The Environmental Transaction Analysis (ETA), a PIERS original report template, is used to screen smaller loans for lenders who understand that it is not a "legally defensible level of due diligence". However, these lenders are also reluctant to ask a client to pay several thousand dollars for environmental due diligence on smaller loans (generally $300,000 or less) and attain an acceptable level of comfort from an ETA. The ETA is only for properties, which house apartment buildings, or new office buildings, on land that has no development history. The ETA is not ordered for properties containing retail, commercial, industrial or manufacturing facilities as these projects require local and government agency file reviews for current and past uses.

The ETA includes:

1. Thorough site reconnaissance performed by a PIERS Project Manager
2. Documented disclosure interview with the owner/operator of the property
3. Comprehensive search of environmental databases (Identified Hazardous Materials Sites Radius Report)
4. Brief report on all findings

The ETA is always "ordered" by the lender on behalf of the borrower. However, borrowers must be aware that the ETA may not be acceptable to other lenders should new sources of financing be required. If, in the course of the performance of an ETA, a specific issue arises, PIERS will charge only for the time required to resolve the issue. Typically, this involves researching a fuel or toxic leak file, or verifying a site history by investigating fire department files, aerial photographs, or other relevant historical data.