How can I access EB-5 project documents before investing?

The availability of financial documents will vary based on the Regional Center and the specific project you choose. Reputable Regional Centers typically offer financial documentation. However, it's advisable to consult a certified EB-5 financial professionals who can help you navigate this financial decision more effectively.

You generally cannot find public information on projects unless the parent or subsidiary is a public company. Sometimes, tax records and the like from municipalities offer some insight on the status of real property. But your best source is to work with a securities attorney or broker-dealer to assist you in your due diligence on the issuer, the regional center and service providers.

I would ask the Regional Cetner directly for these (they will have you sign a non-disclosure agreement). If not forthcoming, perhaps consider another Center or retain expert help to evaluate their financials.

Of course, it is not only possible, but also prudent to access the financial information on a project prior to committing to investment. However, the scope of the inquiry is usually defined by the Regional Center and is subject to NDA. Generally, if you utilize a registered broker for the transaction, the broker will be responsible for the due diligence.

EB-5 project documents are not available to the public. However, regional centers provide the offering documents, including the Private Placement Memorandum (PPM), to their potential investors. A PPM is a legal document that includes a description of the project structure, the nature of the investment, relevant financial data, and the associated risks.

Regarding accessing publicly available progress reports or financial statements related to an EB-5 project so the investor can understand a project's development status and its financial health through any available official documentation before investing, the short answer is yes, there is some.
For example, you are considering investing in XYZ NCE, LLC that intends to make a $14,400,000 mezzanine EB-5 Loan to KLM LLC (the JCE) which will own the project by developer Y-Co who intends to develop the ABC Townhomes in City X, California. At this juncture, you should be able to find information on the Internet about the developer (Y-Co) and its history and projects and industry feedback, as well as pre-development information for the project such as zoning etc. of the ABC Townhomes and the applications for permits, zoning etc. of KLM LLC because all of these City X filings are public.

Talk to the manager of the EB-5 NCE (New Commercial Enterprise). Usually, you’ll have to complete an Accredited Investor Questionnaire (or something similar) to establish your qualification to invest, but once that is provided there should be comprehensive due diligence documents on the project and its current status made available to current and prospective investors.

Each project is different but if you sign the typical non-disclosure agreement those specific reports should be made available to you by the regional center.

The only official documentation you will get is through the regional center itself, which will provide you the required SEC Disclosure documents.