繼續(xù)NYU的報告。紐約大學(xué)STERN商學(xué)院房地產(chǎn)金融研究中心的EB-5融資分析報告，該報告主要是以研究者的態(tài)度，向開發(fā)商和區(qū)域中心解釋傳統(tǒng)房地產(chǎn)市場如何融資，開發(fā)商又應(yīng)該怎樣進行EB-5融資的，非常有技術(shù)含量。出國移民網(wǎng)將其中關(guān)于房地產(chǎn)融資的關(guān)鍵部分，慢慢翻譯給各位業(yè)內(nèi)朋友參考。
前面發(fā)過兩篇，一篇關(guān)于優(yōu)先股和夾層貸款的介紹和區(qū)別，一篇關(guān)于過橋貸款的，今天發(fā)關(guān)于就業(yè)創(chuàng)造的。
就業(yè)創(chuàng)造和EB-5資金募資規(guī)模
典型的EB-5項目都會涉及新建工程，因為這是滿足就業(yè)創(chuàng)造要求的最常見方式。這個要求，與傳統(tǒng)房地產(chǎn)項目能募集的資金規(guī)模相關(guān)，是對所能募集到最大額度的EB-5資金之主要約束。無論EB-5資金是債務(wù)還是股權(quán)的形式，這種限制都適用。
除EB-5投資之外，在確定商業(yè)地產(chǎn)抵押貸款(有時是夾層貸款)額度時, 進行抵押貸款的銀行通常會考量的兩個最重要的參數(shù)是：貸款價值比率(或在建筑貸款情況下是，貸款成本比率)，以及，償債保障比率。
然而，在EB-5項目中，開發(fā)商和區(qū)域中心還需要專注于商業(yè)計劃書，表明EB-5項目所需的必要的最低就業(yè)人數(shù)將被創(chuàng)造出來。大多數(shù)開發(fā)商努力創(chuàng)造出比最低需要更多的就業(yè)機會從而形成就業(yè)緩沖。
再次，對于每位EB-5投資人，項目必須創(chuàng)造10個新的就業(yè)機會。假設(shè)該項目坐落在目標(biāo)就業(yè)區(qū)(TEA)內(nèi)，每募集500,000美元的EB-5資金，就必須創(chuàng)造10個就業(yè)。例如，如果一個項目預(yù)計將創(chuàng)造100個新的就業(yè)機會，那么項目能募集的EB-5資金的最大金額是500萬美元。
反過來說，如果EB-5籌資目標(biāo)是500萬美元，那么所需的最低就業(yè)數(shù)量是100個。
EB-5項目的所有新增就業(yè)崗位，包括使用公共資源提供的基金所創(chuàng)造的就業(yè)崗位，不管其投入資金的來源或數(shù)量，都可以分配給EB-5投資者，即使EB-5投資只是占據(jù)項目總成本的一個非常小的比例。
基于商業(yè)計劃和經(jīng)濟模型的，項目預(yù)計將創(chuàng)造的就業(yè)總數(shù)(包括就業(yè)緩沖)，必須超出合格的EB-5投資者所需就業(yè)崗位的最低數(shù)量。項目預(yù)計創(chuàng)造的就業(yè)總數(shù)除以所需就業(yè)的最低數(shù)量可以被認為是EB-5項目的“就業(yè)覆蓋率”。如果項目缺乏就業(yè)緩沖(也就是說，預(yù)計創(chuàng)造的就業(yè)數(shù)量等于EB-5的最低要求)，就業(yè)覆蓋率就是1.0。在上面涉及募集500萬美元EB-5資金的例子中，如果項目預(yù)計將創(chuàng)造150個就業(yè)崗位(比所需最低要求100個多50個)，那么實際就業(yè)覆蓋率是150/100或1.5，表示有50%的就業(yè)緩沖。
就業(yè)覆蓋率反映了EB-5法規(guī)對于創(chuàng)造就業(yè)的要求。相對應(yīng)的，貸款價值比率和償債保障比率是貸款方評判是否借款的標(biāo)準(zhǔn)，不同的貸款方和不同的項目類型會有不同的要求。當(dāng)然，無論項目是否含有EB-5資金，高級貸款銀行都會利用標(biāo)準(zhǔn)的典型承銷標(biāo)準(zhǔn)來評估是否貸款。
以下是另一種更簡單的方法。首先，確定能夠募集的EB-5資金總量，除以百萬，乘以2得到所需投資者的數(shù)量(即，2為每1,000,000美元投資所需500,000美元的投資者的數(shù)量)。然后，乘以10得到項目為支撐這些資金所需的最低創(chuàng)造就業(yè)數(shù)量。將項目預(yù)計會創(chuàng)造的就業(yè)總數(shù)與所需的最低數(shù)量對比。如果總就業(yè)數(shù)更大，就業(yè)緩沖數(shù)等于多余的就業(yè)數(shù)。就業(yè)覆蓋率是所創(chuàng)造的就業(yè)總數(shù)除以所需的最低就業(yè)數(shù)。
盡管美國移民局(USCIS)對具體項目并不考慮是否存在就業(yè)緩沖，但是最近USCIS在一個范本認證申請的批復(fù)函，可以幫助說明如何確定就業(yè)緩沖。USCIS的批復(fù)函是關(guān)于Lightstone區(qū)域中心的第一個項目，新商業(yè)企業(yè)(NCE)為2.08915億美元總成本的項目，借款5,000萬美元的EB-5資金?；贚ightstone遞交的商業(yè)計劃書和經(jīng)濟分析報告，USCIS認為該項目可能產(chǎn)生1,423個就業(yè)崗位。然而，募集5000萬美元僅需要創(chuàng)造1000個新的就業(yè)機會(5000萬美元/ 50萬美元每位投資者)。因此，存在423個就業(yè)緩沖崗位。預(yù)計就業(yè)覆蓋率為1.423(項目總創(chuàng)造的1423個就業(yè) / 1000個最低就業(yè)要求)。此外，上面的Lightstone例子，即使5,000萬美元只占了不到25%的項目總成本，所有項目資金來源創(chuàng)造的1,423個就業(yè)崗位都可以分配給EB-5投資者，而不僅僅是按照EB-5資本比例份額來進行分配。
雖然建筑工程所創(chuàng)造的就業(yè)是基于合格的建筑工程花費，但是并非所有建筑工程花費都能被USCIS確定為創(chuàng)造就業(yè)的合格花費。例如，USCIS不認可某些土地收購成本、應(yīng)急預(yù)算或利息、開發(fā)費用和其他建設(shè)軟成本等之類的費用，作為“創(chuàng)造就業(yè)的花費”。雖然，EB-5投資資金可以用來收購?fù)恋睾椭Ц哆@些不被認可的軟成本。但是這些資金花費必須被排除在經(jīng)濟-就業(yè)影響研究報告之外，因為USCIS不允許EB-5項目計算這些花費創(chuàng)造的就業(yè)。
本文來源：紐約大學(xué)STERN商學(xué)院房地產(chǎn)金融研究中心的EB-5融資分析報告。
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 mezzanine 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 invested capital, can be allocated for EB-5 purposes to the 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 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 ratio would be 1.0.219 In the 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 $500,000 each for each $1,000,000 of investment). Then multiply that 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 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 illustrate 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 economic 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 represents 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.