Records Search and Risk Assessment is a limited environmental due diligence product that was created by the Federal Small Business Administration as a tool to inexpensively evaluate real estate as potential collateral for an SBA Loan. The SBA published SOP 50-10 and specified a phased base approach to environmental due diligence. The Records Review and Risk Assessment (RSRA) figures prominently in the SBA prescribed due diligences requirements. The RSRA is less expensive than a Phase I Environmental Site Assessment and intended for low risk properties.
The RSRA requires an environmental database and a few historical sources. This product does not require a site visit by an environmental professional.
A detailed description of the new (2007) SOP 50-10 Standards and how the Records Search and Risk Assessment fits into the new standard is provided in an Article by Joe Derhake with Partner Engineering and Science published in the Scotsmen Guide titled, “New Due Diligence Needed for SBA Loans”.