ARTEMIS® Expedites Lending Process
Confidential Financial Institution • Connecticut, Florida, Virginia, Maryland, Pennsylvania, New Jersey, and Delaware
Confidential financial institution
- Environmental evaluation of 427 gas station facilities
- Qualitatively assess the potential risks of environmental liability for the borrower and the potential implication for the lenders
- Utilized ARTEMIS® to manage thousands of documents and prepare reports
- Due diligence and loan decision-making process were streamlined
- Transformed qualitative and quantitative technical information into practical reports
In connection with a proposed $400 million plus financing and loan syndication, Apex Companies was retained by the lead bank to provide an environmental evaluation of 427 gas station facilities. The objective was to qualitatively assess the potential risks of environmental liability for the borrower and the potential implication for the lenders. We thoroughly reviewed prior environmental reports, compliance documents, remediation documents, and new database reports for each of the sites. We then conducted site inspections at 30 percent of the portfolio to observe site conditions and interviewed company representatives to determine risk management and compliance procedures.
To manage the thousands of documents provided by the borrower, we established an electronic repository which could be accessed by our team. We used Apex’s web‑based, real-time environmental management information system (EMIS), ARTEMIS®, and a smartphone/tablet-based app tailored to the project, to summarize data from the document and database reviews and site inspections. We prepared a brief summary report for each site and a comprehensive executive report which summarized the findings and the risks associated with the portfolio, as well as detail regarding the high risk sites.
By using ARTEMIS®, the data can be easily sorted, searched, and reported using specific criteria including site location, risk rating, tank age, release case status, among others.
With access to these highly quantifiable and referenceable data and a summarization of the environmental implications of all 427 sites, we significantly streamlined their due diligence and loan decision-making process.
After successfully completing this due diligence project, our client partnered with us again for a similar due diligence project, assessing an additional 66 sites across eight states with varying compliance requirements.
Thanks to the power of ARTEMIS®, our team ensured a comprehensive, consistent delivery of insightful information, this time completing all 66 sites within 45 days. We compiled all the field and report review data for central review/editing by our senior QA/QC staff; tabulated sites by risk, location, tank age, remediation status, use, and other key risk factors; and performed a statistical breakdown of site attributes to support our risk ratings. ARTEMIS® helped our client transform qualitative and quantitative technical information into practical reports their financial teams could easily digest to understand the risks posed to a lender by environmental concerns.
The new generation of environmental information management.
ARTEMIS® is a configurable cloud-based information management system that is used to capture and manage information so our clients can achieve regulatory compliance, meet their business metrics, and drive the efficiencies that matter most to their bottom line.