NEWPORT BEACH, CA-Turnbull Capital Group has formed a formal correspondent relationship with Imacor Capital LLC to capitalize on a unique and novel proprietary bridge-lending platform for the EB-5 industry. The construction bridge-loan program is backed by some of the largest commercial banks in the world.

The program is for developers raising capital utilizing the EB-5 program who are awaiting US Government approvals pending the release of investor funds. All real estate types and all geographic locations within the US will be considered.

The platform provides real-time real estate-secured senior debt to developers who are raising equity funds under the EB-5 program but require an interim debt facility to fund land costs or early-stage construction costs pending receipt of funds from the immigrant investors. The program allows the project to move forward while the EB-5 approvals are still pending, offers interest rates lower than conventional equity or hedge-fund debt, and enables developers to start construction far earlier than they would otherwise be able to do given current USCIS processing times, according to Turnbull co-founder and senior managing director Donald Wise.

“These bridge loans satisfy USCIS requirements and are repaid with immigrant investor escrow account proceeds once their I-526 petitions are approved,” says Wise. “The primary repayment source for each bridge loan is the escrowed funds, which are held in a US bank pending receipt of the I-526 approvals. These loans are real estate secured and are also backed by the cash deposits of the EB-5 investors.”

Loan amounts are generally between $3 million and $25 million, but they can theoretically go to $100 million, Wise adds. “We encourage the review of projects in the planning stages so that our team can assist in creating the correct conditions precedent to expedite bridge funding.”