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Question:

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Is it possible to borrow from a person who takes out a loan? Can he obtain a bank loan, which would be secured by his apartment, and then I would borrow the money from him? He cannot provide any documents to prove a lawful source of funds, which were used for purchase of his apartment since it was 10 years ago. How can I assure that this source of income will be EB-5 eligible?

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Answers:

November 21, 2013 15:26 Ed Beshara

You definitely need to seek the assistance of an experienced EB-5 attorney. You may borrow funds from a friend but you will have to show that you have the financial means to pay back the loan on a regular basis. Your friend who derived the $500,000.00 from a loan by the bank will have to show the lawful source of the funds to purchase the apartment.

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November 21, 2013 15:48 Sal Picataggio

You need to authenticate the source of funds no matter the source. A gift must be authenticated to show where the person giving the gift obtained the funds initially. If that source cannot be authenticated, then you may need to find another source.

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