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LCS’ Combined Environmental and Property Inspection/Condition (EPIC) Report Preferred by Special Assets Departments

In 2008, LCS rolled out the EPIC Report (Environmental, and Property Condition Report) to our client base. The EPIC Report was initially designed to meet the needs of the lending side of a financial institution by providing a quick and cost effective report for small balance real estate transactions.

Recent press releases and discussions with regulatory agencies indicate that the latest round of federal dollars committed to assisting financial institutions may require Lenders to “self audit” their portfolios prior to receiving/accepting TARP funds. The LCS EPIC Report will provide a Lender with the environmental and construction related due diligence information essential to meeting these anticipated requirements.

Some of our Lending Clients have used this report to pre-screen properties headed for foreclosure or workout. In several cases, Lenders have asked LCS to use an ASTM Phase I ESA report with the Property Inspection/Condition report rather than LCS trademark EAQuick Reports. Still others have selected the ASTM Transaction Screen Report (ASTM 1528-06) and coupled it with the Property Inspection/Condition Report.

The Property Inspection and Condition Report includes a survey of the facility with an overview of major building systems, exterior, interior and landscaping surveys as well as an analysis of the physical condition of the facilities.

In short, the EPIC Report will show a Lender both the environmental and property conditions at a specific site and assign a risk assessment as well.

If you would like more information about the LCS EPIC Report please send an e-mail to mail@lenderconsulting.com and one of our staff members will make sure you receive the information. If you prefer you can also call (800) 474-6802 and ask for Mark V. Li Puma, CEO. Mark will be glad to assist you.

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