As published in Scotsman Guide's Commercial Edition, September 2009.
In a testament to concerns governments, scientists, corporations and human-interest groups worldwide have expressed, the impacts of global warming and energy consumption are now making profound differences in how new buildings are designed and built.
And mortgage lenders are taking notice. In fact, despite the downturn in traditional funding opportunities, hedge funds, traditional banks, private lenders and investment-banking firms alike are clamoring for green projects to finance.
As with any new discipline, a great deal of confusion and misunderstanding has arisen. Property-developers and commercial mortgage brokers must understand how the term "green" applies to projects for which they may be seeking funding. Brokers should investigate deals thoroughly to determine whether a project can be classified as green or amended to achieve green status.
Mortgage brokers who take the time to educate themselves about what constitutes green building, as well as about government-sponsored incentives to build more environmentally friendly properties, likely can better help their clients when presented with these deals.
Incentives to be green
In a nutshell, green-building practices aim to reduce the environmental impact of buildings. The focus is on the efficient use of energy, water and materials through designs that also enhance human health and entail positive environmental influences.
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