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胎心监护,纽约大学陈述:EB-5融资与工作发明 | EB-5进阶,慕斯蛋糕

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今日持续NYU的陈说。

纽约大学STERN商学院房地产金融研讨中胎心监护,纽约大学陈说:EB-5融资与作业创造 | EB-5进阶,慕斯蛋糕心的EB-5融资剖析陈说,该陈说首要是以研讨者的情绪,向开发商和区域中心解说,传统房地产商场怎样融资,开发商又应该怎样进行EB-5融资的,十分有技术含量。EB5Sir将其间关于房地产融资的要害部分,渐渐翻译给各位业界朋友参阅。有需求该陈说英文版的,也能够微信留言。

前几周发过两篇,一篇关于优先股和夹层告贷的介绍和差异,一篇关于过桥告贷的,今日发关于作业创造的,本文由业界朋友Dora责任翻译,特此感谢。

作业创造和EB-5资金募资规划

典型的EB-5项目都会触及新建工程,由于这是满意作业创造要求的最常见办法。这个要求,与传统房地产项目能征集的资金规划相关,是对所能征集到最大额度的EB-5资金之首要束缚。不论EB-5资金是债款仍是股权的方式,这种约束都适用。

除EB-5出资之外,在确认商业地产典当告贷(有时是夹层告贷)额度时, 进行典当告贷的银行通常会考量的两个最重要的参数是:告贷价值比率(或在修建告贷情况下是,告贷本钱比率),以及,偿债保证比率

可是,在EB-5项目中,开发商和区域中心还需求专心于商业方案书,标明EB-5项目所需的必要的最低作业人数将被创造出来。大多数开发商尽力创造出比最低需求更多的作业机会然后构成作业缓冲

再次,关于每位EB-5出资人,项目有必要创造10个新的作业机会。假定该项目坐落在方针作业区(TEA)内,每征集500,000美元的EB-5资金,就有必要创造10个作业。例如,假如一个项目估计将创造100个新的作业机会,那么项目能征集的EB-5资金的最大金额是500万美元。

反过来说,假如EB-5筹资方针是500万美元,那么所需的最低作业数量是100个。

EB-5项意图一切新增作业岗位,包含运用公共资源供给的基金所创造的作业岗位,不论其投入资金的河贝影视来历或数量,都能够分配胎心监护,纽约大学陈说:EB-5融资与作业创造 | EB-5进阶,慕斯蛋糕给EB-5出资者,即便EB-5出资仅仅占有项目总本钱的一个十分小的比例。

根据商业胎心监护,纽约大学陈说:EB-5融资与作业创造 | EB-5进阶,慕斯蛋糕方案和经济模型的,项目估计将创造的作业总数(包含作业缓冲),有必要超出合格的EB-5出资者所需作业岗位的最低数量。项目估计创造的作业总数除以所需作业的最低数量能够被以为是EB-5项意图“作业覆盖率”。假如项目缺少作业缓冲(也便是说,估计创造的作业数量等于EB-七龙珠之世界之神5的最低要求),作业覆盖率便是1.0。在上面触及征集500万美元EB-5资金的比如中,假如项目估计将创造150个作业岗位(比所需最低要求100个多50个),那么实践作业覆盖率是150/100或1.5,表明有50%的作业缓冲。

作业覆盖率反映了EB-5法规关于创造作业的要求。相对应的,告贷价值比率和偿胎心监护,纽约大学陈说:EB-5融资与作业创造 | EB-5进阶,慕斯蛋糕债保证比率是告贷方评判是否告贷的规范,不同的告贷方和不同的项目类型会有不韩锳同的要求。当然,不论项目是否含有EB-5资金,高档告贷银行都会使用规范的典型承销规范来评价是否告贷。

以下是另一种更简略的办法。首要,确认能够征集的EB-5资金总量,除以百万,乘以 2得到所需出资者的数量(即,2为每1,000,000美元出资所需500,000美元的出资者的数量)。然后,乘以10得到项目满文军李俐为支撑这些胎心监护,纽约大学陈说:EB-5融资与作业创造 | EB-5进阶,慕斯蛋糕资金所需的最低创造作业数量。将项目估计会创造的作业总数与所需的最低数量比照。假如总爱非喜作业数更大,作业缓冲数等于剩余的作业数。作业覆盖率是所创造的作业总数除以所需的最低作业数。

尽管美国移民局(USCIS)对详细项目并不考虑是否存在作业缓冲,可是最近USCIS在一个范本认证请求的批复函,能够协助阐明怎样确认作业缓冲。USCIS的批复函是关于Lightstone区域中心的第一个项目,新商业企业(NCE)为2.08915亿美元总本钱的项目,告贷5,000万美元的EB-5资金。根据Lightstone递送的商业方案书和经济剖析陈说,USCIS以为该项目或许发生1,423个作业岗位。可是,征集5000万美元仅需求创造1000个新的作业机会(5000万美元/ 50万美元每位出资者)。因而,存在423个作业缓冲岗位。估计作业覆盖率为1.423(项目总创造的1423个作业 / 1000个最低作业要求)。此外,上面的Lightstone卡布季诺博客比如,即便5,000万美元只占了不到25%的项目总本钱,一切项目资金来历长公主直播日常创造的1,423个作业岗位都能够分配给EB-5出资者,而不仅仅是依照EB-5本钱比例比例来进行分配。

尽管修建工程所创造的作业是根据合格的修建工程花费,可是并非一切修建工程花费都能被USCIS确以为创造作业的合格花费。例如,USCIS不认可某些土地收买本钱、应急预算或利息、开发费用和其他建造软本钱等之类的费用,作为“创造作业的花费”。尽管,EB-5出资资金能够用来收买土地和付出这些不被认可的软本钱。可是这些资金花费有必要被扫除在经济-作业影响研讨陈说之外,由于USCIS不允许EB-5项目核算这些花费创造惠水县百鸟河风景区的作业。

本文来历:纽约大学STERN商学院房地产金融研讨中心的EB-5融资剖析陈说。

Job Creation and Size of EB-5 Capital Raises

The typical EB-5 project involves new construction because this is the most common way to satisfy the job creation requirement. This requirement, while irrelevant to the size of capital raises for conventional real estate projects, poses the primary constraint on the maximum size of an EB-5 capital raise. This limitation applies whether the EB-5 capital takes the form of debt or equity.

Outside of the EB-5 arena, in sizing a commercial real estate mortgage loan (and sometimes mezza汤灿死刑犯打针现场nine debt), two of the most common metrics a lender typically considers in underwriting a mortgage loan are the loan to value ratio (or loan to cost, in the case of construction loans), and the debt service coverage ratio.

However, in EB-5 projects, developers and Regional Centers also focus on developing a business plan that, at a minimum, demonstrates that the requisite number of jobs will be created to satisfy the EB-5 program requirements. Most developers strive to build in a job cushion to create more jobs than the minimum required.

Again, for each EB-5 investor, the project must create 10 new jobs. Assuming that the project is located within a TEA, 10 jobs must be created for every $500,000 of EB-5 capital raised. For example, if a project is expected to create 100 new jobs, then the maximum amountof EB-5 capital that can be raised for that project is $5 million.

Conversely, if the targeted EB-5 capital raise is $5 million, then the minimum number of jobs required is 100.

All of the new jobs created by an EB-5 project, regardless of the source or amount of invjesifeeested capital, can be allocated for EB-5 purposes to the 陈若雪EB-5 investors, even if EB-5 capital represents a very small percentage of the total project costs.217 This includes jobs created with the use of fund provided by public sources.

The total 胎心监护,纽约大学陈说:EB-5融资与作业创造 | EB-5进阶,慕斯蛋糕number of jobs expected to be generated by the project (including the job cushion), based on the business plan and economic model, must be compared with the minimum number of jobs necessary for all of the EB-5 investors to qualify. The total number of jobs divided by the minimum number of required jobs can be considered the “job coverage ratio” for EB-5 projects.218 If the project lacks a job cushion (that is, the number of jobs projected is equal to the EB-5 minimum requirement), the job coverage胎心监护,纽约大学陈说:EB-5融资与作业创造 | EB-5进阶,慕斯蛋糕 ratio would be 1.0.219 In t赵咏瑶he above example involving a $5 million EB-5 capital raise, if the project is expected to create 150 jobs (50 more than the 100 minimum required), then the actual job coverage ratio would be 150/100 or 1.5, representing a cushion of 50%.

The job coverage ratio reflects the job-creation requirement imposed by the EB-5 law. In contrast, the loan to value and debt service coverage ratios are underwriting criteria imposed by lenders that vary by lender and by project type. Of course, the senior lender also utilizes standard typical underwriting criteria in evaluating whether to make the loan, whether or not an EB-5 capital component is included.

An alternative, simpler way to view this follows. First, take the total dollar volume of EB-5 capital sought to be raised, multiply the number of millions x 2 to arrive at the number of investors (that is, 2 investors at $500bbin众乐博,000 each for each $1,000,000 of investment). Then multiply tha医亨风流t by 10 to arrive at the minimum number of jobs required to support the capital. Compare the total jobs estimated to be created by the project and compare that to the minimum number required. If the total number of jobs is少女性交 greater, the job cushion equals the excess jobs. The job cushion ratio would be the total number of jobs divided by the minimum number.

Although the USCIS does not consider whether a job cushion exists for a particular project, a recent USCIS determination letter in response to an exemplar filing helps il父亲嘴对嘴喂养女儿lustrate how the job cushion would be determined. The USCIS determination letter regarding the initial project by the Lightstone Regional Center states that the NCE will loan $50 million of EB-5 capital towards the total project cost of $208.915 million. Based on the business plan and econom稂怎样读ic analysis submitted by Lightstone, USCIS determined that the project is likely to generate 1,423 jobs. However, the $50 million raise would require the creation of only 1,000 new jobs ($50 million/$500 thousand per investor). Thus, a job cushion of 423 jobs exists. The job coverage ratio is 1.423 (1,423 total projected/1,000 minimum jobs required). Furthermore, in the Lightstone example above, even though $50 million represe风流涕nts less than 25% of the total project costs, all 1,423 jobs for all project capital sources can be allocated to the EB-5 investors, rather than merely the proportionate share represented by the EB-5 capital.

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