Environmental Risk Perceptions of Commercial and Industrial Real Estate Lenders
AbstractThis study analyzes the risk perceptions of commercial and industrial mortgage lenders related toenvironmental contamination. Two research questions are addressed. The first is whether perceived risks vary with a property’s remediation/cleanup status. The second is whether market conditions have an intervening effect on environmental risk. An analysis of national lender survey data found significant differences in perceived risk before, during and after cleanup, with most lenders unwilling to make a loan before cleanup and a majority willing to loan at typical rates and terms after cleanup. The study also found that strong market demand significantly reduces risk while weak demand increases risk.
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Bibliographic InfoArticle provided by American Real Estate Society in its journal Journal of Real Estate Research.
Volume (Year): 22 (2001)
Issue (Month): 3 ()
Contact details of provider:
Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
Web page: http://www.aresnet.org/
Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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