EB-5 Due Diligence Starts with the Documents

Hundreds of pages of EB-5 offering documents are designed to disclose information — Offering Analysis is the document review step in your EB-5 due diligence — structured, cited, and independent.

Offering Analysis turns hundreds of pages of EB-5 documents into a structured, plain-English explanation — based solely on what the documents say, not predictions or recommendations.

Independent analysis. No recommendations, no predictions — only what the documents say.

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$500 per offering · Reports delivered within one week

How the Due Diligence Review Works

A structured three-step due diligence process from document collection to side-by-side comparison.

STEP 1

We provide a document request list and coordinate collection with you or the issuer to gather the documents needed.

Document Collection

STEP 2

Structured analysis with citations — each offering mapped into a standardized framework covering terms, structure, risks, and disclosures.

Offering Analysis

STEP 3

You receive a structured, plain-English analysis to review and compare offerings side by side. Most investors review 3–4 offerings.

Review & Compare

What This Due Diligence Review Covers — and What It Does Not

It is a document-based review

It explains and organizes EB-5 offering documents in plain English, as part of your due diligence, based solely on what the documents say.

It is not advice

It does not recommend for or against investing, does not provide immigration or investment advice, and does not predict outcomes.

It provides clarity

It highlights how key provisions work together, where risks or protections are described, and where important terms may be unclear, inconsistent, or incomplete across documents.

How the Analysis is Built

Structured Analysis & Cross-Checks

Our analysis is built on a standardized framework developed over 13 years of EB-5 due diligence. Each project is mapped into the same structured model — covering offering terms, capital structure, job creation, timelines, parties, and risk disclosures — so nothing is reviewed in isolation or overlooked.

AI-assisted extraction handles the initial organization and cross-checking of information across offering documents, economic reports, business plans, and third-party materials.

After this process is complete, experienced EB-5 analysts review the findings, apply judgment and context, and contribute directly to the final report.

The system enforces discipline; human review ensures relevance and clarity.

108 data points extracted and cross-checked across each offering, flagging:

Inconsistencies between documents
Structural risk points
Missing or unclear disclosures
Terms that differ from standard EB-5 offering structures

Sample Due Diligence Report

This sample is provided for illustrative purposes only and does not relate to any live or current offering. It demonstrates format, structure, tone, and citation style.

(Excerpt)

This Offering Analysis is based solely on the offering documents provided. It organizes and explains material terms in plain English, with citations to the source documents.

This analysis does not provide investment or immigration advice and does not recommend for or against investing.

Offering Highlights

Field	Value	Citation
Project Name	Riverside Mixed-Use Development	PPM Cover
Location	Austin, TX	PPM §1.1
EB-5 Investment Amount	$800,000	PPM §2.1
Administrative Fee	$75,000	Subscription Agreement §3
Investment Structure	Loan to JCE	PPM §4.1
Loan Interest Rate	1.0% per annum	Loan Agreement §2.3
Loan Term	5 years	Loan Agreement §2.1
Extension Option	Two 1-year extensions at Borrower's option	Loan Agreement §6.1
Collateral Type	Second-position deed of trust	Mortgage Agreement §1.5
TEA Type	Urban High Unemployment	TEA Letter
I-956F Status	Approved December 2024	I-956F Approval Notice

Job Creation Summary

Metric	Value	Citation
Total EB-5 Qualifying Jobs	487	Economic Report §5.2
Jobs Required (74 investors × 10)	740	Calculated
Job Cushion	−34.2%	Calculated
Methodology	RIMS II	Economic Report §1.1

Job creation as documented is insufficient to support the maximum raise. See Section 3 and Critical Gaps.

Excerpt from Section 3.4: Collateral and Security

The EB-5 loan is secured by a second-position deed of trust on the project property, as described in the Mortgage Agreement (Section 1.5). The senior construction lender holds the first-position lien with a principal balance of $45 million.

The Intercreditor Agreement (Section 4.2) restricts the EB-5 lender's enforcement rights during the senior loan term. Specifically, the NCE may not initiate foreclosure proceedings, pursue deficiency judgments, or accelerate the loan without prior written consent from the senior lender. These restrictions remain in effect until the senior loan is repaid in full.

The PPM (Section 4.3) states that the EB-5 loan is "secured by the project property" but does not reference the intercreditor restrictions. Investors should review the Intercreditor Agreement directly to understand the limitations on enforcement.

For projects of this type, where repayment depends on unit sales, collateral will be released incrementally as units are sold to deliver clear title to purchasers. The Mortgage Agreement does not specify partial release provisions or minimum release pricing. As sales occur, the value of collateral securing the outstanding loan balance diminishes. This is marked as [NOT PROVIDED] in Section 9.

Citations: Mortgage Agreement §1.5; Intercreditor Agreement §4.2; PPM §4.3

Strengths

I-956F approved (December 2024), providing deference on project structure and TEA designation

General Partner has completed three prior EB-5 projects with documented I-829 approvals and full capital repayment

Direct loan structure with no intermediary entities between NCE and JCE

Developer has contributed $12 million in equity, representing 18% of total project cost, prior to EB-5 funding

Risks

Job creation as documented (487 jobs) is insufficient to support the maximum raise of 74 investors (740 jobs required); job deficit of 34.2%

EB-5 loan is in second-lien position with intercreditor restrictions preventing enforcement without senior lender consent

Collateral will be released as units are sold; partial release provisions and minimum release pricing are not specified

Loan extension is at Borrower's option with no requirement for Lender or investor consent

No litigation reserve or enforcement fund identified; capital calls would be required to fund any enforcement action

Same principals control both General Partner (NCE) and Developer (JCE); no conflict resolution mechanism for enforcement decisions is described

A. Missing Documents

Guarantor Financial Statements — Required to assess guarantor capacity (referenced in PPM §4.5 but not provided)

B. Incomplete Documents

Document: Economic Impact Report
Missing: Exhibit C (Direct Job Calculation)
Impact: Cannot verify direct job count against 10% minimum requirement

C. Material Discrepancies

Item	Document A	Document B
Loan maturity	5 years (PPM §4.1)	4 years (Loan Agreement §2.1)
Extension fee	0.5% (PPM §4.1)	1.0% (Loan Agreement §6.2)
Completion date	Q4 2026 (PPM §1.2)	Q2 2027 (Business Plan §3.1)

D. Questions for Clarification

What is the construction progress to date?
How is construction currently funded?
How much EB-5 capital has been raised to date?
If EB-5 capital is not fully raised, what is the gap financing plan?
How many jobs have been created to date?
What is the current sales pace and absorption rate?
How many units are under contract vs. closed?
What are the partial release provisions and minimum release pricing?
Does the NCE maintain litigation reserves, or how would enforcement be funded?
Please clarify the loan maturity date discrepancy between the PPM and Loan Agreement.

Immigration Lawyers

Immigration lawyers cannot provide invetment advice - but clients still need independent due diligence on the offerings they are considering.

Offering Analysis provides a neutral, document-based due diligence resource that immigration lawyers can confidently refer clients to during the EB-5 evaluation process.

The report examines capital structure, JCE revenue projections and underlying assumptions, job creation methodology, repayment terms, and cross-document consistency — giving counsel and their clients a structured, independent analysis before committing capital.

Helps clients understand complex offering documents