A Maryland-based company that connects well-heeled international investors with developers seeking to finance real estate projects in the United States has expanded into Texas, and its founder has set her sights on several Houston neighborhoods for future developments.
The company, EB5 Capital, uses a federal program created by Congress in the early 1990s to allow foreigners to receive green cards for themselves and their families if they invest at least $500,000 in a job-creating U.S. business.
Amid some controversy, the so-called EB-5 visa program has taken hold in recent years as developers have found they could use the foreign funds to help finance real estate projects cheaper than if they used traditional financing.
"The compelling part for developers is the cost of the capital. We cost about 50 cents on the dollar," said Angelique Brunner, founder and president of EB5 Capital of Bethesda, Md.
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