difference in scope of work from a Phase 1 ESA? There is no site inspection, and the historical records research is more directed at the subject property and immediate surrounding properties, rather than a 1 mile radius of surrounding properties, therefore, less labor and research cost. RSRA Desktop Reports do not conform to EPA's All Appropriate Inquire, nor CERCLA, Comprehensive Environmental Response Compensation Liability Act.
What is the scope? A review of the subject property's history through State historical records with historical aerials, and study of 1/8th mile radius regulatory database.
Who typically orders an RSRA Desktop Report? Investors buying less environmentally risky properties such as, land, hotels, restaurants, multifamily, retail shops and such. Lenders may accept RSRA reports depending on loan amount and type of property. Cash investors aren't applying for loans, therefore, not required to have a full phase 1 ESA performed, but are still concerned about the property and may prefer an RSRA Desktop Report for minimal risk coverage.
Is an RSRA Desktop Review accepted by SBA Lenders? Yes. Ask your SBA lender if there are any changes to RSRA requirements. Our reports are designed to meet SBA specifications.
What if the bank still wants a full Phase 1 Site Assessment? The client can contact us and request the Desktop Report be advanced to a full Phase 1 Environmental Site Assessment at a fractional fee.