Environmental Phase 1 & 2
Just curious what people are seeing out in the market; In a commercial property context (industrial, retail, office, even multi-family), is an environmental (at least a phase I) always requested by lenders (conventional or otherwise).
Even if the lender does not ask for this, as a investor I can not think of a situation where you would not want to have one. Biggerpockets has several horror stories and I suspect most of us know more. This is especially true if a phase I has never been done on a property that built out more then 20-25 years ago.
Having said that, while the cost of doing a Phase I is not inexpensive, if you have to go on to a Phase II, it is extremely expensive (10's of K) and then you may have to walk away.
Is there any situation where you would NOT do at least a Phase I