New Proposed Bill Would Offer Temporary Visas for Foreign Residential Real Estate Investors

Article by Darren Silver

New Proposed Bill Would Offer Temporary Visas for Foreign Residential Real Estate Investors – Law – National, State, Local

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A new legislative bill introduced by Senators Charles Schumer (D-NY) and Mike Lee (R-UT) proposes to offer a temporary residency visa to immigrants who spend at least $ 500,000 on a home in the United States. This bill, which received bipartisan support, will soon be considered by the U.S. Congress as a new way to stimulate a struggling U.S. housing market.

While not the same as the noted EB-5 Immigrant Investor visa program, which offers a path to citizenship for foreign nationals who invest at least $ 500,000 in a U.S. business enterprise that leads to at least 10 full-time jobs for U.S. workers, the newly proposed housing bill will provide a new and novel method for foreign nationals to enter and remain in the U.S. through investment.

The U.S. housing market is currently struggling; this new, proposed bill may give a boom to this market. In areas of the U.S. especially hurt by the recession, such as South Florida, Southern California and Arizona, many foreign nationals are currently purchasing homes. Immigrants from China, Canada and other nations are now taking advantage of favorable exchange rates and reasonable real estate costs in these and other areas of the U.S. In fact, just over 5 percent of all homes bought in Miami in July 2011 were purchased by foreign buyers. In Phoenix, that number is just a bit lower, at 4.3 percent. For the year ending in March 2011, foreign buyers were responsible for up to $ 82 billion in investments in U.S. real estate properties, an increase from the $ 66 billion reported the year before.

Current market analysts see many advantages to the U.S. economy from the Schumer-Lee bill, if approved by Congress and the President. Under the proposed bill, immigrants will need to invest at least $ 500,000 in U.S. residential real estate. This can be a house, condo or townhouse. Applicants are given the opportunity to invest part of the required $ 500,000 on a single home and the rest on other residential real estate property, such as a rental home.

These investors would then be given temporary, three-year visas to enter the U.S. Under this particular visa, however, foreign investors will not be able to work. They will have to obtain other visas to be able to work while in the U.S. (such as the EB-5 Immigrant Investor Visa). Supporters of the bill believe it will help spearhead growth in the U.S. real estate market, which has been struggling since the housing market bubble burst earlier this decade.

The bill has received support from many high-profile individuals, including Warren Buffet who recently told Charlie Rose (of PBS) that, “If you wanted to change your immigration policy so that you let 500,000 families in, but they have to have a significant net worth and everything, you’d solve things very quickly.”

About the Author

Darren Silver – Darren Silver & Associates is one of the largest and most respected Immigration Firms in the Country. For over 15 years we have represented clients from around the world, including Professionals, large multinational corporations, small businesses, celebrities, athletes, and those individuals who require immigration assistance for their families.

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Darren Silver



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Darren Silver – Darren Silver & Associates is one of the largest and most respected Immigration Firms in the Country. For over 15 years we have represented clients from around the world, including Professionals, large multinational corporations, small businesses, celebrities, athletes, and those individuals who require immigration assistance for their families.












Use and distribution of this article is subject to our Publisher Guidelines
whereby the original author’s information and copyright must be included.

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Kor Group Opens A Temporary Offering in the Renoir Hotel

San Francisco, CA (PRWEB) July 05, 2012

On the heels of Twitters recent move into San Franciscos Mid-Market neighborhood, the city officially welcomed A Temporary Offering (ATO) a new collection of pop-up concepts integrating virtually an entire city block and creating an urban destination on the ground floor of The Kor Groups newly acquired Renoir Hotel. A ribbon cutting ceremony with Mayor Ed Lee took place on Thursday, June 21 and introduced A Temporary Offering as a brand new dining and shopping destination for Mid-Market.

We are very excited to see this project fully come to fruition, says Alex Samek, a Principal at Kor. He adds, We have worked closely with the Mayors Office of Economic and Workforce Development and they have been instrumental in helping facilitate our activation of the hotels retail spaces.

After purchasing the Renoir Hotel earlier this year, Kor immediately set out to create partnerships with local entrepreneurs in various industries within the neighborhood. SF FoodLab, The Bon Vivants, and The Luggage Store Gallery collaborated with Kor to utilize the once boarded up spaces on the ground floor and bring Kors concept, ATO, to life.

ATOs carefully thought out venues include a restaurant helmed by FoodLab (1106 Market Street) that offers daily lunch service and pop-up dinners nightly. Most recently, SF FoodLab has served Sol Foods Puerto Rican cuisine, Lima Peruvian, Southern Sandwich, and Soul Groove. Future pop-ups include Onigilly, Good Eggs and Harley Richter Meats. SF FoodLab also offers a large, licensed, shared-use commercial kitchen available for rent to aspiring food entrepreneurs and chefs. Their restaurant seats 50 and features design elements from local favorite Kelly Malone.

Next door, Rio Grande (1108 Market Street), a whiskey and tequila bar created by renowned cocktail and spirit team The Bon Vivants, has welcomed locals and visitors alike to experience a themed atmosphere that has been described as Bordertown Texas roadhouse meets From Dusk Til Dawn. The cocktails are straightforward and delicious and the bar program focuses mainly on a large selection of whiskies (30+) and tequilas & mezcals (50+). The interior of Rio Grande is a collection of repurposed metal, wood and vintage pieces that have been collected over the years and have found a home in the bars aesthetic.

The third piece of A Temporary Offering is Trailhead (1100 Market Street), a satellite retail project from the Luggage Store Gallery in collaboration with Intersection for the Arts that brings together locally-roasted coffee by Farm:Table, Julian Dashs youth-initiated high-end denim boutique Holy Stitch, a seedling farm outlet from the Tenderloin National Forest, and local artist-made ephemera, including books, zines, and maps.

ATO is the mutual intention of designing a space to create both a destination for food, drink and art as well as a place for local entrepreneurs to test new ideas and showcase their skills in a relaxed setting that encourages experimentation and embraces the neighborhood. says Kor Principal Brian De Lowe. We have already had great feedback from the community about ATO and were thrilled to continue to grow and adapt the concept and support up-and-comers.

ATO is located between Jones and 7th on Market Street in San Franciscos Mid-Market neighborhood. Please visit http://atemporaryoffering.com/ for more information and hours specific to each pop-up. Follow ATO on Twitter at https://twitter.com/#!/@atemporaryoffer and like its Facebook page at https://www.facebook.com/ATemporaryOffering.

ABOUT A TEMPORARY OFFERING

A Temporary Offering (ATO) is a collection of three unique spaces located on the ground floor of the historic Renoir Hotel in San Francisco. Retail hours, cuisine and dining times vary and are announced via ATOs website, Facebook and Twitter pages. For more information, please visit: http://www.atemporaryoffering.com

ABOUT THE KOR GROUP

Founded in 1999, The Kor Group is a fully-integrated real estate investment, development and management firm. Kor has been recognized in the industry as a leading innovator in the design and development of lifestyle properties. Its track record demonstrates its expertise in bringing new life to an investment, often through design coupled with extensive rehabilitation and repositioning. By fusing creative design with an agile investment and development discipline, Kor has amassed a portfolio of high performing assets and has built a signature brand translatable across its properties. Since inception, Kor has acquired and developed hospitality, residential, and office assets valued in excess of $ 2 billion. Kor was also the force behind the origination and development of the renowned Viceroy hotel brand, whose immense success led to the spin-off of Kors hotel management division, Viceroy Hotel Group, in 2008. Today, Kor maintains the same commitment to creative design and distinctive branding to bring enhanced value to its investments and the investments of its third-party clients. http://www.thekorgroup.com

ABOUT SF FOODLAB

Founded by food industry veterans Mark Walker, Matt Cohen and Gabriel Cole, SF FoodLab supports small business development by renting licensed commercial kitchens to food entrepreneurs in varying sectors. In addition to curating the restaurant space at A Temporary Offering, SF FoodLab offers mobile food entrepreneurs, caterers and food artisans a space to prepare, maintain and store their products. For more information, please visit http://www.sffoodlab.com

ABOUT THE BON VIVANTS

The Bon Vivants is a nationally recognized cocktail and spirit consulting company specializing in the creation of tailored on premise beverage programs, branding and guerilla marketing strategies for liquor companies, audience identification, ambassadorship, the concepting and execution of exceptionally curated and unique events, and a soon-to-be released line of aromatic bitters and liqueurs, as well as an umbrella for a growing brick and mortar component which includes the forthcoming Trick Dog and General Beverage Co. One of the principle tenets of The Bon Vivants is to bridge the gap between the beverage industry and the consumer while building community through the act of enjoying a delicious drink. For more information, please visit http://www.bonvivants-sf.com

ABOUT THE LUGGAGE STORE GALLERY

The Luggage Store, also known as The 509 Cultural Center, is a non-profit artist-run multidisciplinary arts organization, founded in 1987. The Gallerys mission is to build community by organizing multidisciplinary arts programming accessible to and reflective of the Bay Areas residents. Their programs are designed to broaden social and aesthetic networks, and to encourage the flow of images and ideas between the diverse cultural communities that cross paths in their exceptionally dynamic downtown San Francisco neighborhood. To implement their mission, they organize exhibitions, performing arts events, arts education and public art programs designed to amplify the voices of the regions diverse artists and residents, to promote inclusion and respect, to reduce inter-group tensions and to work towards dispelling the stereotypes and fears that continue to separate us. The Trailhead project is supported in part by Intersection for the Arts Trailblazing Fellowship, San Francisco Grants for the Arts, and the San Francisco Arts Commission’s ARTery Project. For more information, please visit http://www.luggagestoregallery.org







Borrowers taking advantage of the temporary SBA 504 refinance program with Commercial Loan Direct benefit from better terms and lower rates


Atlanta, GA (PRWEB) April 30, 2012

With the SBA 504 refinance program coming to an end on September 27, 2012, Commercial Loan Direct a business division of CLD Capital, one of the top online originators of commercial loans and apartment loans in the country is seeing more borrowers than ever taking advantage of the higher lending limits and take-out option of the SBA 504 loan program for owner-occupied properties.

Commercial Loan Direct, a business division of Atlantas CLD Capital, is making a call to borrowers with owner-occupied properties that would qualify for SBAs 504 program. They say that now is the time to take advantage of this program, especially for borrowers that have properties that are difficult to refinance through conventional means, before it ends this coming fall.

USES. Proceeds may be used for the refinance of existing commercial loans whose proceeds were used substantially (85%) to acquire fixed assets eligible for the SBA 504 program. In addition, loan proceeds may be used to pay Eligible Business Expenses such as maintenance of building (no expansion to building), equipment purchases, rent, utilities, inventory or other obligations. These expenses must be incurred but not paid prior to the date of the application or come due within 18 months of the date of the application. All proceeds must have been used for the benefit of the small business concern.

STRUCTURE AND BORROWER EQUITY.

50%, varies – Loan secured by a senior lien from a third-party lender for not less than the net 504 loan.

Up to 40% – SBA 504 Loan secured by a junior lien from CP/SBA.

Not

The Third Party loan and the 504 loan combined may not be more than 90% of the fair market value of the fixed assets securing the loan. In no event may it exceed the outstanding principal balance of the debt refinanced, eligible business expenses & closing costs.

COLLATERAL. An independent appraisal supporting the fair market value of the fixed assets being refinanced and any other assets being offered as collateral whether commercial or residential must be submitted at SBA application. The appraisal(s) must be dated within six (6) months of the date of application.

FEES. The Borrower is required to pay an annual guarantee fee to cover the cost of the refinancing program in the amount of 1.043%.

ELIGIBILITY REQUIREMENTS.

Commercial Loans being refinanced must have been current for the past year according to the original or modified terms, with no payment being past due for more than 30 days. Any modification must have been entered into prior to issuance of SBA final rule on 10/12/11. A transcript must be provided to demonstrate compliance with this requirement. For the refinancing of same institution debt, the transcript of account for the entire period of the loan must be provided. This will be used to determine the overall creditworthiness of the Borrower.

No refinancing where the creditor on the debt to be refinanced is in a position to sustain a loss; causing a shift to SBA of all or a portion of a potential loss from an existing debt.

Debt being refinanced must have been incurred not less than two years prior to the date the application is received by SBA. Additionally, the small business concern must have been in business for two years prior to the submission of the application.

Debt may be refinanced even if it does not meet the job creation requirement or other public policy goals set forth by the SBA. In such case, the 504 loan size may not exceed the amount obtained by multiplying the number of full-time equivalent employees (40 hour work week) of the Borrower by $ 65,000.

Borrower must currently occupy 51% of the building being refinanced.

RESTRICTIONS.

No refinancing of loans with an existing federal guaranty; such as an SBA 7(a) or 504 loan or an USDA loan.

No refinancing of debt to an Associate of the Borrower, an SBIC, or New Market Ventures Capital Companies (NMVCC).

When the debt being refinanced is same institution debt, the Third Party Loan cannot be sold on the secondary market as part of a pool of guaranteed loans.

CLOSING.

All loans approved must be closed within 6-months. Loans will be canceled by SBA if not funded during this time period.

When loan being refinanced is Same Institution Debt, either an escrow account or an interim loan may be used. When loan being refinanced is not Same Institution Debt, an interim loan must be used.

Any delinquency on loans being refinanced after SBA approval but before the loan funding must be reported to the SBA as an adverse change.

Approved under the Small Business Jobs Act of 2010, the SBA 504 Temporary Refinance Program allows for the refinance of qualified debt under the SBA 504 Loan Program through September 27, 2012.

View CLD’s SBA Commercial Interest Rates