Mold and Disrepair at Condos and Co-Ops Can Stop Loans

The environmental and building consulting experts at EC2 provide mold and environmental assessments for homeowner and community associations across Chicago and Northern Illinois.

A few weeks ago the Chicago Tribune posted an article entitled, “Take Proactive Steps to Help Seal the Deal on Loans”. The article discussed the difficulties that property owners in some buildings that have community associations are having selling their homes. Not only are the buyers hard to find and the property prices have fallen, but banks are also hesitant to loan money to potential buyers.

The article discusses typical reasons lenders are hesitant to loan funds right now, but interestingly addressed the fact that lenders have become much more sophisticated in their understanding of the long-term needs of these types of multi-unit properties. The issue of delayed maintenance due to tight community association budgets and costs associated with water infiltration and mold are specifically addressed in the article.

Mold can be an expensive problem for not only a single residence, but multiplied many times over when a large multi-housing residential building is involved. Not only is mold expensive to have properly remediated, but it causes all types of health issues and can lead to litigation issues.

All of those issues could create money problems for community associations which are enough to at times make a potential lender deny a loan. Due to this fact it is imperative that community associations take a proactive stance regarding mold and indoor air quality (IAQ) issues or at a minimum react swiftly to any signs of water damage or mold growth.

“Lenders, experienced real estate professionals, community associations and property owners have for years relied on the services of EC2, Inc (ec2) to help protect their investments in real estate,” reported Ed Chambers, President of ec2. “The environmental and building science consultants at ec2 have decades of experience and have successfully conducted well over 4,000 IAQ investigations across the area in all types of buildings.”

To learn more about preventing mold or solving IAQ problems follow ec2 on Twitter at www.twitter.com/EnvProfessional. To learn more about ec2 please visit www.4ec2inc.com, email info@4ec2inc.com or call (815) 703-9000.

About EC2, Inc.
EC2 is a leading provider of environmental consulting and inspection services for clients across the United States. Based in the Chicago area, the company provides their services to clients ranging from local companies and institutions to international Fortune 500 corporations.

Contact Information

Paul Cochrane

President

Cochrane & Associates, LLC

Contact via E-mail