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Mold Cited as Biggest Environmental Risk among Lenders.
San Diego -- A poll conducted by the Enviro-nmental Assurance Group has found that mold is now the No. 1 feared environmental contaminant for real estate lenders and developers.
As much as 78% of commercial and multifamily lenders and builders have heard of a real estate transaction breaking off as a result of mold-related problems, according to the Hartford, Conn.-based consulting firm.
Based on a survey of 40 "high-profile" real estate developers and mortgage banking executives, EAG reports, that 60% of the respondents cited mold as the "largest perceived threat to the bottom line." Following mold were asbestos (20% of respondents), mercury and radon (less than 1% each).
Charles Perry, principal, EAG, said, "The secondary mortgage market represented by commercial mortgage-backed securities transactions will most likely be the next target of mold's financial impact because of the new exclusions by the insurance industry.
"Investment bankers and rating agencies are beginning to develop a 'green' CMBS product in response to this new financial exposure. A lender's least favorite words are 'nonperforming loan' and today mold outpaces all other environmental concerns in its current and near-term potential to damage mortgage portfolios and loan collateral."
Lenders and builders are also considering new ...
- Mold nixes real estate deals.(Commercial Sales and Leasing)(surveys)
- Magazine article from: Real Estate Weekly November 17, 2004 700+ words
...party backing out of a real estate transaction because of mold problems, according...financial impact on the real estate market. As mold and the resulting lawsuits...stakeholders in the real estate business--mold is costing big money...
- Breaking the mold: in recent years, significant progress has been made in...
- Magazine article from: Mortgage Banking Alleman, Thomas B. July 1, 2006 700+ words
...of the problems mold has caused to real estate. The Journal reported...to the problems mold apparently poses to commercial real estate, the Journal also...issues relating to mold so that participants' in commercial real estate transactions can...
- Mold Is a Growing Issue for Real Estate Agents, Insurance Companies.
- News wire article from: Philadelphia Inquirer (Philadelphia, PA) December 3, 2002 700+ words
...here last month. "Mold is quickly becoming...and liability in the real estate industry," he said. And while mold has been around since...called to conduct a mold inspection." A new...home inspectors, real estate practitioners, homeowners...
- An exploratory review of the effects of toxic mold on real estate values.
- Magazine article from: Appraisal Journal Simons, Robert A. Throupe, Ron March 22, 2005 700+ words
...The term toxic mold includes fungi and mold. (All molds are fungi, but not all fungi are molds.) Toxic mold is a type of mold, not a level or measurement...dangerous on a case-by-case basis. Real estate market guidelines for disclosure and...
- Proposed Mold Legislation: A New Ambiguous Burden on Illinios Real Estate.
- News wire article from: Mondaq Business Briefing March 30, 2004 700+ words
...article: Proposed Mold Legislation...Burden on Illinois Real Estate What Condemnation...significantly impact the real estate industry has been...and Pathogenic Mold Protection Act...the presence of mold. While all real estate is potentially...
- Real Estate Seminar in Oklahoma City to Focus on Toxic Mold.
- News wire article from: Daily Oklahoman (Oklahoma City, OK) November 21, 2001 700+ words
...the seminar after toxic mold -- already a hot topic in the real estate industry nationally...owners and managers. "Mold is the No. 1 concern...accreditation from the Oklahoma Real Estate Appraisers Board. The Texas mold lawsuit experts are Al...
- Comments on "An Exploratory Review of the Effects of Toxic Mold on Real Estate...
- Magazine article from: Appraisal Journal Sanders, Michael V. Simons, Robert Throupe, Ron June 22, 2005 700+ words
...Effects of Toxic Mold on Real Estate Values" We want...toxic about toxic mold. We believe...it clear that molds are common and...agree, from a real estate market perspective...CDC that all molds should be considered...reference to the mold itself without...
- Mold presence adds complexity to real estate transactions. (Topic).(Toxic Mold...
- Magazine article from: Silicon Valley/San Jose Business Journal Sokoloff, Larry November 30, 2001 700+ words
...seeds, forming new mold growths when they find...Santa Clara County real estate agents have begun distributing a mold-disclosure form to...to impact even more real estate transactions. Some have called mold "the new asbestos...
- Real Estate Agents See Toxic Mold as Latest Household Environmental Hazard.
- Newspaper article from: The Philadelphia Inquirer (Philadelphia, Pennsylvania) (via Knight-Ridder/Tribune Business News) January 13, 2002 700+ words
...environmental hazards that give real estate agents headaches, add one more: Toxic mold. Concern about the potential...to address leaks and mold problems in their apartments...Pennsylvania and New Jersey, real estate professionals are carefully...had an inquiry about mold from ...
- Mold experts help keep home-buying deals intact.(Real Estate)
- Magazine article from: Crain's Cleveland Business Piero, Diane Di April 4, 2005 700+ words
...locally to handle removing molds and preventing their...Ohio, a Cuyahoga Falls mold testing and mitigation company. While all molds can cause allergic reactions...that hasn't stopped mold from becoming a four...that has affected many real estate transactions. "Now...
Source: HighBeam Research, Mold Cited as Biggest Environmental Risk among Lenders.