Learn why banks require a Phase I ESA.
When it comes to purchasing or refinancing a piece of property, a lot of people end up having questions around the Phase I and Phase II ESA process. One of the most common things we hear is people wondering why their bank is requiring a Phase I, or in some cases, a Phase II ESA at a piece of property. So whether this wasn't properly explained to you by a bank or lending institution, or you aren't entirely sure what a Phase I ESA actually is, if you're wondering why a bank might require a Phase I or Phase II ESA, we'll try to answer that question as easily and transparently as possible. Just bear in mind we aren't a bank, but this article mirrors conversations we've had with folks in the financial realm when it comes to Phase I work.