I have around $500K in cash and $500K in home equity. Can I get a loan from my friend for $500K with him getting lien on the property? Will he need to provide source of funds to USCIS for my EB-5 application?
Answers
Lynne Feldman
Find an EB-5 Visa Lawyer: Immigration AttorneyAs long as it is not secured by the project you are investing in, it should be fine. We will need to show the complete source of funds - where did your friend get his funds?
Michael A Harris, Esq
Find an EB-5 Visa Lawyer: Immigration AttorneyYes, your friend can secure a lien on your real property for a loan whose proceeds you use for your EB-5 investment. Since your friend is not a registered financial institution, his sources of funds for the loan will need to be provided.
Sunwook Sunny An
Find an EB-5 Visa Lawyer: Immigration AttorneyA loan from a friend is okay as long as he provides the full source of fund and path of funds documents just like your funds. If your equity is $500,000, you may be able to get a home equity loan from the bank without having to get your friend involved. This will make tracking the funds easier.
Dennis Tristani
Find an EB-5 Visa Lawyer: Immigration AttorneyYes - if your friend lends or gifts you funds, the inquiry will be on the source of funds for your friend''s loan/gift to you (just the same as if the funds were yours to begin with).
DISCLAIMER: the information found on this website is intended to be general information; it is not legal or financial advice. Specific legal or financial advice can only be given by a licensed professional with full knowledge of all the facts and circumstances of your particular situation. You should seek consultation with legal, immigration, and financial experts prior to participating in the EB-5 program. Posting a question on this website does not create an attorney-client relationship. All questions you post will be available to the public: do not include confidential information in your question.