Real Life Stories

As part of a foreclosure due diligence project, Bell Oldow conducted an environmental review at a thirty year old car dealership in rural New Hampshire.

Our investigation found:

  1. A solvent-based automotive part’s washer;
  2. 3,000-gallons of waste oil storage and associated staining;
  3. Evidence of a historic gasoline underground storage tank;
  4. A historic septic system and leach field;
  5. An oil/water separator – formerly connected to the leach field;
  6. A floor trench that transferred waste to the oil/water separator; and,
  7. Bulk storage of virgin vehicle lubricants

We reviewed the 2006 Phase I on which the client under wrote and extended a $1,000,000 loan.

The 2006 Phase I indicated:

  1. No recognized environmental conditions; and,
  2. No further investigation necessary.

The moral of the story is relying on outdated reports that were completed during the go-go-go times may be dangerous.