Purchasing 2 parks from same owner. Using same local bank that has existing facilities on properties. Bank says they hire a “3rd party” to do “a number of things” but that they don’t typically do a Phase I. Can research local records and are pretty comfortable with property since they’ve financed it for years and know it wasn’t previous a wasteland or dumping ground etc.
Question is - I would assume I should just bite the bullet and do my own Phase I on each park to protect myself given it’s a recourse loan, correct? Would be nice to save the expense but probably not a corner worth cutting is my guess.